The concept is simple. Exercise, record it using a wearable and get money off against your life insurance. This new wearable based life insurance policy has been drafted by Manulife Financial Corp. though the fine details are policy are still to be penned down.

Marianne Harrison, president and CEO of Manulife Canada.

It’s a new perspective in terms of looking at consumers and helping them to lead long healthy lives.

According to early news, there will be different levels of offer starting with an initial discount and leading up to more as per the commitment and in some cases, discount may include partner programs such as rewards at retailers.

wearable-insurance

Team at Sports Wearable believe this to be a great idea. It will ensure broader adaptability of the wearable devices but every great idea comes with a risk. Our recommendation to the company will be to work on a cross platform (wearable agnostic) scheme so the users are not bound to using one type of wearable and instead, the user can use a fitness tracking or a smart shirt as per their desire. Secondly, build a mechanism to detect cheating and faking of the data as the fitness trackers can easily be linked to more than one person to get better fitness data.