Health and Wellness in Insurance – Thematic Intelligence

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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.

Insurers are enhancing their wellness offerings beyond traditional insurance products, providing a diverse range of solutions aimed at addressing key aspects of wellbeing such as physical, mental, and financial health. The industry's innovation has been spurred by the COVID-19 pandemic and current cost-of-living challenges, underscoring the significance of overall wellness. As employees transition back to the workplace, there is a growing emphasis on work-life balance, with companies exploring alternative work models like the four-day workweek and hybrid arrangements to better meet employee needs. Insurers are evolving their role from simply processing medical claims to actively promoting customer health and wellness to prevent illnesses. Utilizing wearables to incentivize healthy behaviors through gamification, insurers are creating win-win scenarios that benefit both consumers and insurers through reduced claims and improved health outcomes.

Scope

GlobalData’s 2024 Q1 Consumer Survey found that 73.1% of consumers are concerned to some degree about their mental wellbeing, while 80.3% are concerned to some degree about their physical fitness and health.

Overall, 44.9% of consumers are likely to share biometric data from an activity tracker with a life insurer. However, the key barriers include concerns around disclosing private information to providers and not wanting a device.

Soft-support services are the benefit least valued by both employers and employees, even though insurers offer these as their primary wellness options.

Reasons to Buy

Understand how businesses and employees view different employee benefits.

Ensure you remain competitive as new 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.

Swiss Re
Aetna
Aviva
Elevance Health
UnitedHealthcare
Vitality
Omanda Health
YuLife
Wysa
SimplyHealth
AXA Health
MetLife
Microsoft
Panasonic
Cigna
Gympass
Optum
Legal & General
China Life
Prudential
Allianz
Bluezone
Doctor on Demand
SquareHealth
Babylon Health
Amazon
Google
Apple
Wegesrand
Onebright
Thymia
SupportRoom
Singlife
Zurich
Kotak Mahindra General Insurance
Bupa
AIG
Medibank
Verisk
Sprout.ai
Ping An
dacadoo

Table of Contents

Executive Summary

Players

Thematic Briefing

Trends

Technology trends

Macroeconomic trends

Regulatory trends

Industry Analysis

Market size and growth forecasts

Individual wellbeing

Workplace wellbeing

Use cases

Timeline

Signals

M&A trends

Hiring trends

Patent trends

Company filing trends

Value Chain

Product development

Marketing and distribution

Underwriting and risk profiling

Claims management

Customer service

Companies

Public companies

Private companies

Sector Scorecards

Life insurance sector scorecard

Glossary

Further Reading

Our Thematic Research Methodology

About GlobalData

Contact Us

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