John Hancock is "reinventing" the traditional life insurance model by going all in on data-driven, interactive policies aimed at getting people healthier, CEO Marianne Harrison told CNBC on Wednesday.
The idea is to track fitness and health data through wearable devices and smartphones and reward policyholders for the steps they take. They can use credits to reduce their premiums and can also get discounts at places such as retail stores and hotels.
However, policyholders don't have to use something like a smartwatch to score points, Harrison said on "Power Lunch."
"There are a number of ways you can earn rewards throughout this program ... whether that's getting a regular checkup or whether that's eating healthy or reading news releases that we have in terms of how to eat nutritionally."