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.
The cashless direction in which the world is moving has both its advantages and shortcomings, as was clear at a recent event hosted by UK challenger bank Monzo, where speakers debated the question, ‘Is cash dead?’
In 2007, BBDO published a piece of research entitled The Rituals Masters. Twelve years on, the world has changed dramatically, which has had a significant impact on our needs and on our rituals.
The Brave 100: The Battle for Supremacy in Small Business LendingFrank Rotman
Banks vs. the Innovators. Who has the advantage and who will dominate the Small Business lending ecosystem?
More fintech blogs and papers at: www.fintechjunkie.com
Engaging millenials for financial servicesJason Dea
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Sarah Tavel of Greylock Partners analyzes the unique financial pain points that young Americans are facing and explains why fintech is ripe for disruption.
The cashless direction in which the world is moving has both its advantages and shortcomings, as was clear at a recent event hosted by UK challenger bank Monzo, where speakers debated the question, ‘Is cash dead?’
In 2007, BBDO published a piece of research entitled The Rituals Masters. Twelve years on, the world has changed dramatically, which has had a significant impact on our needs and on our rituals.
The Brave 100: The Battle for Supremacy in Small Business LendingFrank Rotman
Banks vs. the Innovators. Who has the advantage and who will dominate the Small Business lending ecosystem?
More fintech blogs and papers at: www.fintechjunkie.com
Engaging millenials for financial servicesJason Dea
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Sarah Tavel of Greylock Partners analyzes the unique financial pain points that young Americans are facing and explains why fintech is ripe for disruption.
Fintech: The User Experience opportunityRaphael Ouzan
For years, banks have been banking on consumer friction and the lack of understanding from consumers to make money. But we are not ready to accept that anymore. Standards are changing and consumers learned to demand much more from services they use everyday. As consumers turn to tech companies to handle their finances, we're seeing a massive opportunity to reinvent the user experience of how we interact with our money.
Using BillGuard as a use case, this presentation goes through examples of carefully crafted mobile experiences to think about when reinventing consumer elements of finance.
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
The 100 Leading Global Fintech Innovators 2015 H2 Ventures
We are pleased to present the second annual ‘Fintech 100’, the best fintech innovators, this year from 19 countries around the world.
The Fintech 100 are those companies using technology to the best advantage and driving disruption within the financial services industry. These companies have a commitment to excellence, superior customer experience and a demonstrated ability to do one thing in a market better than everyone else.
The Fintech 100 includes the leading 50 fintech companies across the globe, and the most intriguing 50 ‘emerging stars’ – exciting new fintechs with bold, disruptive and potentially game-changing ideas – expanding on the success of last year’s list.
Visit www.fintechinnovators.com for more information
How Generation Y millennials are driving financial industry changeHarland Clarke
Financial marketers are being put to the test as fairly predictable generations of customers give way to the less familiar and less predictable. Pre-Baby Boom generations have been in retirement for years, and their pattern of drawing down assets continues. Now, Baby Boomers themselves are busy liquidating assets to fund college educations, weddings and their own retirements. Generation Xers have well-established careers and saving/investing habits to match.
Why the Financial Services need simplicitySiegel+Gale
Customer demand for simplified experiences continues to rise and never more has this been so prevalent in the financial services sector. Hardly surprising considering the complexity of lives today and the sheer volume of critical choices that need to be made on a daily basis.
The most successful brands are wise to the reality that to be loved is not the primary objective. What’s more critical is to be truly essential in the ways that matter most. Defined by knowing how to add value rather than complexity. Respected for delivering simple and straightforward products and services that people actually understand and have need for.
Our EMEA Strategy Director, Liana Dinghile provided insights into the leaders and laggards of the global pack of brands vying for that all-important, but alarmingly elusive, customer favour at the Financial Services Forum Annual Member's Conference. Shedding light on the new disruptors who are rewriting the rules of service delivery and elevating customer expectations to a whole new level by:
- Empowering people
- Reimagining the experience
- Removing friction
In a complex world, #SimplicityPays
Numbers Rule Your World: The Hidden Influence of Probabilities and Statistics...McGraw-Hill Professional
NUMBERS RULE YOUR WORLD
In the popular tradition of eye-opening bestsellers like Freakonomics, The Tipping Point, and Super Crunchers, this fascinating book from renowned statistician and blogger Kaiser Fung takes you inside the hidden world of facts and figures that affect you every day, in every way.
These are the statistics that rule your life, your job, your commute, your vacation, your food, your health, your money, and your success. This is how engineers calculate your quality of living, how corporations determine your needs, and how politicians estimate your opinions. These are the numbers you never think about-even though they play a crucial role in every single aspect of your life.
What you learn may surprise you, amuse you, or even enrage you. But there's one thing you won't be able to deny: Numbers Rule Your World…
Life insurers are missing out on a big opportunity by failing to properly address the 18-24 year old segment of the market. These customers are low risk, they offer high life-time value, and they are open to interacting through digital channels.
Fintech: The User Experience opportunityRaphael Ouzan
For years, banks have been banking on consumer friction and the lack of understanding from consumers to make money. But we are not ready to accept that anymore. Standards are changing and consumers learned to demand much more from services they use everyday. As consumers turn to tech companies to handle their finances, we're seeing a massive opportunity to reinvent the user experience of how we interact with our money.
Using BillGuard as a use case, this presentation goes through examples of carefully crafted mobile experiences to think about when reinventing consumer elements of finance.
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
The 100 Leading Global Fintech Innovators 2015 H2 Ventures
We are pleased to present the second annual ‘Fintech 100’, the best fintech innovators, this year from 19 countries around the world.
The Fintech 100 are those companies using technology to the best advantage and driving disruption within the financial services industry. These companies have a commitment to excellence, superior customer experience and a demonstrated ability to do one thing in a market better than everyone else.
The Fintech 100 includes the leading 50 fintech companies across the globe, and the most intriguing 50 ‘emerging stars’ – exciting new fintechs with bold, disruptive and potentially game-changing ideas – expanding on the success of last year’s list.
Visit www.fintechinnovators.com for more information
How Generation Y millennials are driving financial industry changeHarland Clarke
Financial marketers are being put to the test as fairly predictable generations of customers give way to the less familiar and less predictable. Pre-Baby Boom generations have been in retirement for years, and their pattern of drawing down assets continues. Now, Baby Boomers themselves are busy liquidating assets to fund college educations, weddings and their own retirements. Generation Xers have well-established careers and saving/investing habits to match.
Why the Financial Services need simplicitySiegel+Gale
Customer demand for simplified experiences continues to rise and never more has this been so prevalent in the financial services sector. Hardly surprising considering the complexity of lives today and the sheer volume of critical choices that need to be made on a daily basis.
The most successful brands are wise to the reality that to be loved is not the primary objective. What’s more critical is to be truly essential in the ways that matter most. Defined by knowing how to add value rather than complexity. Respected for delivering simple and straightforward products and services that people actually understand and have need for.
Our EMEA Strategy Director, Liana Dinghile provided insights into the leaders and laggards of the global pack of brands vying for that all-important, but alarmingly elusive, customer favour at the Financial Services Forum Annual Member's Conference. Shedding light on the new disruptors who are rewriting the rules of service delivery and elevating customer expectations to a whole new level by:
- Empowering people
- Reimagining the experience
- Removing friction
In a complex world, #SimplicityPays
Numbers Rule Your World: The Hidden Influence of Probabilities and Statistics...McGraw-Hill Professional
NUMBERS RULE YOUR WORLD
In the popular tradition of eye-opening bestsellers like Freakonomics, The Tipping Point, and Super Crunchers, this fascinating book from renowned statistician and blogger Kaiser Fung takes you inside the hidden world of facts and figures that affect you every day, in every way.
These are the statistics that rule your life, your job, your commute, your vacation, your food, your health, your money, and your success. This is how engineers calculate your quality of living, how corporations determine your needs, and how politicians estimate your opinions. These are the numbers you never think about-even though they play a crucial role in every single aspect of your life.
What you learn may surprise you, amuse you, or even enrage you. But there's one thing you won't be able to deny: Numbers Rule Your World…
Life insurers are missing out on a big opportunity by failing to properly address the 18-24 year old segment of the market. These customers are low risk, they offer high life-time value, and they are open to interacting through digital channels.
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
This edition of BIZGrowth Strategies features the following articles: Cybersecurity: Why Your Business Needs Prevention & Protection Measures; Expanding Your Wealth: The Basics; Stop Calling Health Plan Administrators Health Insurers; Reinventing Your HR: The 21st Century HR Professional; and Avoid Surprises: Plan Ahead When Tax Planning.
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.
Similar to Get Finance Smart - Thinking long term (20)
Get Disability Smart - OPEN Disability + Alliesemmersons1
Omnicom's new initiative, OPEN Disability + Allies, launched this week; it will seek to drive disability inclusion, raise awareness of those who have a visible or invisible disability, and build a community at Omnicom.
The cashless direction in which the world is moving has both its advantages and shortcomings, as was clear at a recent event hosted by UK challenger bank Monzo, where speakers debated the question, ‘Is cash dead?’
The Good Report celebrates creativity that promotes sustainability and social responsibility, and this year BBDO was awarded as the #1 Network for Good.
Get Advertising Smart - Direct response in the digital eraemmersons1
Direct Response advertising has evolved in recent years; and as the media landscape adds new ways to engage and to shop, DR will likely only become more interesting and more important.
Get Advertising Smart - Diverse Minds 2.0emmersons1
On March 13th this year, many brilliant and different minds met to discuss how we can be more inclusive of the truly #diverseminds we have, or should have, within our workplaces.
Get Automotive Smart - Automotive Futuresemmersons1
The automotive industry is ramping up to a period of transformation. But what does the future look like, and what do the predicted changes mean for existing players?
2019 marks the beginning of a new era of mobile connectivity with 5G launches imminent in many markets worldwide. Here are some of the major implications of the arrival of the new technology for the year ahead.
Get Advertising Smart - How do you plan?emmersons1
The first APG event of the year went back to basics, asking three highly successful planners to talk us through their very different approaches to planning.
The "death by Netflix" scenario for the future of pay TV has been greatly exaggerated – this week, we look at the full picture for the year ahead for pay TV, which is much more complex and optimistic than the headlines might lead us to believe.
Get Consumer Smart - The quest for knowledgeemmersons1
Consumers the world over are on a drive for self-improvement. This week, we look at the way two specific consumer groups seek to optimise their personal potential.
Get Disability Smart - Think Designable 2018emmersons1
At the recent Think Designable 2018 event, we listened to inspiring stories that brought to life some of the reasons that we all need to think more inclusively.
Get Disability Smart - Think Designable 2018emmersons1
At the recent Think Designable 2018 event, we listened to inspiring stories that brought to life some of the reasons that we all need to think more inclusively.
Get Advertising Smart - Depicting Parentingemmersons1
Parenting has always been one of the most difficult roles we could chose to take on, but as with so much of our lives today, the challenges parents face are augmented and complexified by the environment we live in. This week, we look at brands who are starting to more accurately reflect the challenges parents face today
Get Technology Smart - What smart homes tell us about human needsemmersons1
Our homes are expected to become increasingly connected; but despite a plethora of smart home technology launches, certain use cases have broken through quicker than others. Their adoption offers a fascinating insight into human needs today.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
[Google March 2024 Update] How To Thrive: Content, Link Building & SEOSearch Engine Journal
March 2024 disrupted the SEO industry. Websites were deindexed, and manual penalties were delivered—all to produce more helpful, more trustworthy search results.
How did your website fare?
Watch us as we delve into the seismic shifts brought about by Google's March 2024 updates and explore strategies to not just survive, but thrive in this dynamic digital landscape.
You’ll learn:
- How to create content that is valuable to users (not just search engines) using E-E-A-T.
- How to build links that can boost rankings and withstand algorithm updates.
- Best practices for content creation and link building so you can thrive during algorithm updates.
With Vince Ramos, we'll examine the implications of the latest algorithm changes on content creation, link building, and SEO practices, and offer actionable insights from businesses like yours that have remained steadfast amidst the volatility.
Using real-life case studies, we’ll also show you the effectiveness of manual link building techniques and person-first content strategies.
Whether you're a seasoned SEO professional, a budding content creator, or anyone in between, this webinar will help you weather the changes in Google's algorithms and capitalize on them for sustained success.
Check out this webinar and unlock the secrets to thriving in the new Google era.
As the call for for skilled experts continues to develop, investing in quality education and education from a reputable https://www.safalta.com/online-digital-marketing/best-digital-marketing-institute-in-noida Digital advertising institute in Noida can lead to a a success career on this eve
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
The What, Why & How of 3D and AR in Digital CommercePushON Ltd
Vladimir Mulhem has over 20 years of experience in commercialising cutting edge creative technology across construction, marketing and retail.
Previously the founder and Tech and Innovation Director of Creative Content Works working with the likes of Next, John Lewis and JD Sport, he now helps retailers, brands and agencies solve challenges of applying the emerging technologies 3D, AR, VR and Gen AI to real-world problems.
In this webinar, Vladimir will be covering the following topics:
Applications of 3D and AR in Digital Commerce,
Benefits of 3D and AR,
Tools to create, manage and publish 3D and AR in Digital Commerce.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
Short video marketing has sweeped the nation and is the fastest way to build an online brand on social media in 2024. In this session you will learn:- What is short video marketing- Which platforms work best for your business- Content strategies that are on brand for your business- How to sell organically without paying for ads.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
5 big bets to drive growth in 2024 without one additional marketing dollar AND how to adapt to the biggest shifting eCommerce trend- AI.
1) Romance Your Customers - Retention
2) ‘Alternative’ Lead Gen - Advocacy
3) The Beautiful Basics - Conversion Rate Optimization
4) Land that Bottom Line - Profitability
5) Roll the Dice - New Business Models
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
2. GET FINANCE SMART
Thinking Long Term
A key role for financial services providers is encouraging long-term financial health –
helping customers to be financially secure for the duration of their lives. 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, especially
in today’s uncertain context. If we don’t know what will happen tomorrow, it can be very
difficult to commit financially to something that won’t pay out for 30 years (if at all, in the
case of life or critical illness insurance).
Insurance is the only product designed to protect us from the uncertainty that surrounds
us; yet consumers do not seem to turn to insurance when the context grows in
unpredictability. Wharton professors Robert Meyer and Howard Kunreuther, authors of
the Ostrich Paradox explain that this is a costly mistake, for individuals and businesses
alike:
“Rather than seeing decreases in damage and fatalities due
to the aid of science, we’ve instead seen the worldwide
economic cost and impact on people’s lives from hazards
increase exponentially through the early twenty-first century,
with five of the ten costliest disasters in history with respect
to property occurring since 2005.”
In the case of pensions and investments, consumers know that they are increasingly likely
to live longer; but the impetus to save for a pension is low when faced with daily expenses
and more appealing ways to spend money with an immediate reward. Around the world,
we are not prepared for our future reality - only 13% of workers globally have a written
retirement plan; 44% say they have a plan, but that it is not written down. Just 32% of
workers have a backup plan if they are unable to continue working before their planned
retirement age.1
Products with a long life-span are a huge opportunity for financial services, not only in
terms of product sales but also in terms of developing meaningful, long-term customer
relationships. So how can financial service brands help customers to build a long-term
mindset?
1
The Aegon Retirement Readiness Survey 2018; 4,400 workers and 1,600 retired people surveyed across 15 countries
3. GET FINANCE SMART
Thinking Long Term
PROMPTING AWARENESS WITHOUT PROMPTING NEGATIVITY
While it is important to prompt customers to engage in long-term financial planning,
financial service providers have to be cautious with how they approach the topic.
Especially in the case of insurance, horror stories of insurance going wrong or not paying
out work against the industry. Negative perceptions are particularly damaging to long-
term financial products, as due to their intangible nature, trust is crucial. Insurance
customers need to know that their insurer will come through for them if the worst
happens. Investment customers need to believe that their provider is acting in their best
interests, and that their returns will be a significant improvement on their investment.
Ellevest, the investment fintech aimed at women, has done an amazing job of building
awareness of the investment gap between men and women. Facts such as women living
longer and with salaries that tend to peak sooner mean that it is more important for
women to invest than men. Yet this is the opposite of what is happening. Ellevest
prompted a natural-feeling conversation through channels like PR using celebrity
investors such as Serena Williams. By raising awareness of the facts in an empowering
way, as well as providing solutions, Ellevest has grown at speed. Just two years after
launch, Ellevest supports women in all 50 US states to save for their life goals – the most
common aim being to build wealth, followed by the long-term goal of retirement2
.
And it is not just consumer-facing insurance products that have to prompt awareness of
risks that are not immediately obvious. UK insurer Hiscox wanted to demonstrate the new
realities small business face as we as a society move further online, waking them up to
their insurance needs without scaring them. Digital risks are growing, but many small
businesses think they are too small to be targeted. Hiscox and AMV BBDO created a
series of executions to position the brand as a leader in the growing cyber risk
marketplace. The execution included a pulsing red light triggered by cyber-attacks on
digital posters; the lights gradually built over 24 hours as attacks occur, before they reset.
Initial trials suggested the number of attempted attacks (and pulsing dots) each day
would average 23,000; but the maximum number of attacks detected was 61,805 in one
24-hour period3
. The campaign raised awareness about the risk that will only grow going
forward and is currently hugely underestimated.
2
https://www.thedrum.com/creative-works/project/amv-bbdo-hiscox-cyberlive
3
Ellevest https://www.ellevest.com/magazine/news/ellevest-raised-33-million-annotated-press-release
4. GET FINANCE SMART
Thinking Long Term
PROMPTING BEHAVIOUR CHANGE; FROM SMALL TO BIG
People find it fairly easy to think short-term; behavioural economists describe a human
tendency towards “instant gratification and over-optimism”4
. This inclination can often
lead to “poor decisions and easy fixes”5
; for instance, popping a pill to stay healthy, rather
than investing in a long-term plan - vitamins and dietary supplements experienced a 9%
global growth annually between 2012-20176
. Financial services have to compete with their
customers’ short-term behaviours to long-term problems in order for their product to
even be considered.
But can financial services use these short-term mindsets to prompt a long-term change?
In the savings and investment category, behavioural economics has been applied so that
investors can build their wealth with the smallest loss to their daily lives, with products
such as Lloyds Bank in the UK’s long-standing Save the Change, or Money Box (an
investments fintech which partners with challenger bank Monzo), both of whom round up
the cost of your everyday purchases and invest the change. The everyday impact is barely
noticed, but it demonstrates that small can build to big. These initiatives only require buy-
in from the user – from there, the algorithm does the work.
In the insurance industry, Vitality has demonstrated that small prompts can be used to
change behaviour – applying the same principle that small changes can build to a big
difference. Vitality uses education, prompts and benefits to help its users to live more
healthily: offering tracking to empower them to take control of their fitness and reducing
the cost of health-promoting behaviours, such as gym membership. The program means
that the healthier you get, the more additional benefits you get, such as holiday discounts.
This is good for customers and good for insurers - lifestyle-related diseases account for
60% of deaths globally, but Vitality members generate up to 30% lower hospitalization
costs and depending on market, live from 13 to 21 years longer than the rest of the insured
population, and up to 41 years longer than comparable uninsured populations7
.
This empowering approach has worked for insurers around the world, with rights to the
program having been bought by insurers in 15 markets, and over 5.5 million people
covered8
.
4
https://hbr.org/2017/06/can-insurance-companies-incentivize-their-customers-to-be-healthier
5
https://hbr.org/2017/06/can-insurance-companies-incentivize-their-customers-to-be-healthier
6
Euromonitor International’s Lifestyles Survey 2017
7
https://hbr.org/2017/06/can-insurance-companies-incentivize-their-customers-to-be-healthier
8
https://hbr.org/2017/06/can-insurance-companies-incentivize-their-customers-to-be-healthier