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 improving their wellness solutions and going above and beyond just offering standard insurance. Companies currently provide a large variety of products designed to help with some of the key pillars of wellbeing, especially those pertaining to physical, emotional, and financial issues. Much of the innovation seen in the industry has been sparked by the pandemic and current cost-of-living crisis, which has highlighted and brought awareness to the importance of physical and mental wellbeing.
Scope
GlobalData’s 2022 Q4 Consumer Survey, covering 40 countries globally, shows that 75.6% of consumers indicated being concerned to some degree about their mental wellbeing. As well as 84.6% being concerned to some degree about their physical fitness and health.
88.7% of individuals are to some degree concerned about their financial situation, with 31.1% being extremely concerned. This highlights the profound impact of the cost-of-living crisis.
Many individuals simply don't want to wear activity trackers (45.7%), while others think doing so would require disclosing too much private information to providers.
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.