The health insurance sector is seeing increased consumer demand for digital tools and solutions that will help incentivise healthy habits, decrease health costs and embrace convenience.
Customers are becoming increasingly health-conscious and even more so due to the threat of the coronavirus pandemic. This trend has impacted multiple sectors, with health insurance being one of them.
Consumers have grown to expect insurers to provide them with extra tools and information to monitor and improve their health. Therefore, customer loyalty and satisfaction in health insurers not only relies in their policies but also in the experience they provide.
We have summarised some of the key statistics and trends shaping customer experience in health insurance in a handy infographic which you can download below:
New customer expectations
A recent survey showed that more incentives for healthy behaviour were a key factor in consumer satisfaction with a health insurer. Furthermore, US-based market surveys also showed that over 60% of consumers are interested in exchanging data with their health insurer for rewards linked to incentive programmes, and 46% say incentives for healthy behaviour are missing from their insurance plan.
Benefits of wellness programmes for companies and employees
The concept of wellness programmes that help incentivise individuals to lead healthier lifestyles is one that has been closely embraced by several corporates and small businesses throughout the world. Companies like Johnson & Johnson, which created one of the earliest employee wellness programmes, were able to save millions in health-related costs. Indeed, ensuring employee wellbeing helps reduce absenteeism, increase morale and promote engagement within a company. These are all factors that can have an impact on a company’s bottom line.
Rising stars in the health insurance scene
Numerous startups throughout the world have been taking into account these trends in healthcare and insurance, to provide insurers, companies and individuals with innovative solutions. Within our database of over 3,000 rated startups, three startups stand out as relevant examples of beneficial and innovative solutions. HealthyHealth uses predictive analytics to help insurers adjust their premiums and rewards based on each individual. Dacadoo’s platform helps insurers provide consumers with rewards for healthy lifestyle habits, in addition to quantifying and analysing health risks. Tictrac helps promote employee wellbeing through a gamified platform that helps track progress and provides rewards to motivate continued healthy behaviours.
Major trends in the Insurtech space
Beyond wellness programmes, we will continue to see key developments in personalised health services and telehealth options to better meet consumer demands in healthcare. On the insurer side, we can expect the use of AI and predictive analytics to endure as germane ways to optimise premium calculations, evaluate risks and reduce fraud. On the consumer side, we can expect the use of online tools for health tracking and management to continue growing, as consumers will continue wanting to have full control over their health and wellbeing, at their convenience.