Customers view insurers as top providers of physical and financial health advice

Health is at the forefront of customers’ minds as life expectancy increases and challenges such as demographic trends, retirement savings gaps, healthcare cost inflation and healthcare worker shortages escalate. According to the report, 69% and 67% of customers are concerned with their physical and financial health, respectively, and 37% and 24% of policyholders, respectively, have their greatest potential for physical and financial health. We value insurance companies as strategic partners.

Report reveals 83% of customers want on-demand customer service, 78% want ongoing physical and financial guidance, and 74% want highly personalized value-added services and benefits . However, only 8% of insurers have established an effective wellness-centric value proposition and built the necessary capabilities to sustain it.

According to the report, hyper-personalization, especially artificial intelligence/machine learning (28% of insurtechs vs. 14% of insurers) and the cloud (44% of insurtechs vs. 19% of insurers) are key capabilities. have been found to outperform traditional insurers. ). Insurtechs and traditional insurers are largely aligned when it comes to product innovation. However, only 43% of insurers are effectively co-creating or innovating with their strategic and ecosystem partners.

Samantha Chow, Head of Global Life & Health Insurance at Capgemini, said: “This report shows that insurers must transform and focus on highly personalized services that meet the individual needs of their customers. It signifies a shift to a “wellness as a service” model of type. This enables deeper engagement and allows insurers to reach out to customers when they need it most. ”

To meet new customer expectations for physical and financial health, the report says insurers need to focus on three priorities:

• Insurers can help policyholders restore physical health by accessing emergency and routine medical care, and financial health by meeting current financial needs.
• Insurers can help prevent future physical health problems by ensuring policyholders adhere to prescriptions, physical therapy protocols, or regular checkups. You can prevent financial problems by preparing your customers for unexpected expenses and educating them about income protection products.
• Insurers can help policyholders improve their physical health through ongoing health and wellness advice, and improve their financial health by providing better financial planning options, opportunities and education.

Qorus CEO John Berry said: “In fact, customers are having better relationships with insurers who truly care about their health. We understand the benefits from shorter recovery times and prevented health problems facilitated by