Would You Trade Your Personal Data for Cheaper Insurance?
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Here's your Money Briefing for Tuesday, January 25th. I'm J.R. Whelan for The Wall Street Journal. Many of us made New Year's resolutions to improve our health and overall safety. You know, stick to a healthy diet, exercise more, and for some of us, slow down when we're behind the wheel. Well, it turns out those habits might also be good for your bank account. A pair of insurance companies are teaming up to offer policyholders discounts if they stick to healthy habits and give up some of their personal data.
worldwide, consumers seem willing to give up details of their personal lives in order to save money one way or the other.
So how much can this new program save you on your monthly premiums? Our insurance industry reporter Leslie Sisson will talk about the trade-offs between personal information and money after the break.
This podcast is brought to you by ReliaQuest. Cyber criminals are constantly attacking. They want your data. They want your identity. They want your innovation. ReliaQuest fortifies your business with agentic defense, AI that detects, contains, and eliminates cyber threats in minutes. It helps your security team move faster at the work that matters most to protect the business now and delivers insights to help them predict what's next. ReliaQuest, agentic defense for the enterprise. Learn more at ReliaQuest.com. That's R-E-L-I-A-Q-U-E-S-T.com.
Do safe drivers who maintain a healthy diet live longer? Allstate and John Hancock think so. The insurance companies are teaming up to offer some policyholders lower premiums if they maintain a healthy lifestyle through both safe driving and good health habits. But what customers would be giving up in exchange has raised some concerns.
What partnership are Allstate and John Hancock launching to link driving and health data?
The WSJ Leslie Sism covers the insurance industry, and she joins us with more. Leslie, thank you so much for being with us.
My pleasure. Thank you.
So Leslie, how did this partnership come about? You know, driving and eating are two very different activities. Why are these companies getting together and focusing on these two areas?
This is pretty much an initiative on the part of John Hancock. Hancock, in launching a product called John Hancock Vitality a few years ago, it started out focused on healthy eating and healthy lifestyles. That has a lot to do or is believed to have a lot to do with how long people live and whether they will live long. you know, above average or below average in life expectancy. John Hancock, CEO, had this epiphany one day when he realized that the roads were getting a lot more crowded after the COVID-19-related sharp drop in traffic. So he saw traffic picking back up and he said, my golly, these people are driving like crazy. They're speeding. It just seems more dangerous on the roads than I remembered them before.
So he did some research and realized that traffic accidents are a leading cause of death. So it's natural for an insurance company to focus on health-related things because if they take on healthy people and those customers live longer than people who aren't as healthy, then John Hancock's going to make more money on these people because they're going to live longer and pay more premium before they will decease. I mean, it sounds kind of morbid, but that is the economics of the life insurance business. So Hancock said, why don't we get in touch with Allstate, which is a leading car insurer, and they're into technology and data the way we are. So there might be a way joint customers could use the data that Allstate's tapping to apply
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