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HEALTH WELLNESS TECHNOLOGY AND LIFE INSURANCE: AN EXPLORATORY STUDY OF ENGAGEMENT
Morgan, Kevin Glenn
Morgan, Kevin Glenn
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Thesis/Dissertation
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2024-05
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Business Administration/Interdisciplinary
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http://dx.doi.org/10.34944/dspace/10216
Abstract
Wellness has long been an area of interest for providers of insurance, particularly within the area of life coverage offerings. Until recently, companies were limited in their ability to assess and potentially influence the wellness of current and prospective customers at the individual as well as at the institutional level. The emergence of wellness technology, specifically around wearables, has provided an opportunity for insurers in these domains to approach wellness in ways that were not possible previously. Carriers are beginning to lean into the possibilities created through leveraging this technology to drive positive business outcomes through engagement opportunities. This study will provide an understanding of how health wellness may impact the way individual, group and global providers engage with insureds and prospects in an effort to create greater intimacy with the end consumer. Additionally, the research will offer insights into behaviors and preferences through a quantitative case study aimed at examining engagement. The second part of the study will examine, through a qualitative approach, the potential, practical business applications of wellness, through a series of interviews with a diverse group of relevant stakeholders within the insurance and wellness provider industries. This study will also highlight the traditional way insurance is offered and maintained, contrasted with how the introduction of health wellness could transform the experience of the customer through a delivery system of wellness capabilities. Differences and commonalities between existing business domains (individual, group and international) will be examined to analyze opportunities and challenges in this emerging area of focus for those that are leaning in to and investing in this space.
The initial observations and learnings from this emerging area of focus suggest that there is a great deal of opportunity for life insurance providers to increase engagement through direct incentives, education, and integrating information across the various platforms and applications that are utilized by consumers.
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