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Wellbeing in Insurance - Thematic Research

January 2021 | 50 pages | ID: WC46C4F747D0EN
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Wellbeing in Insurance - Thematic Research

Summary

Insurers are enhancing their wellness solutions, going beyond providing traditional cover. They are becoming more reactive, moving towards health promotion and illness prevention. Meanwhile, consumers are adopting healthier lifestyles choices and employers are realizing that wellbeing at the workplace reduces sickness absence and improves productivity. There is also increased understanding around wellbeing, prompting insurers to transition towards more holistic approaches. Wellness components are being introduced in both group and individual policies. Partnerships with healthtech companies and other technology providers are helping insurers promote healthy lifestyles among policyholders and inspire positive behavioral change. Some insurers now incorporate fitness and biometric data from activity trackers and wearable devices into their policies.

This report explores how insurers are adapting to heightened interest in health and wellbeing. It examines the state of the market for individual policies and group policies separately, covering key market drivers and consumers’ degree of concern around different health and wellbeing aspects. It examines how businesses and employees view different employee benefits, with a focus on those traditionally offered by insurance providers. The report also examines how the industry has responded in terms of new product innovations and which companies have been at the forefront of this.

Scope
  • The theme of wellbeing in insurance is particularly gaining traction within the private medical and health insurance space. Wellness components are being introduced in both group and individual policies.
  • Insurers are shifting from paying out medical claims to promoting customers’ health and wellbeing to reduce the likelihood of illnesses and thereby the severity of claims.
  • Some insurers are shaking up traditional business models, incentivizing customers to get fit and adopt healthy habits by rewarding them with points that can be exchanged for retailer coupons.
  • COVID-19 has raised consumer awareness about health and wellbeing, creating new opportunities for insurers.
Reasons to Buy
  • Understand how the insurance industry is changing as awareness of health and wellbeing improves.
  • Identify the key trends shaping the wellbeing in insurance theme.
  • Identify key players in the wellbeing in insurance theme and to what extent they are providing innovative solutions
  • Benchmark your company against the rest of the market.
Table of Contents
Executive summary
Players
Thematic briefing
Wellbeing is the state of being comfortable, healthy, or happy
Wellbeing is subjective
What is the difference between wellness and wellbeing?
Insurance and wellbeing
About this report
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Industry analysis
Market size and growth forecasts
Wellness is of interest to both policyholders and insurers
Consumers’ concerns go beyond physical health
COVID-19 brings growth opportunities to insurers, but also new risks
Individual wellbeing
Growing health awareness further will help drive positive behavioral change
Insurers are helping customers make their own lifestyle choices
Digital tools and wearables can help reduce modifiable health risks
Younger adults are more likely to share biometric data with insurers
Insurers offer financial rewards to encourage healthier lifestyles
Workplace wellbeing
A good benefits package is as desirable as a good wage
A range of health and wellbeing benefits are typically offered
EAPs are core wellness solutions, but employees do not value them
Many employees feel stressed and tired at work
Musculoskeletal problems and mental health conditions are common reasons for work absences
Some insurers are improving engagement with initiatives that tackle sedentary office lifestyles
Competitive analysis
Most health insurers offer some kind of wellness component
Wellness benefits differ by insurer
Partnerships have allowed insurers to launch wellbeing apps
Providing access to virtual GPs has become common
Alphabet’s Verily has entered the health insurance space, while other tech giants are investing in healthtech
Gamification is used to promote fitness and healthy habits
Mergers and acquisitions
Timeline
Value chain
Product development
Marketing and distribution
Underwriting and risk profiling
Claims management
Customer service
Companies
Public companies
Private companies
Insurance sector scorecard
Thematic screen
Glossary
Further reading
GlobalData reports
Our thematic research methodology
About GlobalData
Contact Us

COMPANIES MENTIONED

Discovery
Vitality
YuLife
John Hancock
UnitedHealthcare
Aetna
Cigna
Bupa
AON
Willis Towers Watson
Arthur J Gallagher
Marsh
SIA Health Insurance
Bought By Many
Anorak
Anthem
Humana
AXA
Aviva
Allianz
Oscar Health Insurance
Apple
Fitbit
Garmin
Withings
Amazon
iRythm
MyFitnessPal
Samsung Heath
Apple HealthKit
SilverCloud
Headspace
Calm
Fitness+
Babylon Health
Verily
dacadoo
FitSense
Vivametrica
Unum
CVS Health Corporation
SimplyHealth
Aditya Birla Health Insurance
MetLife
Optum
Prudential
Bradesco Seguros
Sul America
Ita? Seguros
Company for Cooperative Insurance
Harel Insurance
Phoenix Holdings Limited
CZ Groep
Vereniging Achemea
Cooperatie VGZ
L&G
Ping An
China Life Insurance
The People’s Insurance Company of China
Nippon Life Insurance
Life Insurance Corporation of India
Munich Re
SquareHealth
Google
Facebook
Amazon
Alphabet
Wellpepper
Partner Re
More Than
Chubb
SCOR Global Life
Tictrac
Sanitas
Westfield Health


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