“Vitality” insurance – Argument for the implementation in Romania of the vitality insurance products range - Cristian Roşu, Adrian Marin, Ion Alexandru Stancu and Alexandra Guzun

Vitality Insurance combines actuarial, behavioral and clinical tools into a step-by-step program that helps members improve their health through wellness activities, by choosing a healthy lifestyle and by rewards that become larger as insurers become more active. This set of insurance has a positive impact on the health of the insured, on the productivity of the work, the reduction of the mortality rate and morbidity in the insurance field and in the society.

The correlation between Vitality - Insurance and the welfare of the insured, including the costs and benefits of this shared insurance, has concerned the researchers interested in the topic to identify personal and social effects, including those related to lost productivity (absenteeism and presenteeism). The measurement of this relationship between the characteristics of the healthy lifestyle and the costs involved in health care and productivity was made mainly by the Healthy Lifestyle Index (HLI). This is the sum of six characteristics of a healthy lifestyle, respectively, 1) height and weight, 2) physical activity, 3) fruits, 4) vegetables, 5) alcohol consumption (yes / no) and smoking (no, or former smoker / current smoker).

A complete set of Vitality insurances is made up of three programs that encourage and reward you: 1) to live healthier (health check, active life, healthy food and food, etc.); 2) to drive well (prudent behavior in driving) and 3) to do better banking activities (the prevalence of saving over debt). The benefit for insurance companies is the substantial reduction of the damage in life and non-life insurance.

 In the first part of the article we will investigate some specialized studies on the correlation between encouraging health status, active life and prudent behavior, on the one hand and personal, social and productivity effects, on the other. In the second part we will identify the benefits of the Vitality insurance product range, the Vitality classification and the gradual rewards on price and tariff reductions for Vitality products and services, including Vitality insurance premium reductions. Finally, we will highlight the benefits for insurance companies that distribute Vitality insurance products.