Wellness has been elevated to the top of customers’ minds as life expectancy rises and problems like demographic trends, the retirement savings gap, medical inflation, and the shortage of healthcare workers mount.
Read more: Why financial, mental and physical health are interlinked
According to the study, 37% and 24% of policyholders rank insurers as their top potential partners for both financial and physical wellness, respectively, and 69% and 67% of customers, respectively, are interested in these subjects.
The findings indicate that 83% of respondents want on-demand customer service, 78% want ongoing physical and financial counseling, and 74% want highly personalized value-added services and rewards.
Still, only 8% of insurers have developed strong wellness-centric value propositions and the required capabilities. When it comes to hyper-personalization, insurtechs are ahead of insurers in key areas such as leveraging AI/ML (28% for insurtechs, vs. 14% for insurers) and cloud (44% insurtech vs. 19% incumbents).
