Redefining the ‘Healthy, Wealthy and Wise’

Transitioning to a financially secure and healthy future is the new normal, and life insurance can help you at it!

Redefining the ‘Healthy, Wealthy and Wise’
Redefining the ‘Healthy, Wealthy and Wise’
Aalok Bhan - 21 April 2021

The Covid-19 pandemic has been a world-changing event that nobody ever predicted, and in the light of this health crisis, consumers have started relooking their physical and financial wellbeing to mitigate certain challenges.

Life insurance has always played a vital role in people’s lives and family finances, and therefore it is imperative that life insurers enhance their policy offerings, and offer customers more sustainable, beneficial returns.

Embracing Connected Wellness in Life Insurance

A key lesson that Covid-19 has taught us is to prioritize health and wellness above all. As a life insurer, you must develop more relevance and connection with your customers by keeping up with changing consumer requirements. Health and wellness, above all, are the most important facets of our lives today, and life insurers who embrace these in their offerings become highly “relevant” insurers, involved closely and meaningfully in the daily lives of their customers. Simply put, connected wellness features help insurers link a number of digital devices, wearables, apps and phones with sophisticated analytics systems. This will help life insurers encourage policyholders to lead healthier, fitter lifestyles.

Building connected wellness into life insurance offerings is a long-term strategy that requires significant digital might: new processes, tools, skill and talent. Often insurers are required to deploy a cloud-based ‘wellness’ platform that can be accessible to customers online or as a mobile app. With such a platform, the interaction between the consumer and the insurer is enhanced multi-fold. The platform also includes a ‘wellness score’ for the user, which, on the basis of health parameters achieved, helps them earn renewal premium discounts, which further motivates them to lead a better lifestyle every day.

Implementing wellness-based discounts into renewal premiums are a rewarding benefit for both customers and life insurer.

As with any customer-centric offering, life insurers need to recognize that most consumers think short-term and demand instant gratification. While health and wellness results take time to manifest physically, it is important that life insurers weave in existing benefits, rewards and incentives in their connected wellness offerings to keep the customer motivated.

Insurance firms are drawing their customers through various wellness programs. Offers such as dedicated health assessments will help build a long-term relationship with the customer.

What Are the Benefits of Integrating this Approach?

Today, connected wellness offerings in insurance are positioned to become more relevant and sought after by customers. Research shows that around 65 per cent of millennials globally would consider a connected life insurance product while 78 per cent are interested in insurers helping them, or their aged relatives, live safely in their homes. By assuming an active role in promoting wellness among policyholders, life insurers will be able to create a product or service that their customers will value.

Furthermore, this will help life insurers improve their risk assessment and pricing. The same can help extend customers’ lives and reduce claims costs substantially.

Transition to a Secure and Healthy Future

While there have been several disruptions brought about by the pandemic, it has also realigned our goals- importance of family, relationships and wellness. Another priority was owning an apt life insurance policy and this has helped many families tide over uncertainties during the year. But do you know what the common link here is? It’s YOU– in your wellbeing and good health lies your family’s happiness.

Transitioning to a financially secure and healthy future is the new normal. Irrespective of the many more changes that Covid-19 may bring, you can make a difference in the lives of your loved ones by committing to a positive and healthy living.

The author is Director and Chief Marketing Officer, Max Life Insurance

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.