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Briefing
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- Discounted Apple Watches – Life insurance company John Hancock is offering Apple Watches for discounted price of $25 to customers who sign up for Vitality program, which offers rewards to people who have healthy lifestyles
- Required Action – Customers can keep their Apple Watches without additional costs if they exercise regularly for two years, or else they pay for device in installment with cost of Apple Watch Series 3 at $299 upwards
- Initial Trials – Began providing Apple Watches to customers who purchased life insurance policies over $2 million, from which it discovered 20% increase in activity with half of people under program meeting their monthly goals
- Survey Results – Survey of term life insurance customers showed 20% planning to buy Apple Watches, while 50% of those without life insurance but recognized their need of it are more willing to buy if offered discount
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Accelerator
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Business Model and Practices
Business Model
and Practices
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Sector
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Financial Services, Healthcare/Health Sciences, Information Technology
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Organization
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Apple Inc., John Hancock
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Source
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Farr, C., "You can get an Apple Watch for only $25 ... with one small catch",
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Williams, B., "Yes, you can buy an Apple Watch for $25—but you'llhave to work out a lot",
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Potuck, M., "John Hancock lets life insurance customers earn Apple Watch Series 3 for $25",
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AcceleratingBiz analysis
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Original Publication Date
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October 23, 2017
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