WORLD LIFE AND HEALTH INSURANCE REPORT 2022

As part of our survey, we identified Fast Mover and Slow Starter personas based on consumers’ willingness to share data, participation in activities for physical health and financial wellness, and use of tracking devices and tools. Fast Movers are now the majority (59%), and they expect hyper-personalized wellness services (73%). Insurers should take notice and evolve their value propositions appropriately.

Through our analysis, only 8% of insurers have established compelling Wellness-as-a-Service propositions and built the necessary capabilities: we call this small group Frontrunners. 29% of insurers are in the Advanced category, and 63% fall in the Mainstream category. Frontrunners’ industry-leading capabilities illustrate why partnerships with InsurTechs, AI and ML use, personalized nudges, and data integration are worthy targets.

Insurers seeking to bolster policyholder engagement and deliver growth need to rethink what they should offer, where they should invest, and how they should monetize their propositions. For individual lines, the focus will be on deeper customer engagement, customized nudges, continuous underwriting, and on promoting the tangible benefits of wellness over and above the peace of mind provided by core protections. For group lines, redesigning benefit packages and building the capabilities for easy group-to-individual hand-offs will be critical.