{"id":48565,"date":"2022-09-20T06:01:42","date_gmt":"2022-09-20T04:01:42","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/customers-consider-insurers-as-preferred-providers-for-physical-and-financial-wellness-advice\/"},"modified":"2022-09-20T06:01:42","modified_gmt":"2022-09-20T04:01:42","slug":"customers-consider-insurers-as-preferred-providers-for-physical-and-financial-wellness-advice","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/customers-consider-insurers-as-preferred-providers-for-physical-and-financial-wellness-advice\/","title":{"rendered":"Customers consider insurers as preferred providers for physical and financial wellness advice"},"content":{"rendered":"
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\nOver two thirds of customers are interested in physical and financial wellness, <\/i>yet only 8% of insurers have established the necessary capabilities<\/i>.<\/i><\/b>\n<\/p>\n

PARIS–(BUSINESS WIRE)–Capgemini<\/a> and <\/b>Qorus<\/a>\u2019 inaugural <\/b>World Life and Health Insurance Report<\/a>, published today, reveals that customers consider insurers among the top two preferred providers1<\/sup> for physical and financial wellness advice. However, most insurers do not focus on engaging customers and educating them on how to adopt and consistently use wellness solutions. Amid today\u2019s macroeconomic and political uncertainties, as well as the ongoing pandemic, policyholders have become more aware of the importance of physical and financial wellness.<\/b>\n<\/p>\n

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\nWellness-as-a-Service offers a flexible model for life and health insurers seeking to align their business with shifting user needs. To enable wellness-centric value propositions, insurers will need to prioritize the development of modular, data-driven and platform-focused technology architecture to harness the full potential of proprietary and third-party data. This debut report<\/a> provides insights into customer preferences and a roadmap for insurers to deliver Wellness-as-a-Service in individual and group lines.\n<\/p>\n

\nUnderstanding wellness-driven customer behaviors<\/b>\n<\/p>\n

\nAs life expectancy increases and challenges like demographic trends, the retirement-savings gap, medical inflation and healthcare-worker shortfall compound, wellness has been driven to the forefront of customers\u2019 minds. The report found that 69% and 67% of customers are interested in physical and financial wellness, respectively, and 37% and 24% of policyholders rate insurers as their top potential partner for physical and financial wellness, respectively.\n<\/p>\n

\nInnovation needed to enable hyper-personalized services<\/b>\n<\/p>\n

\nConsumers are ready for the transformation. As per findings from the report, 83% are looking for on-demand customer services, 78% for ongoing physical and financial guidance, and 74% for hyper-personalized value-added services and rewards. However, only 8% of insurers have established effective wellness-centric value propositions and built the necessary capabilities. The report findings suggest that InsurTechs are ahead of insurers in the key capabilities for hyper-personalization, namely leveraging Artificial Intelligence\/Machine Learning (28% InsurTech vs. 14% insurers) and Cloud (44% InsurTech vs. 19% incumbents), while the two are in line on product innovation. Still, only 43% of insurers are effectively co-creating or innovating with strategic or ecosystem partners.\n<\/p>\n

\n\u201cThe last two years prove that wellness needs to be a priority, and insurers need to understand how to effectively deliver wellness services. This report demonstrates the need for insurers to transform and focus on hyper-personalized services that meet individual needs of customers,\u201d said <\/i>Samantha Chow, global life annuity and health insurance sector leader, Capgemini<\/b>. \u201cThis means moving to a data-driven \u2018Wellness-as-a-Service\u2019 model with the technological innovation that prioritizes the customer. This will, in turn, enable deeper engagement and help insurers reach out to customers as and when they need it most.\u201d<\/i>\n<\/p>\n

\nTo meet new expectations, cites the report, insurers must focus on three core priorities to help customers connect physical and financial wellness initiatives:\n<\/p>\n