The wellness economy is flourishing as consumers increasingly seek to understand the implications of their lifestyle on their overall health. Insurance companies can harness this momentum by more closely aligning the incentives of the insured with the insurer.
This study explores consumers’ willingness to share their data and how life insurers can leverage consumers’ enthusiasm in wellness.
- The COVID-19 pandemic created a heightened sense of awareness of the value of protecting loved ones. It also increased the interest in the steps that can be taken to safeguard physical health.
- There is an opportunity for life insurers to extend their value proposition into wellness.
- Insurers that succeed in expanding their profiles this way can expect much higher levels of customer engagement.
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Consumer Views on Sharing Data (video 1)
Consumers are willing to share their health data for a benefit in return, but what transparency.
Consumer Thoughts on Incentives (video 2)
Consumers agree that life insurers want them to live a healthier, longer life.
The Insurance Barometer is an annual study that tracks the perceptions, attitudes, and behaviors of adult consumers in the United States. The study objectives are to measure financial concern among American consumers and relate these findings to financial behaviors, with a particular focus on life insurance. (Tech report added Sept. 2020.)
- Research Abstract
- Distribution Channels
- Full Service Broker-Dealer
- Independent Broker-Dealer
- Registered Investment Advisor (RIA/IAR)
- Agency Building
- Multiple Line Exclusive Agency (MLEA)
- Independent Agency/Brokerage
- Independent Distribution Networks (BGAs/IMOs)
- Customer Experience
- Multicultural Markets
- Wealth Markets
- Individual Insurance
- Retirees and Pre-Retirees
- Insurance Products
- Disability Insurance
- Life Insurance
- Long-Term Care Insurance
How has consumer sentiment and confidence in the financial services industry changed during the pandemic?
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Customer Experience Benchmarking Program for Life Insurance
Optimize customer experience for the uniqueness of life insurance.
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Individual Life Study Group
Study Groups are a great way to network with others in the industry