Life and health insurers looking to adapt their operations to changing user needs have a flexible approach available in wellness-as-a-service. The creation of a platform-focused, data-driven, modular technological architecture will need to be a top priority for insurers if they want to fully utilise their own and external data to support wellness-centric value propositions. In addition to providing insurers with a blueprint for delivering wellness-as-a-service in individual and group lines, this report's premiere offers insights into client preferences. Wellness has been thrust to the forefront of customers' attention as life expectancy rises and issues including demographic trends, the retirement savings gap, medical inflation, and the shortage of healthcare workers compound. According to the study, 37% and 24% of policyholders consider insurers as their top possible partner for both physical and financial health, while 69% and 67% of customers are interested in both, respectively.
Consumers are prepared for the change. According to the report's results, 78% of respondents want ongoing physical and financial counselling, 83% want on-demand customer assistance, and 74% want highly personalised value-added services and rewards. Only 8% of insurers, however, have developed strong wellness-centric value propositions and the required skills. According to the report's findings, insurtechs are on par with incumbent insurers when it comes to using artificial intelligence and machine learning (28% insurtech vs. 14% insurers) and the cloud (44% insurtech vs. 19% incumbents), while the two are comparable when it comes to product innovation. Even so, just 43% of insurers effectively collaborate or innovate with ecosystem or strategic partners.