Hi Oscar Insurance company markets itself as a new kind of insurance and targets very particular young urban demographics. Well for that kind of a demographic, you need to be forward and future thinking.
One of the things Oscar does is provide it’s members with a fitness tracker free of charge. Members who use this fitness tracker have the option of syncing it with Oscar’s phone app. In the app they see certain step count goals for them to achieve on a daily basis. It differs day to day depending on your activity levels over time. But if one meets their goals for the day, they receive $1. They can get up to $240 for the year in the form of an Amazon gift card.
Oscar also reimburses members for gym memberships up to $400 for the year. All members need to do is show that they went to they gym a certain amount of times over a period of time.
This is the kind of service I am a fan of, because it’s a win-win for everyone involved.
- Members are healthier because of their exercise.
- Healthier and more active members are less costly for Oscar in the long term.
- Members are happier because they are receiving some of their monetary investment back.
- Happier members are more likely to stay members.
So although it may seem counter-intuitive, in this case Oscar is doing the right thing.