Other parts of this series:
Connected wellness gives life insurers the opportunity to foster the wellbeing of their customers.
For many years life insurers had to focus on the likelihood of death or injury rather than the quality of the lives they cover. The advent of connected wellness, however, allows them to play a far more influential role in the wellbeing of their customers. They can now position themselves to become an Everyday Risk Coach for their customers.
By using digital technology to build intimate, real-time relationships with their policyholders, life insurance providers that become Everyday Risk Coaches can encourage their customers to become healthier and safer. Such close ties can also boost the wellbeing of the insurer. Connected wellness services, as I mentioned in an earlier blog post, not only help insurers to reduce claims. They also open an array of new business opportunities.
Deploying connected wellness services is not a short-term strategy. Like many important partnerships, the longer connected wellness relationships run, the more trusting and valuable they become – for both parties. Customers, over time, can further enhance their wellbeing and enjoy greater rewards and incentives. Life insurers can generate additional value from these long-term relationships by increasing their offerings, capitalizing on new markets and improving efficiency.
To build long-term customer relationships around connected wellness services, life insurers need to recognize that most consumers think short-term. This is particularly prevalent in today’s highly-connected digital environment. Consumers crave instant gratification. To change people’s behavior, and encourage them to adopt healthier lifestyles, insurers shouldn’t just offer customers lower premiums. On-going benefits, incentives and rewards are essential.
Organizations that have taken this approach when rolling out connected wellness solutions include:
Europ Assistance: The assistance services provider uses connected devices and analytics systems to track and learn the movements of seniors in their homes. Its Connect&Moi service in France alerts an emergency call center if it detects that a person has fallen and can’t move.
Groupama: The French insurer operates a connected wellness service, called Noe, that provides quick assistance to seniors who are alone in their homes. It uses a fall-detection wristband to identify an emergency and then alerts a helpline service and a designated caregiver.
Aviva: The multinational insurer has teamed up with UK insurtech/healthtech company babylon to provide its customers with a virtual healthcare service that can be accessed from a mobile device. Aviva customers can use babylon’s mobile app to get an initial evaluation of their condition, via a video or phone consultation, from a network of doctors and medical specialists.
In my next blog post, I’ll discuss some key steps that will enable life insurers, looking to launch connected wellness services, to put digital ecosystems at the heart of their businesses. Meanwhile, have a look at these links. I think you’ll find them useful.Evolve to Thrive in the Emerging Insurance Ecosystem.