Consumer demand for health products and services has been accelerated by COVID-19. This sharpened focus on well-being gives insurers the opportunity to create innovations and partnerships that provide positive results for their customers and their companies.
Insurance companies will find natural synergies with companies in the health ecosystem. Those who help customers stay healthy and independent can also help reduce or delay costs for life, disability and long-term care. It is a benefit for both the customer and the insurer when the need for such types of claims can be delayed or reduced.
Many elderly people and caregivers are now particularly concerned about long-term care needs. COVID-1
Promoting healthy aging
Increases in long-term care claims are driven in part by Alzheimer's and other forms of dementia. During a new panel discussion, Elli Kaplan, co-founder and CEO of Silicon Valley-based Neurotrack, discussed the tolls Alzheimer's had taken on her own family and her reasons for wanting to work in this space.
Neurotrack builds a cognitive health platform that enables individuals to control their cognition and learn about personal lifestyle changes that can help keep the brain healthy and delay cognitive decline. In addition, Neurotrack works with insurance companies in the pre-claim space and helps accelerate insurance with cognitive remote assessments for applicants for life and long-term care.
Rewards for good health habits
Insurance companies are also finding ways to innovate beyond the core and better meet their customers' health needs. Manulife's behavior insurance strategy was activated, for example, by their ManulifeMOVE app, which was launched in 2015. Behavior insurance enables the company to reward customers for sharing data about their healthy habits and choices.
Customers respond. There are now about one million customers in six Asian markets using the app, and data shows that users of all ages are changing their behavior and staying engaged in the program.
Goes well by doing good 19659002] I have said many times that insurance is ultimately about the experience of the insurer there to support the customer through a difficult event. While the underlying truth will not change, technologies, socio-economic challenges and cultural values are constantly evolving. Consumers are now looking for trusted brands to support them and their families. Insurers that offer support are more likely to be rewarded with customer trust and loyalty.
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