Vitality Health is currently offering an Apple Watch Series 3 with its health and life insurance, the idea being that customers can make monthly payments of nothing up to £12.50, depending on how active they are.
The proposition has been well advertised, with posters on the London Underground likely to be targeting exactly the millennials the industry has been worried about alienating in the past.
“Vitality are leading the way with their advertising, with subtle messages about brand rather than product that’s more likely to appeal to younger consumers,” remarks Emma Thomson, life office relationship director at LifeSearch.
She urges the industry to do more, however.
Iona Bain, founder of the Young Money blog, believes: “The protection industry is slowly grasping that millennials don't want to hear about worst case scenarios.
“They have started offering positive benefits that can be used in the here and now, appealing particularly to a new generation interested in ‘self-care’.
“Incentives are offered for exercise, healthy eating and medical check-ups. These range from discounts on gym membership and smoking cessation services, to money off cinema tickets and coffee.”
In January, Canada Life announced its individual protection customers will be given access to a wellbeing app and website, as well as cinema ticket discounts, and retail discounts.
The Canada Life and PersonalCare apps promise to provide Canada Life customers "with a wealth of information to help them with work, life and everything in between", according to the press release.
Some insurers are recognising that the way people are employed, and this affects millennials in particular, is changing.
Steve Bryan, director of distribution and marketing at The Exeter, explains how they have made their product offering more flexible.
"In the past, income protection has been too rigid, as it failed to account for changing circumstances," he points out.
"By contrast, we provide self-employed and contract workers with options that account for fluctuating incomes or breaks between contracts. The days of stable, nine to five employment have gone. It is vital that as insurers we reflect the changing nature of the workforce.”
Simplifying products
It is not all about more complex products and in many cases protection providers have been simplifying their range to engage those who are perhaps not as familiar with protection and its benefits.
Stephen Crosbie, protection director at Aegon, observes: “In recent years we’ve seen a flurry of simplified products enter the market. These are aimed at the young and healthy.
