BOSTON, April 14, 2016 /PRNewswire/ -- John Hancock was recognized by global financial services research firm Celent with a 2016 Model Insurer Award for excellence in innovation and emerging technology for the development and implementation of John Hancock Life Insurance with Vitality. The award was announced at Celent's 2016 Innovation and Insight Day conference in New York.
Celent's annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by financial institutions and technology vendors and undergo a rigorous evaluation by Celent analysts. Celent judges submissions on three core criteria: initiatives must be live and delivering demonstrable business benefits; the degree on innovation relative to the industry; and the quality of the technology or implementation excellence.
"We are honored to receive this important recognition from Celent," said Michael Doughty, president of John Hancock Insurance. "We know there is a gap between the number of consumers who have a life insurance need and the number who have life insurance. Technology plays a critical role in the ease of use and appeal of John Hancock with Vitality, and we hope will help in closing the insurance gap."
John Hancock's Life Insurance with Vitality set out to transform the fundamental purpose and ownership experience of life insurance, by integrating life insurance with a technology-linked wellness program for the first time in the U.S. A main goal was to change the traditional life insurance model, in which the customer has little to no ongoing engagement with the insurer (other than perhaps a bill, statement, or privacy notice) to one in which the customer and the insurer are interacting as often as daily in positive, supportive and meaningful ways.
Technology played a pivotal role in the Vitality solution. Not only did the initiative require multiple systems enhancements and integrations with global wellness provider Vitality to get to market, but also, new technologies including such wearables as Fitbit® and Garmin, and new mobile apps were used to make this new kind of life insurance program easy and fun, and ultimately more appealing, to a broader range of consumers.
According to Tom Scales, research director of Celent's Americas Life and Health Insurance practice, "John Hancock Life insurance with Vitality works similarly to other retail rewards programs, but is focused on your life style. Vitality is a great example to show the intersection of an innovative program with technology. The Model Insurer Award recognizes how insurers are using technology to change the face of insurance, and this program clearly demonstrates this."
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management by Manulife and its subsidiaries were $935 billion (US $676 billion) as at December 31, 2015. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSA, and under '945' on the SEHK. Manulife can be found on the Internet at Manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
SOURCE John Hancock Financial