The document discusses the concept of connected wellness in the life insurance industry. It argues that life insurers should shift their value proposition from solely compensation after death to one focused on customer wellness, risk prevention, and coaching. This could be achieved through the use of connected devices, health data collection, personalized goal setting and rewards programs. Doing so would increase customer interactions and help insurers better engage underserved markets like millennials and seniors. Insurers are encouraged to develop ecosystem partnerships and platforms to deliver connected wellness programs at scale.
As well synthesized by Meg Whitman (CEO at Hewlett-Packard) “we’re now living in an Idea Economy, where the ability to turn an idea into a new product or service has never been easier”. This impact is pervasive on all industries, any company has to achieve enough agility to respond to market opportunities and threats and quickly turn ideas into reality.
For some years now, the “digital”-driven projects have become a priority for all the Insurance Groups. Let me add that here the term “digital” refers to several important aspects starting with a digitalized customer experience, which is completed by digital/technological processes aimed at improving the relationship with the clients and with the mid-term objective of maximizing the single client’s profitability.
Insurers are beginning - and those who are not doing so should start – to give serious thought to how they can build their strategy to incorporate the IoT into the insurance value chain.
The Internet of Things (IoT) is “the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.” The most important factor in the IoT “equation” is the data – which is the main element providing value to the insurance company if harvested and analyzed in an adequate manner. In product development there should be a data collection & analysis approach embedded in the business model itself, otherwise the strategy will lack in bringing the desired added value. Having a “data mindset” in all the stages of the business will ensure that the implemented model will have the capacity to gather and analyze the high quantity of data provided by the interconnected devices and environments.
As Matteo Carbone who is an expert in the field says in his article, ultimately telematics is the integrated use of informatics and telecommunications; it is about registering, storing and analyzing data via telecommunication devices.
“Telematics could be one of the most relevant digital innovations in the insurance industry directly impacting the technical results. Due to the pervasive diffusion of the Internet of Everything, this approach could be extended from motor insurance to other insurance businesses.”
By 2020, the number of Americans who are expected to need assistance is projected to be 117 million, yet the number of unpaid family caregivers is expected to reach only 45 million. We need technology more than ever to bridge the gap. Project Catalyst, in collaboration with HITLAB, conducted a survey with over 1,000 caregivers, aimed at identifying their technology interest and usage. The research found that caregivers have a high interest in using technology to care for their loved ones – 71 percent of survey participants expressed interest in using technology to support caregiving activities while less than 10 percent have currently or previously used caregiving technology. Adoption rates are low due to a range of factors including lack of awareness, high cost, perception that technology may not be a benefit, and lack of time to learn and adapt new technologies. This presents an opportunity for the technology industry to leapfrog existing offerings and provide viable alternatives to the 40 million caregivers actively seeking ways to lessen their workload.
Better Together 2019 Patient Services Survey - Condition Resultsaccenture
Accenture Life Sciences online survey of 4,000 patients across four countries and three conditions reveals how patients use and value services from patient organizations. Explore the unique differences by condition. Visit https://accntu.re/2Y9CGqw to learn more.
Connected Wellness: Livening-up Life Insurance InfographicAccenture Insurance
Evolve the life insurance value proposition from compensation to wellness to drive relevancy and growth.
Read more: https://www.accenture.com/ca-en/insight-livening-up-life-insurance
Accenture's study finds consumers ready to trade their data for personalization, but this appetite varies across four banking and insurance personas. Read more.
The New Age of Pet Insurance: Barking up the Right TreeCognizant
The needs of pet owners present a high-growth opportunity for insurers to create new products and cross-sell existing services. Here’s how insurers can embrace new strategies and align their products, distribution, underwriting, claims and operations to tap into this market.
Caregiving Innovation Frontiers: A universal need, a growing opportunity — le...Longevity Network
Can 40 million caregivers count on you?
Where can I find reliable help with meals and medications? What does this bill mean, and will my insurance cover it? And how can I help Mom and Dad stay safe and healthy? As people live longer lives, questions like these touch us all. According to the 2015 report “Caregiving in the U.S.,” an AARP and National Alliance for Caregiving study, nearly 40 million Americans in 2014 were providing unpaid care to people who are older, disabled, or otherwise in need of assistance. A quarter were millennials and half were under the age of 50. Some call it “informal” care, but there’s nothing informal about the emotional, financial and day-to-day stress such a role can involve or the growing gap between the number of caregivers and the number of care recipients. By 2020, 117 million Americans are expected to need assistance of some kind, yet the overall number of caregivers is only expected to reach 45 million.
As well synthesized by Meg Whitman (CEO at Hewlett-Packard) “we’re now living in an Idea Economy, where the ability to turn an idea into a new product or service has never been easier”. This impact is pervasive on all industries, any company has to achieve enough agility to respond to market opportunities and threats and quickly turn ideas into reality.
For some years now, the “digital”-driven projects have become a priority for all the Insurance Groups. Let me add that here the term “digital” refers to several important aspects starting with a digitalized customer experience, which is completed by digital/technological processes aimed at improving the relationship with the clients and with the mid-term objective of maximizing the single client’s profitability.
Insurers are beginning - and those who are not doing so should start – to give serious thought to how they can build their strategy to incorporate the IoT into the insurance value chain.
The Internet of Things (IoT) is “the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.” The most important factor in the IoT “equation” is the data – which is the main element providing value to the insurance company if harvested and analyzed in an adequate manner. In product development there should be a data collection & analysis approach embedded in the business model itself, otherwise the strategy will lack in bringing the desired added value. Having a “data mindset” in all the stages of the business will ensure that the implemented model will have the capacity to gather and analyze the high quantity of data provided by the interconnected devices and environments.
As Matteo Carbone who is an expert in the field says in his article, ultimately telematics is the integrated use of informatics and telecommunications; it is about registering, storing and analyzing data via telecommunication devices.
“Telematics could be one of the most relevant digital innovations in the insurance industry directly impacting the technical results. Due to the pervasive diffusion of the Internet of Everything, this approach could be extended from motor insurance to other insurance businesses.”
By 2020, the number of Americans who are expected to need assistance is projected to be 117 million, yet the number of unpaid family caregivers is expected to reach only 45 million. We need technology more than ever to bridge the gap. Project Catalyst, in collaboration with HITLAB, conducted a survey with over 1,000 caregivers, aimed at identifying their technology interest and usage. The research found that caregivers have a high interest in using technology to care for their loved ones – 71 percent of survey participants expressed interest in using technology to support caregiving activities while less than 10 percent have currently or previously used caregiving technology. Adoption rates are low due to a range of factors including lack of awareness, high cost, perception that technology may not be a benefit, and lack of time to learn and adapt new technologies. This presents an opportunity for the technology industry to leapfrog existing offerings and provide viable alternatives to the 40 million caregivers actively seeking ways to lessen their workload.
Better Together 2019 Patient Services Survey - Condition Resultsaccenture
Accenture Life Sciences online survey of 4,000 patients across four countries and three conditions reveals how patients use and value services from patient organizations. Explore the unique differences by condition. Visit https://accntu.re/2Y9CGqw to learn more.
Connected Wellness: Livening-up Life Insurance InfographicAccenture Insurance
Evolve the life insurance value proposition from compensation to wellness to drive relevancy and growth.
Read more: https://www.accenture.com/ca-en/insight-livening-up-life-insurance
Accenture's study finds consumers ready to trade their data for personalization, but this appetite varies across four banking and insurance personas. Read more.
The New Age of Pet Insurance: Barking up the Right TreeCognizant
The needs of pet owners present a high-growth opportunity for insurers to create new products and cross-sell existing services. Here’s how insurers can embrace new strategies and align their products, distribution, underwriting, claims and operations to tap into this market.
Caregiving Innovation Frontiers: A universal need, a growing opportunity — le...Longevity Network
Can 40 million caregivers count on you?
Where can I find reliable help with meals and medications? What does this bill mean, and will my insurance cover it? And how can I help Mom and Dad stay safe and healthy? As people live longer lives, questions like these touch us all. According to the 2015 report “Caregiving in the U.S.,” an AARP and National Alliance for Caregiving study, nearly 40 million Americans in 2014 were providing unpaid care to people who are older, disabled, or otherwise in need of assistance. A quarter were millennials and half were under the age of 50. Some call it “informal” care, but there’s nothing informal about the emotional, financial and day-to-day stress such a role can involve or the growing gap between the number of caregivers and the number of care recipients. By 2020, 117 million Americans are expected to need assistance of some kind, yet the overall number of caregivers is only expected to reach 45 million.
2019 Accenture Global Financial Services Consumer Study PersonasAccenture Insurance
How can banks and insurers meet customers’ demand for
integrated propositions, tailored offerings and personalized
services? It helps to know what brings consumers together,
and what sets them apart. Our survey of 47,000 banking and
insurance consumers found four clear, nuanced groups.
Congratulations, if you're reading this you've almost made it through 2020! With a vaccine now being rolled out, let's look to a far more positive 2021, starting with Orbital's inaugural health tech trends document, which we enjoy pulling together every year.
I don't think there is anyone out there who'd disagree that COVID has created a monumental shift in how healthcare is delivered. We here at Orbital have explored the 10x key trends every healthcare marketer should appreciate, as well as detailed the opportunity to potentially capitalise on each.
Pour yourself a cup of tea, put your feet up, and let's get a little more excited about 2021!
Better Together: 2019 Patient Services Survey - Country Resultsaccenture
Accenture Life Sciences survey of 4,000 patients across four countries and three conditions reveals how patients use and value services from patient organizations. Explore the unique differences by country. Visit https://accntu.re/2Y9CGqw to learn more.
The Accenture Technology Vision for Insurance 2018 report highlights how rapid advances in technology are improving the ways people work and live, and how insurers are reinventing their businesses to keep pace.
One in five US adults have some type of wearable technology and 77% want wearable tech to help them exercise smarter. 56% of US adults believe monitoring of vital signs will extend life expectancy by 10 years. Welcome to the #futureofhealth.
This presentation provides a comprehensive overview of the current insurance industry. The focus is to further explore life, health and auto insurance, as well as some new trends, ideas and disruptions facing this sector. From there, we move into a discussion on consumer tools. This section breaks down customer insurance behaviors, and the changes coming up in 2014. To end we take a look into how various companies are leveraging technologies to advance the industry.
Accenture identifies what motivates consumers & how these motivations lead to changing consumer expectations, preferences & shopping habits. Read more.
Accenture Life Sciences survey of 4,000 patients across four countries and three conditions reveals how patients use and value services from patient organizations compared to those of pharma companies and whether integration of those services would improve the patient experience. Visit https://accntu.re/2Y9CGqw to learn more.
Trendwatchers from around the world came together to identify the big shifts critical to pharmaceutical brands and healthcare marketers.
What's inside: 2016 will be the year an old debate reignites and simple digital tools fuel an incredible new era of clinical study. The patient journey will be rerouted and the tug of war at the point of care will get much more intense. Caregiving will approach a cliff, healthcare teams will get bigger, and patients will come to the exam room with new expectations. The science of motivation will face a crossroads and you’ll probably lose you Fitbit.
Ideas from MediaPost's Marketing for Health ConferenceGSW
This week, we had the opportunity to attend MediaPost’s first annual Marketing Health conference. Thirty-eight speakers – including our own Ritesh Patel and Leigh Householder – from the top agencies and brands in our industry took to the stage to talk about big shifts in digital possibilities and fast-changing consumer expectations. Inside, you’ll find a quick-scan summary of the conference’s content, including short stories, big data points, memorable quotes and even a few share-worthy charts.
Final file of digitive healthcare ilovepdf-compressedinsightscare
Such healthcare providers always foster a healthy team environment at their workplace and engage in behaviors that benefit the team and display empathic behaviors when interacting with patients and their family members. To highlight such great healthcare providers, we have come up with an issue of “The 10 Most Innovative Digital Healthcare Solution Providers 2018”.
Market scope of US health insurance industryRony Debnath
This was an assignment work for Relisource on Market scope of US health insurance industry
Topics Discussed here:
♦What is health care insurance
♦How health care insurance works in USA?
♦Share of people with public health insurance in the United States
♦Market share of leading health insurance companies
♦Total revenue of life and health insurance industry in the United States
♦The Use of Technology With the Health Insurance Industry
♦Problems that are health insurance companies facing today
♦Scope of improvements in healthcare information technology
♦Number of health insurance home-office employees in the U.S
♦Possible opportunities
♦Major Companies & products
♦What Relisource can offer
Disruption Set in Motion by Healthcare Consumerism.pdfMindfire LLC
Healthcare consumerism is the health industry’s shift towards a more value based care; it is a movement for a more cost effective and efficient delivery of healthcare services. It connotes the patient taking control of their health and wellness by managing all aspects of one’s healthcare landscape – including health benefits, medical insurance and retail health. In short, the goal of healthcare consumerism is to enable patients to become wholly involved in their healthcare decisions.
How to transform an old fashioned Insurer into a Carrier like Oscar, fast and at low cost. Healthfront: a killer application for connected health insurance based on three strategic pillars.
2019 Accenture Global Financial Services Consumer Study PersonasAccenture Insurance
How can banks and insurers meet customers’ demand for
integrated propositions, tailored offerings and personalized
services? It helps to know what brings consumers together,
and what sets them apart. Our survey of 47,000 banking and
insurance consumers found four clear, nuanced groups.
Congratulations, if you're reading this you've almost made it through 2020! With a vaccine now being rolled out, let's look to a far more positive 2021, starting with Orbital's inaugural health tech trends document, which we enjoy pulling together every year.
I don't think there is anyone out there who'd disagree that COVID has created a monumental shift in how healthcare is delivered. We here at Orbital have explored the 10x key trends every healthcare marketer should appreciate, as well as detailed the opportunity to potentially capitalise on each.
Pour yourself a cup of tea, put your feet up, and let's get a little more excited about 2021!
Better Together: 2019 Patient Services Survey - Country Resultsaccenture
Accenture Life Sciences survey of 4,000 patients across four countries and three conditions reveals how patients use and value services from patient organizations. Explore the unique differences by country. Visit https://accntu.re/2Y9CGqw to learn more.
The Accenture Technology Vision for Insurance 2018 report highlights how rapid advances in technology are improving the ways people work and live, and how insurers are reinventing their businesses to keep pace.
One in five US adults have some type of wearable technology and 77% want wearable tech to help them exercise smarter. 56% of US adults believe monitoring of vital signs will extend life expectancy by 10 years. Welcome to the #futureofhealth.
This presentation provides a comprehensive overview of the current insurance industry. The focus is to further explore life, health and auto insurance, as well as some new trends, ideas and disruptions facing this sector. From there, we move into a discussion on consumer tools. This section breaks down customer insurance behaviors, and the changes coming up in 2014. To end we take a look into how various companies are leveraging technologies to advance the industry.
Accenture identifies what motivates consumers & how these motivations lead to changing consumer expectations, preferences & shopping habits. Read more.
Accenture Life Sciences survey of 4,000 patients across four countries and three conditions reveals how patients use and value services from patient organizations compared to those of pharma companies and whether integration of those services would improve the patient experience. Visit https://accntu.re/2Y9CGqw to learn more.
Trendwatchers from around the world came together to identify the big shifts critical to pharmaceutical brands and healthcare marketers.
What's inside: 2016 will be the year an old debate reignites and simple digital tools fuel an incredible new era of clinical study. The patient journey will be rerouted and the tug of war at the point of care will get much more intense. Caregiving will approach a cliff, healthcare teams will get bigger, and patients will come to the exam room with new expectations. The science of motivation will face a crossroads and you’ll probably lose you Fitbit.
Ideas from MediaPost's Marketing for Health ConferenceGSW
This week, we had the opportunity to attend MediaPost’s first annual Marketing Health conference. Thirty-eight speakers – including our own Ritesh Patel and Leigh Householder – from the top agencies and brands in our industry took to the stage to talk about big shifts in digital possibilities and fast-changing consumer expectations. Inside, you’ll find a quick-scan summary of the conference’s content, including short stories, big data points, memorable quotes and even a few share-worthy charts.
Final file of digitive healthcare ilovepdf-compressedinsightscare
Such healthcare providers always foster a healthy team environment at their workplace and engage in behaviors that benefit the team and display empathic behaviors when interacting with patients and their family members. To highlight such great healthcare providers, we have come up with an issue of “The 10 Most Innovative Digital Healthcare Solution Providers 2018”.
Market scope of US health insurance industryRony Debnath
This was an assignment work for Relisource on Market scope of US health insurance industry
Topics Discussed here:
♦What is health care insurance
♦How health care insurance works in USA?
♦Share of people with public health insurance in the United States
♦Market share of leading health insurance companies
♦Total revenue of life and health insurance industry in the United States
♦The Use of Technology With the Health Insurance Industry
♦Problems that are health insurance companies facing today
♦Scope of improvements in healthcare information technology
♦Number of health insurance home-office employees in the U.S
♦Possible opportunities
♦Major Companies & products
♦What Relisource can offer
Disruption Set in Motion by Healthcare Consumerism.pdfMindfire LLC
Healthcare consumerism is the health industry’s shift towards a more value based care; it is a movement for a more cost effective and efficient delivery of healthcare services. It connotes the patient taking control of their health and wellness by managing all aspects of one’s healthcare landscape – including health benefits, medical insurance and retail health. In short, the goal of healthcare consumerism is to enable patients to become wholly involved in their healthcare decisions.
How to transform an old fashioned Insurer into a Carrier like Oscar, fast and at low cost. Healthfront: a killer application for connected health insurance based on three strategic pillars.
Insurance products, savings and investments are crucial elements of financial health that evolve throughout our lifetime. But getting consumers to think long-term is not easy.
Focused on trends and challenges of healthcare industry and technologies which we are seeing and we may see in future. Included information like healthcare industry overview, healthcare apps and wearables, etc.
As the Affordable Care Act takes effect, health insurance companies will have to design and implement new healthcare models to keep up with the new consumer population.
Five years in, and the Affordable Care Act continues to command conversation in the benefits landscape. Industry players are still scrambling to implement new provisions, keep healthcare costs down, create infrastructure to support new reporting requirements, and develop new payer, provider and care delivery models.
This has, in turn pushed the respective hands of health plans, who have had to change their strategies to fit both the consumerization of insurance and the standards set forth under the ACA.
With end-users in the forefront, health plans must take the strategy implemented 15 years ago with the rise of the internet, and push the marketing and communication initiatives into overdrive to gain and retain customers.
Health plans are shifting their mentality and communication, ant the best of the best are putting time, money, and energy into literacy and new business initiatives.
To simplify, a health plan needs to put the consumer at the center of every decision it makes.
However, in order to plan, communicate, and effectively market to consumers, your health plan must know the consumer, the technology, and the future.
If you’re looking to grow your health plan, we have just released a new guide to help your health plan leverage trends in the post-reform consumer marketplace.
In our latest whitepaper, we share the keys to success for health plans, including the following:
Consumer Trends: Top 5 Healthcare Executive Consumer Strategy Points, Today’s Healthcare Consumers: Six Types of Consumers You Need to Know, Millennial Consumers Special Report
Technology Trends: Big Data, Administration Technology, Payment Technology, mHealth and more.
Future Trends: Accountable Care Organizations, The Future of Telehealth, Continues Rise of Private Exchanges
All of this, and insights on how to make it work for your health plan.
Download this detailed guide, Health Plans: Your Guide to Leveraging Trends in the Post-Reform Consumer Marketplace, free from the Healthcare Trends Institute.
http://www.evolution1.com/health-plans-your-guide-to-leveraging-trends-in-the-post-reform-consumer-marketplace.html
Healthcare Rx: The Rise of the Empowered ConsumerCognizant
Market and digital forces have combined to enable the healthcare industry to treat much of what ails it — or be supplanted by newcomers who can more quickly seize the digital high ground.
Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. To learn more visit: https://www.accenture.com/us-en/insights/insurance/living-business
White Paper - Digital strategy and the shift to value based careTerence Maytin
Summary: The U.S. healthcare system is rapidly transitioning from fee-for-service to value- based care as part of massive and ongoing industry-wide transformation. Digital strategy is evolving to meet new challenges, help drive disruptive innovation, and better engage a large, growing audience of connected health consumers.
Brands Need to Adjust to a Quarantine State of MindBennat Berger
As exhaustingly ever-present as it might seem now, COVID-19 will eventually fade. Doors will open, streets will refill, and our paused lives will finally, at long last, resume. But for businesses, resuming operations won’t be as simple as flipping on the lights and leaving an “open” sign in the window.
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how natural language processing and machine learning makes extracting valuable insights from unstructured data fast. Read more. https://www.accenture.com/us-en/insights/digital/unlocking-value-unstructured-data
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how creating effortless experiences are so simple and easy with our data-driven strategy framework to drive growth. Read more.
Whole-brain leadership prepares C-suites for the digital challenges ahead, ensuring seamless growth and high-value problem solving capabilities. Read more.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Accenture's Applied Customer Engagement (ACE) is a proven approach to re-thinking and revitalizing contact center operations for the digital era. Read more.
ALIP customers Get More…more product launches, more out-of-the-box functionality and efficiency, more personalized digital capabilities, more delivery “know how”. Read more.
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOAccenture Insurance
Accenture's CMO Survey unveils some important insights on the role of the new CMO and how the role is changing in the digital age. Read more: https://www.accenture.com/us-en/insights/consulting/cmo
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Premium MEAN Stack Development Solutions for Modern Businesses
Connected Wellness: Livening-up Life Insurance
1. MARTIN SPIT | JEAN-FRANÇOIS GASC
CONNECTED
WELLNESS:
LIFE INSURANCE
LIVENING-UP
2. 2 | The Connected Wellness Revolution
Most people rarely engage with life
insurers after purchasing a policy, aside
from making billing inquiries or updating
contact information. They pay their
premiums for years so that their family
will be taken care of when they are gone.
When that time comes, next of kin are
the ones interacting with the insurer. A
sobering thought. But this is the nature of
the industry today.
A NEW VALUE PROPOSITION
What if life insurance companies helped people think
about their lives, not just their deaths? Such customer
engagement is possible today, and can help insurers reach
underserved markets. As the industry struggles for relevancy
in a connected world, expect this slow wellness revolution
to gain momentum.
3. 3 | The Connected Wellness Revolution
With customer interactions so infrequent, insurers cannot be
truly customer-centric, especially by the standards of today’s
always-on digital landscape. They face a compensation value
proposition dilemma. Carriers cannot afford to pay out more
claims to increase customer interactions. But without more
interactions, higher cross-sell rates, product and relationship
stickiness—even relevancy itself—are at risk. So is growth.
Connected wellness enables insurers to evolve the value
proposition from compensation to wellness, risk prevention
and risk coaching to become “Everyday Insurers.” This pivot
increases the frequency and quality of customer interactions
to cultivate more meaningful customer relationships that
touch people’s daily lives. Our global analysis reveals that life
insurers that tap into the wearable device explosion can gain
$16 to $24 billion in new revenue in underserved segments in
developed markets.1
REWRITING
RELATIONSHIP RULES
Changing customer expectations are fueling
insurers’ crisis of relevancy. People are accustomed
to highly-personal digital experiences from
Google, Netflix, Facebook and Amazon. But
insurers are not aggressively using digital channels
to multiply consumer touchpoints.
4. 4 | The Connected Wellness Revolution
The industry trails most others in consumer interaction
frequency across channels. Only 14 percent of insurance
consumers interact with their carrier daily or monthly,
compared to 55 percent of bank customers and 46 percent of
online retail customers.2 Less frequency means less relevance.
It’s the old out-of-sight, out-of-mind dynamic at work.
Breaking through this dynamic, connected wellness changes the
relationship between life insurers and customers, bringing new
value to both. Today, not in 50 years. Customers who provide
their health data receive personalized goal setting and coaching,
insights into how behavior affects wellness, community and
competitive engagement, and rewards programs that can include
retail discounts. Insurers have the data flow to support these
services, but will need to sharpen their customer experience
design and data analytics capabilities to deliver them well.
The value dimension for insurers goes well beyond a short-term
gain in fees. In addition to more intense customer interactions
to drive higher customer retention and relationship stickiness,
carriers can also create value by influencing risk throughout the
policy term, improving insured population risk profile through
self-selection, gaining more insight into customer behavior, and
developing ecosystem partnerships.
Connected wellness is in its infancy in this industry, but there are
early successes. Vitality is one of several incentive-based wellness
companies that partners with life insurers. Developed more than
25 years ago, Vitality now uses connected wellness devices as
one of its data sources to drive customer engagement and help
people become healthier. Data show that compared to other
insured people, Vitality members have up to 30 percent lower
hospitalization costs and live up to 21 years longer.3 Approaches
like Vitality’s overcome the human tendency to choose short-
term gains over long-term ones. This mindset is a major reason
why insurers cannot expect to offer premium reductions alone
to encourage behavioral changes. Change comes from offering
repeated, positive stimuli and rewards in the moment.
Only 14 percent
of insurance
consumers
interact with their
carrier daily or
monthly. Less
frequency means
less relevance.
5. Reroute your strategy for last-mile delivery | 5
WHAT IS CONNECTED
WELLNESS?
Connected wellness combines digital devices
like wearables, mobile apps and web portals with
analytics to create personalized daily interventions.
Customers agree to provide their health data in
exchange for monitoring, coaching, and rewards
from ecosystem partners all designed to educate
and encourage behaviors that improve physical
and mental well-being.
4 components of connected wellness change
value proposition to include risk prevention
REWARDS
Frequent, positive feedback
COACHING
Understand impact behavior
on wellness, offer helpful advice
CONSUMERS
Enablers: Rewards NetworksEnablers: Wearables, Apps, AI
5 | The Connected Wellness Revolution
MONITORING
Track behavior
Enablers: Apps, Wearables,
Ingestibles, Telecom Providers
INSURANCE PRODUCT
Compensation
Enablers: Insurers
6. 6 | The Connected Wellness Revolution
NEW MARKETS ARE WAITING
Connected wellness can help life insurers
approach new markets, interacting with
underserved customers more often, improving
underwriting results and increasing share of
wallet—and share of mind.
Consumers are open to it. Forty-four percent are likely to
consider connected insurance services to help them become
and stay healthier.4 Add to that the proliferation of healthcare
wearables—the global market is projected to reach $41 billion
by 20205—and there is a strong foundation for the future.
For today, our analysis suggests that millennials and seniors
are top targets for connected wellness. Take millennials.
They are typically under insured. Those that do buy are less
inclined to do so via traditional channels and more apt to
engage digitally and more frequently. Connected wellness
is a natural fit—65 percent of millennials globally would
consider a connected life insurance product.6
Much of the early momentum around connected wellness
has targeted seniors and their caregivers. This market is a
match from both healthcare needs and risk management
perspectives. Seventy-eight percent of consumers are
interested in insurers helping them or aging relatives live
longer safely in their homes.7 While complex services are not
ideal for seniors, connected wellness is simple by design. It
can be as easy as putting on a wearable or installing sensors
at home. Seniors are also more digitally savvy than people
think. Among people 65 and over in the United States,
wearables adoption has grown by 264 percent. That’s more
than five times faster than the general population.8
Connected
wellness is a
natural fit—65
percent of
millennials
globally would
consider a
connected life
insurance product.
7. 7 | The Connected Wellness Revolution
Consider two connected wellness programs available now
for seniors. Europ Assistance Group’s Connect&Moi uses
connected devices and algorithms to learn seniors’ habits
at home. It tracks motion to help prevent falls and identify
decreases in activity. Changes in a person’s habits alert an
emergency call center.9 Groupama’s “Noe” is a connected
tablet that allows a senior to be directly linked with relatives.
A fall-detection wristband with an alert push-button links
seniors to a 24-hour helpline, and an app and social network
allows caregivers to connect virtually with elderly family
members. Based on wearable technology, Noe provides
remote assistance through an app so caregivers can centralize
information and interact in real time with seniors at home.10
STRENGTH IN NUMBERS
While there is a clear business case to pursue these
connected wellness markets, breaking into them
can be difficult. One reason is the glut of goal-
setting and tracking apps that count everything
from steps to calories. It is difficult for insurers to
know where to place their bets.
8. 8 | The Connected Wellness Revolution
The reality is that carriers do not have to—and should not—
attempt to choose one winner. Nor should they go it alone
and attempt to build from the ground up. Instead, insurers
need to develop an open business architecture that creates
a backbone for orchestrating or participating in a connected
wellness ecosystem.
This ecosystem includes insurers, producers, infrastructure
providers and consumers. It offers people coaching, rewards
and value-added health and wellness services. In one
ecosystem partnership, insurer Aviva worked with mobile
health company babylon to offer customers with an app for
virtual access to doctors with health monitoring to reduce
workplace absences.11
By participating in an ecosystem, insurers can take
advantage of the multiplier effect. They can scale connected
wellness programs without investments outside the core
business and get fast access to new customers without
new marketing costs. Third-party platform integration
with insurers’ core systems is important to tailor value
propositions, develop better risk pricing and offer relevant
rewards that deliver the repeated, positive stimulus that is
not available through premium discounts alone. Insurers are
strong wellness ecosystem partners themselves. Not only do
insurance products enrich wellness offerings, but marketing
expense budgets can be used to fund things like devices and
app development.
This ecosystem approach is about embedding products and
services into existing networks and becoming part of the
platform economy. Industry leaders already know this is a
priority. Ninety-four percent believe that adopting a platform-
based business model and engaging in ecosystems with
digital partners is critical to their success.12
94% of industry
leaders believe
that adopting a
platform-based
business model
and engaging in
ecosystems with
digital partners is
critical to success.
9. 9 | The Connected Wellness Revolution
NO MERE DEVICE
REVOLUTION
The move to connected wellness goes beyond
putting devices into customers’ hands. It is a
revolution in customer interactions, products
and services, and ecosystem partnerships that
represents a profound shift in insurers’ value
proposition. Delivering on this successfully
demands strategic and structural changes to the
business. Insurers must be prepared to:
Crystallize the connected wellness value
proposition and mobilize to deliver it.
Determine who to be, what markets to serve, and what
customer interaction points are critical and align capabilities
accordingly. Do not be afraid to look outside for capabilities.
Lay the groundwork to innovate
products and services for top targets.
Ensure the business has a flexible operating model, digital
acumen and sufficient depth and breadth of key skills, such
as data science or design thinking, to innovate and scale at
market speed.
Manage, monitor and monetize the
data flow—before someone else does.
Leverage data to create more consumer interaction
points, to provide better risk selection among applicants,
and establish a living profile for customers. Navigate data
regulations and privacy issues mindfully.
Adapt to outcome-based rewards
sharing across ecosystem partners.
Foster a “collaboration first” culture. Consider apportioning a
part of acquisition costs saved through partnerships to offset
costs for ecosystem partners.
10. 10 | The Connected Wellness Revolution
Digital has ushered in tremendous
changes across insurance. Yet life
insurers are behind property and
casualty. Life insurers that do not
transform customer engagement risk
defaulting to the wholesale business.
While there is good money to be had
there, this is not a position many carriers
deliberately choose. However, insurers
that start delivering tomorrow’s value
proposition today with connected
wellness can avoid this fate and claim
first-mover advantages in buyer
selection and market capture.
10 | The Connected Wellness Revolution
11. 11 | The Connected Wellness Revolution
JOIN THE CONVERSATION
@AccentureStrat
www.linkedin.com/company/accenture-strategy
CONTACT THE AUTHORS
Jean-François Gasc
Paris, France
jean-francois.e.gasc@accenture.com
Martin Spit
New York, NY, United States
martin.spit@accenture.com
CONTRIBUTORS
Andrew D. Greenberg
Philadelphia, PA, United States
andrew.d.greenberg@accenture.com
Nicholas Melvin
New York, NY, United States
nicholas.a.melvin@accenture.com
Priyanka Wadhwa
New York, NY, United States
priyanka.a.wadhwa@accenture.com