Wellness as a Service offers a flexible model for life and health insurance companies seeking to align their businesses with changing user needs. To enable wellness-centric value propositions, insurance companies will need to Prioritize the development of a modular, data-driven, platform-focused technology architecture to harness the full potential of proprietary and third-party data. this is Report for the first time It provides insights into customer preferences and a roadmap for insurance companies to deliver wellness as a service on individual and group lines.
Understanding Wellness-Driven Customer Behaviors
With increasing life expectancy and challenges such as demographic trends, a retirement savings gap, medical inflation, and a shortage of healthcare workers, wellness has been pushed to the fore in clients’ minds. The report found it 69% and 67% of clients care about physical and financial health, respectively, and 37% and 24% of policyholders rate insurance companies as their largest potential partner in physical and financial health, respectively..
Innovation required to enable superior personalized services
Consumers are ready for transformation. According to the report’s findings, 83% seek on-demand customer services, 78% seek ongoing physical and financial guidance, and 74% seek highly personalized value-added services and rewards. However, only 8% of insurance companies have established effective value propositions centered around health and capacity building. The report’s findings indicate that InsurTechs is ahead of insurers in key capabilities of hyper-customization, i.e. leveraging AI/machine learning (28% InsurTech vs. 14% of insurers) and Cloud (44% InsurTech vs. 19% of incumbents), While the two align with product innovation. However, only 43% of insurers are actively involved in creation or innovation with strategic partners or ecosystem partners.
“The past two years demonstrate that wellness should be a priority, and that insurance companies need to understand how to effectively deliver health services. This report demonstrates the need for insurance companies to shift and focus on superior personalized services that meet the individual needs of clients,” Samantha Chow, Capgemini, the leading global pension and health insurance company. “This means moving to a data-driven ‘wellness as a service’ model with technology innovation that prioritizes the customer. This in turn will enable deeper engagement and help insurers reach customers when and when they need it most.”
To meet the new expectations, according to the report, insurers must focus on three primary priorities to help clients connect their physical and financial wellness initiatives:
- First, insurance companies can help policyholders Rebuilding Their physical wellness through access to emergency and regular medical care, and their financial wellness through meeting current financial needs.
- Second, insurance companies can support policyholders prevent future physical wellness issues by ensuring adherence to prescription and physical therapy protocols or routine wellness visits and prevent Financial challenges by helping clients prepare for unexpected expenses or educating them about income protection products.
- Finally, insurance companies can help policyholders to improve Physical wellness through continuous healthy living counseling and financial wellness by providing better choices, opportunities and education for financial planning.
John Perry, CEO of QorusHe said “Over the past few years, we have seen our insurance company partners innovate and develop a protective mindset for the benefit of all parties. In fact, clients interact better with insurance companies who genuinely care about their well-being. Insurance companies and government organizations see the benefits from shorter recovery periods, and health issues that It has been prevented, which is facilitated by technological advances that allow better follow-up and support for all.”
According to the report, to shift customer engagement from a transaction-based approach to a relationship-focused one, insurers will benefit from adopting a wellness-as-a-service framework built on a deeper understanding of customer expectations. This will enable superior personal health initiatives by leveraging technology, building a wellness-focused business model, and developing an ecosystem across InsureTechs, HealthTechs, BigTech and health service providers.
Deliver critical initiatives to meet customer expectations
The report concludes that this journey will require insurers to rethink what they offer, where they should invest and how they should monetize their offerings. For individual lines, the focus will be on deeper customer engagement, personalized alerts, continuous underwriting, and the promotion of tangible wellness benefits as well as the peace of mind offered by core protections. For group lines, redesigning benefit packages and building capacity for group handovers to individuals will be critical. This means educating employers on how to enhance employee wellness for retention and productivity, the benefits of personal benefits, and the growing popularity of optional versus one-size-fits-all offerings.
The 2022 Global Life and Health Insurance Report draws data from three main sources – the 2022 Global Insurance Customer Voice Survey (over 7,600 clients), the 2022 Global Insurance Executive Interviews, and the 2022 Global InsurTech Executive Interviews. Together, this primary research covers insights from 24 markets: Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Saudi Arabia, Mexico, Netherlands, Norway, Portugal, Singapore, Spain Sweden, Switzerland, the United Arab Emirates, the United Kingdom, and the United States.
For more information, please visit the website: https://www.worldinsurancereport.com/lifeandhealth
 For physical wellness, the top two preferred partners are insurance companies (37%) and medical consultants (33%). For financial wellness, the top two preferred partners are banks (40%) and insurance companies (24%)
Capgemini is a global leader in partnering with companies to transform and manage their businesses by harnessing the power of technology. The group is guided every day by its goal of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization with more than 350,000 team members in more than 50 countries. With a strong heritage spanning 55 years and deep industry experience, Capgemini is trusted by its customers to meet the full range of their business needs, from strategy and design to operations, powered by the rapidly evolving and innovative world of cloud, data, artificial intelligence, connectivity, software, digital engineering and platforms. In 2021, the group announced global revenues of €18 billion.
Get the future you want | www.capgemini.com
Capgemini Tap on Contacts
Kelan Kunda (North America)
Phone: +1 (212) 551-4875
Josh Graham (Europe, Middle East, and Africa)
Phone: +44 7518 799 630
A global non-profit organization founded in 1971 by banks and insurance companies, Qorus (formerly Efma) helps its members reinvent themselves in order to thrive – to move forward, to be faster and to work together. Our global ecosystem provides valuable insights, inspiring events, rich data, and active global communities, all in one place.
With over 50 years of experience, Qorus provides a neutral space for the exchange of best practices and collaboration, while offering diverse knowledge and global reach – to more than 1,200 financial groups in more than 120 countries. Headquartered in Paris, Qorus serves financial institutions on all continents, with offices in Andorra, Bangkok, Bratislava, Brussels, Dubai, Istanbul, Kuala Lumpur, London, Milan, Seoul and Tokyo.
Learn more at www.qorusglobal.com
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