Customers consider insurers top providers of physical, financial wellness advice

Clients consider insurance companies to be major providers of physical and financial health advice

With increasing life expectancy and challenges such as demographic trends, a retirement savings gap, medical inflation and a shortage of healthcare workers, wellness is high on clients’ minds. The report found that 69% and 67% of clients are concerned with physical and financial health, respectively, while 37% and 24% of policyholders rate insurance companies as their biggest potential partners in terms of physical and financial health, respectively.

The report found that 83% of clients 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 insurers have established effective wellness-centric value propositions and built the capabilities to sustain it. The report found that insurers are ahead of traditional insurers in key capabilities for hyper-customization, specifically artificial intelligence/machine learning (28% of insurers vs. 14% of insurers) and cloud (44% of insurers vs. 19% of insurers). ). Insurers and traditional insurers are largely aligned with product innovation. However, only 43% of insurers are actively involved in creation or innovation with strategic partners or ecosystem partners.

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“The past two years have proven that wellness should be a priority, and that insurers need to understand how to deliver health services effectively,” said Samantha Chow, global health and health insurance sector leader at Capgemini. This report demonstrates the need for insurance companies to transform and focus on superior personalized services that meet the individual needs of clients. 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 insurance companies reach customers when and when they need it most.”

The report stated that in order to meet new customer expectations regarding physical and financial health, insurers must focus on three priorities:

  • Insurance companies can help policyholders rebuild their physical wellness through access to emergency and regular medical care, and their financial wellness by meeting current financial needs.
  • Insurance companies can support policyholders to prevent future physical health problems by ensuring that prescriptions, physical therapy protocols, or routine wellness visits are adhered to. They can prevent financial challenges by helping customers prepare for unexpected expenses or educating them about income protection products
  • Insurance companies can help policyholders improve physical wellness through ongoing health and life advice, and financial wellness by providing better financial planning options, opportunities, and education

“Over the past few years, we have seen our insurer partners innovate and evolve into a protective mindset for the benefit of all parties,” said John Perry, CEO of Qorus. “In fact, customers 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 prevented health problems, facilitated by technological advances that allow for better follow-up and support for everyone.”

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