Health Wealth
Manuel Heuer

Manuel Heuer

Chief Operating Officer

Health as the New Wealth: A Business Perspective

COVID-19 has taken a toll on many businesses and communities. It has also led to a drastic shift in the way many individuals think about their health. A McKinsey & Company article found that “the COVID-19 crisis has spurred consumers to become more health-oriented and increase their intake of vitamins and minerals.” Many people have also quit smoking or begun a new workout regimen. With the right reinforcement, these changes can deliver long-term results.

In the wake of the pandemic, many people’s habits are changing. Companies can help their customers and employees make permanent shifts, and digital health engagement platforms can help build interest and excitement among users. They can even protect your business and cut operating costs.

Health engagement tools also help companies demonstrate a commitment to public health. Investing in a robust platform builds consumer trust in your company. It may also open the door for future wellness initiatives. Read on to learn more about the benefits of health engagement strategies.

About Digital Health Engagement Platforms

Digital health engagement platforms help users take charge of their health. The best platforms offer AI-based coaching and health reminders. Users can track their daily activities and create a personalized diary. They also receive ongoing support as they strive to make healthy choices. These tools help users stay focused on their wellness goals.

Health engagement platforms serve users from all backgrounds. Within the last decade, many insurance companies have invested in these tools, with McKinsey & Company finding that “some payers have started to spend almost half of their IT capital budgets on technology innovation; in some cases, this amounts to several hundred million dollars annually. Venture funding in digital health has grown by an average of 32% year-over-year since 2011 and approached $6 billion in 2017.”

Virtual platforms help fight preventable health conditions, help manage individuals with severe mental health complications and cut healthcare costs. Corporations have also discovered that virtual health tools help employees stay well. 

But virtual platforms do more than fight disease. They can also:

Build Trust in Your Company

Trust is the cornerstone of every organization. Modern jobseekers gravitate toward companies with robust health and wellness programs. They want an employer that offers comprehensive health benefits. Health engagement platforms send a message: “We care about our employees’ wellbeing. We provide team members with the tools they need to make healthy choices.”

Employees aren’t the only ones who need to hear this message. Clients are also anxious to know that companies have their best interests at heart. Today, many customers have a negative view of insurance companies. They may believe that insurance carriers only care about money. Health engagement programs can help shift this narrative. They show clients that your company has a personal stake in their long-term health.

Show Empathy to Struggling Users

The pandemic has sparked widespread fear, stress, and uncertainty. Now, more than ever, customers are anxious about their health. They want to know that their favorite companies are actively promoting public health. Health engagement programs are an ideal opportunity to show your commitment.

Health engagement platforms demonstrate a deep, meaningful commitment to users’ health. These platforms deliver ongoing support. Users receive frequent check-ins and caring messages that prompt healthy choices. With dacadoo, the Digital Health Engagement Platform can be branded with your company’s message and logo. These check-ins help users create frequent, positive associations with your company.

Health Engagement Helps Alter Harmful Habits

Studies have shown that it takes about 66 days to form a new habit. Health engagement platforms provide the structured support users need to stay on track. Users can access tracking tools that create a long-term picture of their health goals. With frequent check-ins, users receive gentle reminders to make or break a habit.

COVID-19 has upended many people’s daily habits. According to McKinsey & Company, “75 percent of consumers have tried a new store, brand, or different shopping way during the pandemic.” Now is an ideal time to help clients and team members develop new healthy habits. With a robust health engagement platform, you can help users make lasting changes.

The Bottom Line

As a McKinsey & Company article put it, “Now, as leaders look ahead to the next year and beyond, they’re asking: How do we keep this momentum going? How do we take the best of what we’ve learned and put it into practice throughout the pandemic, and make sure it’s woven into everything we do going forward?” Digital tools are clearly the way forward. Pre-COVID, “92 percent of company leaders surveyed by McKinsey thought that their business model would not remain viable at the [current] rates of digitization.”

It’s not enough to talk about the “new normal.” Now, companies must work toward a “new normality,” or the “next normal.” That means establishing an altered, improved way of doing business. Investing in a virtual platform helps your company connect more deeply with your customer base. It also builds trust and empathy during this critical time. The world is changing rapidly, and companies are seeking new ways of operating. But for most people, personal health remains their number one priority. Companies that help users prioritize their health position themselves for lasting success, with the CDC finding that “A healthier workforce can benefit from reduced direct costs associated with health care expenses.”  Additionally, corporate healthcare programs also have potential to increase employees’ productivity and morale, and reduce absenteeism.

“The sooner a brand starts thinking like a health and wellness brand, the sooner it will find a pulse in our slowly opening economy.” Continues Eric Weisberg on a recent Fast Company article: “The brands making big changes, however, are the ones most likely to see explosive growth as the economy finds its groove again.”

How can dacadoo Help?

A leading health-tech and Insurtech solutions provider, dacadoo offers its Digital Health Engagement Platform in over 15 languages. Our flexible system uses motivational techniques designed by behavioral science experts. We draw inspiration from online gaming and social media to make health engagement fun. Our AI-based coaching offers automated user engagement and support. Our platform can be white labelled or implemented through our API for extra customization. 

dacadoo also offers Health Risk Quantification based on over 300 million person-years of clinical data. Health quantification can be applied for dynamic pricing or accelerated underwriting for Life and Health insurers. Our Risk Engine provides a tangible depiction of a person’ health and health-related risks. Armed with this information, insurers can issue policies not only with speed but with confidence and precision.

Learn more about our platform or request a demo.

Others also read...

How Embedded Insurance Can Expand Your Reach

In the post-pandemic era, where technology developments are ever-changing, many consumers search for a more personalized experience when considering products or services