Tobacco company Philip Morris International has launched an insurance unit called “reviti” to encourage smokers to stop or switch to alternative options. According to the brand, the life insurance is first rolled out in the UK, but has plans to expand into more markets around the globe.
Reviti aims to incentivise lifestyle changes by offering a discount to customers who choose better lifestyles which will lower their premiums. As part of the insurance proposition, smokers will be offered a 50% discount for those who quit tobacco and nicotine altogether, for a minimum of one year.
There are also other discounted offers for smokers who switch to cigarette alternatives such as vaping devices and many others. The discounted rates are determined based on the statistics PMI has in hand. Reviti also has plans to launch a range of insurance policies that incentivise better lifestyle choices, such as improving diet, cutting down on alcohol or getting fit.
In a statement to Marketing, a PMI spokesperson said there is currently a gap in the market for life insurance policies for people who smoke and wish to quit tobacco and nicotine altogether or switch to scientifically substantiated reduced risk alternatives to smoking. As such, to meet this need PMI unveiled reviti to “challenge the status quo” in the life insurance category by offering “highly competitive” insurance premiums to incentivise positive behavioural change – starting with abandoning cigarettes.
This has been an initiative PMI embarked on last year. The company made its way to Cannes to change the conversation around its science and engagement. It announced a bold call to action for the creative, media and communications communities to embrace its ongoing commitment to creating a smoke-free world. As part of this initiative, PMI also offered smoke-free alternatives wherever they could, including heated tobacco products and e-cigarettes, to smokers in the industry who would otherwise continue to smoke.
Last year at Marketing’s PR Asia conference, Richard James, vice-president of corporate affairs, North and Northeast Asia at Philip Morris International shared that over the years, many in the advertising field have stayed away from working with the company simply because of the products it produces. According to James, the move was part of PMI’s vision to lead the charge towards greater innovation and technology in the tobacco industry, all of which is backed by science.
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