Kick life’s bad habits. Get reviti life insurance

A new provider called reviti (rev-it-ti) is launching life insurance that will get cheaper as people improve their lifestyle, starting with quitting smoking.

reviti will offer highly competitive insurance premiums, starting at £5 a month to make life insurance affordable, whilst at the same time incentivising better lifestyle choices – starting with abandoning cigarettes or better still, quitting tobacco and nicotine altogether. 

Traditional insurance companies set premiums based on how ‘risky’ a customer is to insure when they buy a policy – what reviti brings to the market is different. They recognise that people’s lives change over time and want to help them on this journey of positive change, so if customers make better choices through improving their lifestyle reviti will reward them.

Research commissioned by reviti shows that ‘big life moments’ like retirement, having children and getting married increasingly trigger people to consider better lifestyle choices; and a third of people say they would change their lifestyle if they could save money on insurance. reviti aims to incentivise these lifestyle changes by offering a discount to customers who choose better lifestyles which will lower their premiums.

reviti plans to launch 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 the new reviti life app, which provides them with 120 activities and programmes designed to support lifestyle changes.

However, for someone today who smokes, the single biggest improvement they can make is to quit tobacco and nicotine altogether. Research shows that a quarter of smokers in the UK feel that insurance companies don’t do enough to incentivise them to quit smoking. reviti aims to change this by offering a discount of up to 50% on their premiums to reward customers when they quit tobacco and nicotine altogether. reviti is working with Lloyds Pharmacy to help these customers. reviti will also offer a discount for smokers who stop smoking cigarettes and switch completely to a science-backed smoke free alternative.

The company’s London-based team is led by CEO Daniel Pender. During his 25-year insurance career, Daniel, a former UK board director at Zurich and Prudential, was also the CEO and co-founder of Gryphon Group Holdings Limited, which was formed to re-launch Guardian with an innovative life proposition.  Daniel is an InsurTech Board member and reviti is the second major start-up venture he has led.    

 “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,” he said. “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 is owned by Philip Morris International, which is building its own future on smoke-free products that are a much better choice than cigarette smoking.