British health insurer Vitality has signed a deal with Apple to offer insurance customers deeply discounted smart devices from the technology giant.
According to a report by the Telegraph,
Vitality plans to sign up its clients to an Apple Watch for just £69.
However, there is one condition: policyholders should “earn” the rest of the £369 purchase price by achieving exercise goals over a period of 24 months.
reported that policyholders must walk at least 10,000 steps every day or carry out more vigorous exercise 20 days a month to avoid penalty charges.
Vitality’s deal with Apple is seen as an effort to encourage its customers to get in shape by utilising telematics.
“The relationship with Apple is symbiotic. We can’t develop the technology at the rate they do, and I’m not sure they would have the requisite understanding of the insurance risk,” Vitality chief executive Neville Koopowitz told the Telegraph
Vitality also warned potential insurance fraudsters who wish to fulfil their quota by lending their watches to people who have more active lifestyles.
“There are always going to be a few people who try to cheat any type of system,” the report quoted a Vitality spokeswoman as saying.
“However, our experience is that abuse of the Vitality Active Rewards benefit is very rare and we monitor it to ensure that a few people do not spoil it for the majority,” she added.
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