Insurers are preferred sources of advice on physical and financial well-being for consumers

Insurers are preferred sources of advice on physical and financial well-being for consumers

Capgemini SE

contacts hurry Capgemini :
Keelan Kunda (North America)
Such.:+ +1 212 551-4875

Josh Graham (EMEA)
Such.: +44 7518 799 630

Press contacts Korus :
Jane Lednarov
Such.: +421 915 225611

The insurers are privileged sources of tips in terms of physical and financial well-beingr for consumers

Mores two thirds of consumers are interested in physical and financial well-being, yet onlys 8 % of insurers have implemented the resources needed to answer to.

Paris, the 20 september 2022 – The report of Capgemini and Korus published today, entitled World Life and Health Insurance Postponement, noted that them consumers place insurers among both sources privilegedes1 some advices in matter good– being physical and financial. Neverthelessmost of insurers do not worry not to interact with their customers and to make them aware of adopt systematically are steps favorable to welfare. Given the current situation macroeconomic uncertainties and policies, but also sanitarypolicyholders have become more sensitive to physical and financial well-being.

“Well-being as a service” (Wellness-as-a-Service) offers a flexible model for life and health insurers looking to align their offerings with the changing needs of their customers. In order to be able to offer high value-added well-being solutions, insurers will have to focus on developing a modular technological architecture, based on data and platforms, in order to exploit the full potential of proprietary and third-party data. . This first report sheds light on consumer preferences and defines a roadmap for insurers who wish to offer “well-being as a service” in their individual and group insurance offers.

Understand customer behaviors related to welfare
With longer life expectancies and the accumulation of challenges such as demographic trends, retirement savings deficit, inflation of medical costs and shortage of healthcare personnel, well-being has become a priority for customers. The report reveals that more than two-thirds of consumers surveyed* are interested in physical (69%) and financial (67%) well-being, and that 37% and 24% of policyholders consider insurers to be their preferred potential partner when it comes to physical and financial well-being, respectively.

Iinnovate for to propose hyper-personalized services
Consumers are ready for this transformation. According to the report’s findings, 83% of them seek on-demand customer services, 78% ongoing support with physical and financial well-being, and 74% value-added services and hyper-personalized rewards. However, only 8% of insurers have effective wellness value-added offerings and resources in place. The report indicates that InsurTechs are ahead of insurers in key resources for hyper-personalization, namely the exploitation of artificial intelligence and the machine learning (28% of InsurTech vs. 14% of insurers) and cloud (44% of InsurTech vs. 19% of insurers), while both are at the same level when it comes to product innovation. However, only 43% of insurers co-create or innovate effectively with strategic partners or their ecosystem.

What we have been through these last two years proves that well-being must be a priority, and insurers need to understand how to propose effectively good servicesbe. This report illustrated the need for insurers to transform and focus on hyper-personalized services that meet individual customer needs, said Samantha Chow, Global Head of Life Annuities and Health Insurance at Capgemini. That involves switch to one model “Well-being as a service” leaning on the data, with a technological innovation that put the customer to foreground. This will allow insurers toestablish a closer relationship with their customers and that the will help address them how and when where they need it most. »

To meet these new expectations, the report says, insurers need to focus on three priorities that will help their customers make the connection between physical and financial wellness initiatives:

  • First, insurers can help their customers get well physically by accessing day-to-day and/or emergency medical care; and financially by meeting their current financial needs.

  • Second, insurers can help them to avoid to face health problems (by ensuring that they respect their medical prescriptions, their therapeutic protocols or routine medical visits), or financial difficulties, by helping them to anticipate unforeseen expenses or by raising their awareness income protection solutions.

  • Finally, insurers can help them to to improve their physical well-being through daily health advice as well as their financial well-being by offering them better financial planning solutions, better opportunities and more education.

John Berry, CEO of Qorus says: “ Over the past few years, we have seen our insurer partners innovate and evolve to a state ofspirit of prevention, for the benefit of all. In fact, customers have closer relationships with the insurers who genuinely care about their well-being. insurers and public bodies are fully aware ofthe advantages linked to convalescence shorteres, and to health problems that have been avoided, grace to technological advances that allow better monitoring and better support for all. »

According to the report, to transform the customer relationship from a transaction-focused to a relational approach, insurers will benefit from adopting a “Well-being as a service” approach, based on a deeper understanding of customer expectations. . This will enable the delivery of hyper-personalized wellness initiatives leveraging technology, creating a wellness-centric business model and developing an ecosystem between InsurTechs, HealthTechs, big tech players and well-being actors.

Key initiatives to implement in order to meet customer expectations
The report concludes that this transformation will require insurers to rethink their offerings and how they are monetized, but also where they should invest. For individual insurance, emphasis will need to be placed on a closer relationship with the customer, personalized incentives, ongoing underwriting and the promotion of the tangible benefits of well-being, beyond the peace of mind offered by basic offers. With regard to collective insurance, it will be essential to rethink benefit packages and to strengthen transfer capacities from the group to the individual. This will involve educating employers on how employee well-being drives retention and productivity, the benefits of personalized perks and the increasingly popular optional offerings.

The World Life and Health Insurance Report 2022 draws on data from three main sources: the insurance consumer questionnaire (more than 7,600 consumers worldwide), interviews with insurance executives and interviews with InsurTech executives. These three sources shed light on 24 markets: Germany, Saudi Arabia, Australia, Belgium, Brazil, Canada, China, United Arab Emirates, Spain, United States, France, Hong Kong, India, Indonesia, Italy, Japan, Mexico, Norway, Netherlands, Portugal, United Kingdom, Singapore, Sweden, and Switzerland.

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About Capgemini
Capgemini is a global, responsible and multicultural leader, bringing together 350,000 people in more than 50 countries. A strategic partner of companies for the transformation of their activities by taking advantage of all the power of technology, the Group is guided on a daily basis by its purpose: to free human energies through technology for an inclusive and sustainable future. With 55 years of experience and extensive expertise in various business sectors, Capgemini is recognized by its clients for meeting all of their needs, from strategy and design to operations management, in leveraging innovations in the ever-evolving fields of cloud, data, artificial intelligence, connectivity, software, digital engineering and platforms. The Group achieved a turnover of 18 billion euros in 2021.
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About Quorus
A global non-profit organization founded in 1971 by banks and insurance companies, Qorus (formerly known as Efma) helps its members reinvent themselves to prosper – to go further, be faster and work together . Our global ecosystem brings valuable insights, inspiring events, rich data, and active global communities, all in one place.
With over 50 years of experience, Qorus provides a neutral space for sharing best practices and collaboration, while offering diverse knowledge and global reach – to over 1200 financial groups in over 120 countries. Based in Paris, Qorus serves financial institutions on all continents, with offices in Andorra, Bangkok, Bratislava, Brussels, Dubai, Istanbul, Kuala Lumpur, London, Milan, Seoul and Tokyo.

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1 When it comes to their physical well-being, the 2 preferred partners are insurers (37%) and medical advisors (33%). When it comes to financial well-being, the 2 preferred partners are banks (40%) and insurers (24%)