US-headquartered tobacco corporation Philip Morris International has launched a life insurance firm that aims to give cheaper policies as people improve their lifestyle, starting with quitting smoking.
Reviti will offer insurance premiums, starting at £5 ($6.45, €5.80) a month, to make life insurance affordable, while at the same time incentivising better lifestyle choices – starting with abandoning cigarettes.
It is offering a discount of up to 50% on premiums to reward customers when they quit tobacco and nicotine altogether.
UK-based Reviti is working with Lloyds Pharmacy to help these customers. It will also offer a discount for clients who stop smoking cigarettes and switch completely to a ‘science-backed smoke free alternative’.
Helping lifestyle changes
Reviti is led by chief executive Daniel Pender; who, during his 25-year insurance career, was a former UK board director at Zurich and Prudential.
He said: “It was time the insurance business caught up with its customers. The life insurance product we offer is a win-win for Reviti and our customers.
“They get competitive premiums and, with a little help from us, a better lifestyle.
“We get to help millions of people who have never had access to life insurance before and who will benefit from positive lifestyle changes we’re helping them make.”
Reviti also plans to roll out a range of insurance policies that incentivise better lifestyle choices, such as improving your diet, cutting down on alcohol or getting fit.
Every Reviti customer will also be offered the chance to work through a programme via a life app, which provides them with 120 activities and programmes designed to support lifestyle changes.
Growth
International Adviser reached out to Reviti about its global plans.
A spokesperson said: “Reviti is headquartered in London. The UK is a great place to build this business because of its unique combination of talent, insurance know-how and its role as a fintech leader.
“Our ambition is to be a global brand, building on our success in the UK to launch into other markets.”
Reviti is authorised and regulated by the Financial Conduct Authority (FCA).
