The Future of Health and Wellbeing in Protection
- Pages: 59
- Published: January 2018
- Report Code: FS0101IA
"The Future of Health and Wellbeing in Protection", provides an overview of the health and wellness market. It discusses the potential benefits for insurers entering the space and explores current consumer engagement, attitudes, and retail spending. It also examines how insurers can use customer data to improve their proposition.
Protection insurers that engage in promoting health and wellness will benefit from lower claims costs and higher customer uptake and engagement with protection products, which in turn will mean higher profits. Helping to prevent, detect, and manage disease will lower claims costs. Meanwhile giving customers more touchpoints with their insurance by managing their health will help increase consumer engagement and boost the perceived value of protection products. The UK population is already engaged with their health, which is something protection insurers should capitalize on. With the NHS under strain, anything the protection industry can do to promote health and wellbeing will be beneficial.
– Protection should be marketed similarly to health products. Products should be positioned as helping to manage health and prevent disease in addition to aiding financial wellbeing. Protection products must appeal to what customers are concerned with about their health. Insurers should partner with brands promoting health and wellness.
– How data is collected from customers will transition from wearables towards implants and the connected home in the future. What data is collected about customers is also expanding, from physical body data points to mental health and lifestyle factors. This is changing how risk is defined and calculated.
– Insurers must encourage customers to share data by highlighting benefits in terms of financial rewards and the ability to improve health, while allaying concerns about data privacy and security. Younger consumers are more open to sharing data, and so over time this will become standard in the protection industry.
Reasons to buy
– Learn how protection insurers can benefit from engaging with health and wellness.
– Remain competitive and adapt your strategy by being aware how the market will evolve over time.
– Gain a comprehensive understanding of how data is used in this space, and what future innovations will look like.
Table of Contents
Table of Contents
The Healthcare Market
Understanding Customers Through Data
Personalizing Risk & Underwriting
Improving Customer Health & Wellbeing