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Wellbeing in Insurance - Thematic Research

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  • 50 Pages
  • January 2021
  • Region: Global
  • GlobalData
  • ID: 5238117

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.

  • 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

  • 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

  • Public companies
  • Private companies
  • Insurance sector scorecard
  • Thematic screen

  • Further reading
  • The publisher's reports
  • Thematic research methodology
  • About the Publisher
  • Contact

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • 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
  • Allian