Health and Wellness in Insurance – Thematic Intelligence

Health and Wellness in Insurance Thematic Report Overview

Insurers are actively promoting physical and mental well-being by evolving their wellness offerings beyond traditional insurance. They provide a diverse range of products to enhance various aspects of well-being, including physical, emotional, and financial wellness. The industry’s innovation has been spurred by the pandemic and the current cost-of-living challenges, underscoring the significance of financial well-being on physical and mental health. Insurers are embracing a new approach by not only processing medical claims but also actively encouraging customer health and wellness through gamification.

The ‘Health and Wellness in Insurance’ thematic intelligence report gives you an in-depth insight into the health and wellness theme and the ways it will impact the insurance industry. It further entails a deep-dive analysis of the industry, including key market trends that will shape the insurance industry over the coming years. The report gives an insight into the market players and the competitive landscape within the theme.

Health and Wellness in Insurance – Key Trends

The main trends that will shape the health and wellness in insurance theme over the next 12 to 24 months are classified into technology, macroeconomic, and regulatory trends.

• Technology trends: The key technology trends impacting the health and wellness theme are the application of Gen AI, AI-powered chatbots; integrating big data and analytics as well as wearables and wellness apps into health & life insurance. Furthermore, the expansion of telehealth services, bolstering data accuracy, the convenience of remote patient monitoring (RPM), and the integration of personalized health and wellness plans are a few of the technology trends influencing the market.
• Macroeconomic trends: Escalating cost-of-living crisis and inflation, increased awareness regarding health and wellness, holistic well-being, improved mental health awareness, and the aging population are a few of the key macroeconomic trends that will drive the health and wellness market.
• Regulatory trends: Occupational health (OH) requirements, General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), Medical device certification, and Consumer Duty are regulatory trends impacting the health and wellness theme.

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Insurance Value Chain Analysis

The insurance value chain is made up of five layers which are product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service.

Product development: The product development value chain includes brokers, insurers, and regulators. Mental health products present insurers with a promising opportunity for development in the evolving landscape of the insurance industry. With the growing awareness and continued destigmatization of mental health illnesses, there is a rising demand for insurance products that cater to mental well-being. Insurers can seize this opportunity to develop services to include comprehensive mental health support. Moreover, the emergence of the gig economy presents a promising avenue for insurers seeking to broaden their consumer base.

Insurance Value Chain Analysis

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Health and Wellness in Insurance – Competitive Landscape

Public Companies

A few leading listed players making their mark within the health and wellness theme are:

• Aetna
• Aviva
• AXA

Private Companies

A few of the interesting private companies associated with this theme are:

• Bupa
• dacadoo
• Onebright

Key Insurance Companies in Health and Wellness Theme

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Life Insurance Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

• The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

• The risk screen ranks companies within a particular sector based on overall investment risk.

Life Insurance Sector Scorecard – Thematic Screen

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Scope

• 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.

Reasons to Buy

• Understand how businesses and employees view different employee benefits.
• Ensure you remain competitive as innovations and insurance models begin to enter the market.
• Be prepared for how regulation will impact the use of biometric devices in insurance over the next few years.
• Understand key market drivers and consumers’ degree of concern around different health and wellbeing aspects.