GUEST COLUMNIST – KATRINA SHANKS
With the year fast-drawing to a close, we’re all starting to look back at the learnings we’ve gained in 2022, and think about what may come next, writes Katrina Shanks…
I’ve recently come across an interesting global report by Capgemini and Qorus.
Aptly titled The Wellness Revolution. The report talks about the wellness-centric strategies that insurers around the world are putting in place, and why. There was obviously a lot of interesting information to absorb, and here are some key takeaways I noted.
According to Capgemini’s global survey, insurance is less and less perceived as a ‘product’, and more as a key tool for achieving physical and financial wellness.
What’s also interesting is that consumers are increasingly viewing insurers as their preferred ‘physical wellness partners’: that was the case for 37% of policyholders interviewed, compared to 33% who would rather turn to a medical adviser.
Data tells us that there’s an undeniable connection between financial and personal well-being. And I feel this encapsulates the value of quality insurance advice: the tangible and intangible benefits.
…Leading insurers are connecting more regularly with customers…
By helping Kiwis build a solid financial safety net, advisers are also helping clients reduce their stress levels and make overall wellness a priority.
Personalised approach to risk
The report found that more people (59% of respondents) are willing to share their data, and most of them (73%) expect ‘hyper personalised’ wellness services in return. This demand for personalisation is at the core of the new customer experience.
What we’re seeing in action is a shift from the traditional risk-assumption insurance model to a data-driven, wellness-centric approach, tailored to people’s individual circumstances and aimed at preventing risk rather than just predicting it.
Of course, this is made possible by advances in technology and product development, but that doesn’t mean the human element is out of the equation. In fact, what today’s consumers are asking for is a combination of automation and human experience – which is where the adviser-client relationship comes in.
A conversation with a trusted adviser can capture nuances that a digital form, no matter how detailed, may miss. It fosters engagement, provides practical knowledge, and importantly, empowers people to take control of their personal and financial life.
Healthy lifestyles
Capgemini also investigated the top trends in life and health insurance, and how insurers are using wellness initiatives and digital content to promote healthy living.
The pandemic has accelerated the need for digital health practices..
Data shows that, in the aftermath of the pandemic, 82% of life and health insurers added a health and well-being proposition to their product offering. Leading insurers are connecting more regularly with customers, while also partnering with wellness platforms and events to encourage people to exercise more, eat healthy foods, quit smoking, and reduce alcohol consumption.
And not only this approach has led to fewer policy lapses, but it has also translated into wellness benefits for the insured, through health tips, community connection, improved fitness, and healthier behaviours.
On top of this, the way healthcare is being provided is also evolving. The pandemic has accelerated the need for digital health practices, and insurers are increasingly offering virtual care and telehealth services as part of their plans.
So, how can advisers get behind the Wellness Revolution? As Kiwis’ trusted go-to for financial protection, advisers are in a prime position to help promote well-being. And many are already doing so by sharing health and wellness tips with clients, through their newsletters and social media.
Plus, insurance reviews offer a key opportunity to remind clients of all the extra services they can access through their policies.
Once again, it’s a reminder that financial advice is a lot more than a one-off transaction. It’s a relationship, and one that has Kiwis’ overall well-being at its heart.
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