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Financial services

WORLD LIFE AND HEALTH INSURANCE REPORT 2022

The Wellness Revolution: How insurers are driving growth with customer well-being

Wellness-centric strategies can strengthen customer relationships and spark new growth for life and health insurance providers. But to seize the most profitable opportunities, insurers must invest, strategise, prepare, and implement complex change – all the while competing with a broad range of players in the marketplace.

Capgemini’s research shows that only 8% of insurers have established effective wellness-centric value propositions and built the necessary capabilities: this report offers a roadmap to deliver Wellness-as-a-Service in personal and group lines.

  • Physical and financial wellness are interconnected, and customers consider insurers as preferred providers for both physical and financial wellness advice and services.
  • A Wellness-as-a-Service Framework can help insurers evolve transactions into relationships by focusing on hyper-personalised experiences, better digital customer journeys, and connected ecosystems solutions.
  • Wellness-as-a-Service will require insurers to prioritise tech-based transformation and build modular, data-driven, platform-focused technology architectures while proactively managing privacy and regulatory challenges.

Key highlights

Highlight 1

Consumers consider insurers a viable option for promoting wellness

A majority of the 7,500 respondents to our Voice of the Customer Survey want to improve their physical (69%) and financial (67%) wellness. Consumers are ready to turn to insurers for their wellness needs, especially those with innovative value propositions that enrich customer relationships. Consumers rated insurers number one and two most preferred partners for physical and financial wellness, respectively.

By better understanding key customer segments, Insurers can deliver more relevant wellness initiatives

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-personalised wellness services (73%). Insurers should take notice and evolve their value propositions appropriately.

Wellness frontrunners are considerably ahead of the industry

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, personalised nudges, and data integration are worthy targets.

The transformational journey to Wellness-as-a-Service will involve strategic, cultural, and technological change

Insurers seeking to bolster policyholder engagement and deliver growth need to rethink what they should offer, where they should invest, and how they should monetise their propositions. For individual lines, the focus will be on deeper customer engagement, customised 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.

Related research and insights

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Meet our experts

Shane Cassidy

Executive Vice President, Financial Services; Insurance Business Unit Leader, Capgemini Financial Services
Shane is executive vice president and head of Capgemini’s Global Insurance Business Unit. He has been at the forefront of digital disruption and innovation for two decades, identifying and developing solutions to address market trends.

Kiran Boosam

Vice President, Financial Services; Global Insurance Industry Strategy and Portfolio Leader, Capgemini Financial Services
Kiran leads the global insurance strategy and portfolio for Capgemini Financial Services. A P&C and life insurance expert, he assesses industry dynamics and shapes innovative solutions for the Insurance CXOs, leveraging the power of the Capgemini Group, external ecosystems, and emerging technology.

Keith Gage

Global Head of Insurance, Capgemini Invent
As a senior strategy and IT executive, Keith partners with insurance clients to lead transformation programs from strategy through to execution to real business value. He leads Capgemini’s global Property and Casualty Center of Excellence and heads the Core Policy Processing (i.e. Policy Administration, Underwriting, Print and Billing solutions) strategy for the North American Insurance Business.

Samantha Chow

Global Head, Life Insurance, Annuities, and Benefits Leader, Capgemini Financial Services
Samantha has over 20 years of experience in the L&A and A&H industries working for carriers in positions across the value chain, evaluating technology and consulting as an industry analyst, and leading the technology roadmap for policy administration systems.

Elias Ghanem

Vice President and Global Head, Capgemini Research Institute For Financial Services
Elias is responsible for Capgemini’s global portfolio of financial services thought leadership. He has more than 20 years of experience in FS, focusing on effective collaboration between banks and the startup ecosystem

    Executive roundtable participants

    AMERICAS

    Venkatesh Iyer
    Chief Technology Officer
    Aflac Insurance

    Milos Vranesevic
    Global Chief Marketing Officer
    Sun Life

    Naveen Agarwal
    Chief Marketing Development Officer Global Head of Innovation Labs and Fintechs
    Prudential Financial

    Bernardo Castello
    Chief Product Officer
    Bradesco Seguros

    Alan Katzman
    Insurance Industry Principal
    Pegasystems

    EUROPE

    Xavier Lestrade
    Chief Executive Officer
    AXA Global

    Giulio Slavich
    Global Head of Centre of Competence Life and Health
    Allianz

    Heidi Delobelle
    Chief Executive Officer
    AG Insurance

    Franck Desauty
    Deputy Head of Digital Transformation
    Crédit Agricole Assurances

    Jules Constantinou
    Life/Health Regional Manager
    Gen Re UK/Ireland

    Roberto Bergami
    Head of Protection Marketing
    BNP Paribas Cardiff

    Peter Ohnemus
    President and Chief Executive Officer
    Dacadoo

    APAC

    Stephen Newton
    Chief Information Officer
    HSBC Insurance

    Andrew YK Wong
    Chief Health Officer
    Prudential Corporation Asia

    Emmanuel Mendoza
    Chief Technology Officer
    AIA Philippines

    Mayank Bathwal
    Chief Executive Officer
    Aditya Birla Health Insurance

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