Thematic Intelligence: Health and Wellness in Insurance
Description
Thematic Intelligence: Health and Wellness in Insurance
Summary
This report explores how insurers are adapting to heightened interest in health and wellbeing. It examines the state of the market for individual policies and group policies separately, covering key market drivers and consumers’ degree of concern around different health and wellbeing aspects. It examines how businesses and employees view different employee benefits, with a focus on those traditionally offered by insurance providers. The report also examines how the industry has responded in terms of new product innovations and which companies have been at the forefront of this.
Insurers are enhancing their wellness offerings beyond traditional insurance products, providing a diverse range of solutions aimed at addressing key aspects of wellbeing such as physical, mental, and financial health. The industry's innovation has been spurred by the COVID-19 pandemic and current cost-of-living challenges, underscoring the significance of overall wellness. As employees transition back to the workplace, there is a growing emphasis on work-life balance, with companies exploring alternative work models like the four-day workweek and hybrid arrangements to better meet employee needs. Insurers are evolving their role from simply processing medical claims to actively promoting customer health and wellness to prevent illnesses. Utilizing wearables to incentivize healthy behaviors through gamification, insurers are creating win-win scenarios that benefit both consumers and insurers through reduced claims and improved health outcomes.
Scope
- GlobalData’s 2024 Q1 Consumer Survey found that 73.1% of consumers are concerned to some degree about their mental wellbeing, while 80.3% are concerned to some degree about their physical fitness and health.
- Overall, 44.9% of consumers are likely to share biometric data from an activity tracker with a life insurer. However, the key barriers include concerns around disclosing private information to providers and not wanting a device.
- Soft-support services are the benefit least valued by both employers and employees, even though insurers offer these as their primary wellness options.
Reasons to Buy
- Understand how businesses and employees view different employee benefits.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the use of biometric devices in insurance over the next few years.
- Understand key market drivers and consumers’ degree of concern around different health and wellbeing aspects.
Table of Contents
82 Pages
- Executive Summary
- Players
- Thematic Briefing
- Wellbeing is the state of being comfortable, healthy, or happy
- Wellbeing is subjective
- What distinguishes wellness from wellbeing?
- Insurance and wellbeing
- Individual wellbeing
- Workplace wellbeing
- Pensions and financial wellbeing
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry Analysis
- Market size and growth forecasts
- Wellness is a matter of interest for both policyholders and insurers
- The cost-of-living crisis continues to significantly affect financial wellbeing
- Consumer concern extends beyond their physical wellbeing
- Mental and physical wellbeing support is becoming more prevalent in the workforce
- There is sustained demand for products with early intervention services
- Individual wellbeing
- Promoting health awareness fosters positive behavioral change
- Insurers assist their clients in actively making healthier lifestyle decisions
- Growth in the wearables market offers insurers an opportunity for expansion
- Young people are more willing to provide insurers with biometric information
- Insurers offer various incentives to encourage consumers to lead a healthy lifestyle
- Workplace wellbeing
- Wellness is in the interest of employers and insurers
- Financial security and mental health and wellbeing are key for employees
- There could be a disconnect in the perceived value of these soft support services
- Insurers can work with employers to improve workplace wellbeing
- Hybrid working models present both benefits and drawbacks
- The four-day workweek offers a better work-life balance
- Minor illnesses and musculoskeletal issues are common causes of absences
- Some insurers are expanding engagement with sedentary office lifestyle initiatives
- Use cases
- Health and wellness services are often offered by the majority of health insurers
- Health and wellbeing plans differ by insurer
- Partnerships have enabled insurers to launch wellbeing apps and platforms
- Virtual GPs consultations continue to be popular among consumers
- Technology giants are investing in the healthcare industry
- Gamification is used to encourage healthy behaviors and fitness
- The gamification of mental health care is gaining popularity
- Insurers should place a stronger emphasis on wellness support for the gig economy
- Timeline
- Signals
- M&A trends
- Hiring trends
- Patent trends
- Company filing trends
- Value Chain
- Product development
- Marketing and distribution
- Underwriting and risk profiling
- Claims management
- Customer service
- Companies
- Public companies
- Private companies
- Sector Scorecards
- Life insurance sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Technology trends
- Table 2: Macroeconomic trends
- Table 3: Regulatory trends
- Table 4: Key M&A transactions associated with the wellbeing theme for the last two years
- Table 5: Public companies
- Table 6: Private companies
- Table 7: Glossary
- Table 8: GlobalData reports
- List of Figures
- Figure 1: Who are the leading players in the health and wellness in insurance theme?
- Figure 2: The state of wellbeing is multidimensional
- Figure 3: Various insurance offerings can support financial, physical, and mental wellbeing
- Figure 4: Cancer claims are the most costly of private medical insurance claims in the UK
- Figure 5: Musculoskeletal was the most common type of claim for private medical insurance in 2022
- Figure 6: Consumers worldwide are concerned about their financial situation
- Figure 7: evels of concern regarding personal financial situation varies significantly among selected countries
- Figure 8: Consumers worldwide are concerned about their mental health as well as their physical health
- Figure 9: Levels of concern regarding physical fitness and health varies significantly among selected countries
- Figure 10: Levels of concern regarding mental wellbeing varies significantly among selected countries
- Figure 11: 36.9% of UK SMEs’ have increased the level of mental and physical wellbeing support provided to their employees in 2023
- Figure 12: Concern about NHS waiting times/service was the key trigger for private medical insurance
- Figure 13: UnitedHealthcare Group comprises a range of topics intended to improve awareness and wellbeing
- Figure 14: The wearable tech market is set to expand, driven by hearables and smartwatches
- Figure 15: Younger individuals are more willing to provide insurers with access to their biometric information
- Figure 16: Vitality offers policyholders rewards for maintaining healthy habits and achieving their wellness goals
- Figure 17: Consumers would consider wearing an activity tracker if it resulted in financial savings
- Figure 18: Key barriers include disclosing private information to providers and not wanting a device
- Figure 19: 45.4% of the workforce regard their benefits package as equally important as their base pay, or are willing to accept a lower salary in exchange for better benefits
- Figure 20: The importance of providing employees with financial security increases since the cost-of-living
- Figure 21: An array of employee benefits support workers' financial stability, health, and overall wellbeing
- Figure 22: Soft-support services are the benefit least valued by both employers and employees
- Figure 23: A third of employees worldwide prioritize emotional wellness above all
- Figure 24: Vietnam, Nigeria, and South Africa are among countries concerned most with their mental wellbeing as a result of hybrid working
- Figure 25: Younger generations are more likely to express higher levels of concern compared to older generations regarding hybrid working
- Figure 26: Minor illnesses and musculoskeletal problems accounted for the majority of absences
- Figure 27: The largest life and health insurers by region
- Figure 28: Thymia uses AI for mental health assessments that identify mental illness and its underlying symptoms
- Figure 29: 24.7% of consumers are part of the gig economy or intend to join it in the near future
- Figure 30: The health and wellness in insurance story
- Figure 31: Health and wellness-related M&A activity spiked in terms of value in 2017.
- Figure 32: Active jobs relating to the health and wellbeing in insurance theme, Jan 2021 to April 2024
- Figure 33: Patent trends in health and wellness
- Figure 34: Wellbeing-related mentions in insurance company filings, 2017–23
- Figure 35: The insurance industry value chain
- Figure 36: Who does what in the life insurance space?
- Figure 37: Thematic screen
- Figure 38: Valuation screen
- Figure 39: Risk screen
- Figure 40: Our five-step approach for generating a sector scorecard
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