Manulife Singapore yesterday announced the launch of ManulifeMOVE, a customer loyalty programme which rewards customers with premium cashback for being active and staying healthy through the integration of mobile devices and wearables which track their steps.
An average of 10,000 steps a day = S$50 cashback every six months
According to a survey conducted by Manulife across Singapore, Hong Kong, Malaysia and Philippines, Singapore is the most expensive country to lead a healthy lifestyle. While staying healthy is important to Singaporeans, many are unwilling to spend more on healthy food. They also make less healthy food choices more frequently than other countries often because unhealthier options are tastier, more filling and less expensive.
However, Singaporeans do favour exercise. Four in five choose to stay healthy through general everyday movements and activities such as walking up the stairs. One in two of them track their sporting activity using apps or smartwatches, the highest among the countries surveyed. They are also significantly more likely to want cashback as a reward compared to regional counterparts.
The ManulifeMOVE programme in Singapore has been tailored to reflect the findings so that the insurer’s policyholders who achieve an average of 10,000 steps daily will receive a recurring S$50 (US$38) cashback every 6 months till the end of their life insurance policy.
The programme promotes regular, moderate exercise via the ManulifeMOVE mobile app, which is compatible across Android and Apple mobile devices and/or with FitBit, Misfit and Apple Watch wearables. An agreement between the insurer and Apple means that customers can purchase an Apple Watch Series 3 and “earn” the cost of the watch back over a year, by closing all three activity rings on the device at least four times a week.
Singapore the only market to provide premium cashback
The launch follows Manulife’s similar moves in its other Asian markets of Hong Kong, Macau and Philippines. While customers in the latter are rewarded with discounted premiums, Singapore is the first and only market so far to return cash to policyholders who achieve their health goals. ManulifeMOVE is a long-term customer engagement programme and marks one of the insurer's most significant investments in Singapore to date.
At the performance-packed launch event for its financial advisers and media, Ms Kwek-Perroy Li Choo, Chief Customer Officer of Manulife Singapore demonstrated her use of the app on her mobile phone and Apple Watch. She said: “We want ManulifeMOVE to be a way to further incentivise and encourage Singaporeans to move more as they go about their usual daily steps.”
To qualify to become a ManulifeMOVE member, customers need to purchase a Manulife Singapore insurance policy (purchased on or after 16 January 2017, and where the policy is either: (a) a regular premium policy with a minimum annual premium of US/S$3,000; or (b) an Heirloom, Manusignature One or Signature Income policy)
ManulifeMOVE joins the gamut of health and wellness initiatives offered by Singapore insurers to encourage their policyholders to practise preventive healthcare and lead a healthier lifestyle. The programme comes four years after its closest competitor, AIA Vitality, was launched in July 2013.
Manulife’s share of the life insurance market in Singapore has grown tenfold to about 20% compared to early 2014, after it clinched a 15-year US$1.2 billion bancassurance deal with DBS which started from 2016. It now leads in the local bancassurance, financial advisers’ and high net worth business, said its Deputy CEO Khoo Poh Huat.