This past year posed many challenges for insurers.
However, one thing remained consistent: consumer demand for digital health engagement platforms. Looking ahead to 2022, some key insurance trends are emerging that point to digital health and wellness continuing to be a major driver in the industry.
Rapid Growth Expected
Research shows that despite the ongoing COVID-19 pandemic, rapid growth is expected across the insurance industry.
Many providers are anticipating an accelerated economic recovery in 2022 and an increase in the demand for insurance worldwide. However, insurers will need to create better, more personalized experiences to support a variety of consumer needs. According to Deloitte, insurers preparing for the post-pandemic economy are looking to fast-track their digital health transformation.
Those insurers who embrace digital health can expect to outperform competitors. Insurance Business America put the estimated worth of the digital insurance landscape at the end of 2020 at $102.2 billion.
To manage this expected growth, insurers will need to invest in digital health engagement platforms to successfully meet demand. The dacadoo Digital Health Engagement Platform (DHEP) with Wheel of Life™ allows insurers to not only build a relationship with their customers but also learn more about their key audience. Insurers can then tailor their products and services to their customers’ personal needs.
Digital Health System Solutions
According to Accenture, this past year created an increased demand for telemedicine visits and other digital health options. This includes advancements in connected and IoT devices such as smartwatches and fitness trackers that have the potential to create new revenue streams in fitness and wellness.
By offering our platform on the Apple Watch, at dacadoo we are, once again, ahead of the game.
The DHEP helps keep insurance policyholders connected and engaged with a user-friendly solution designed to help them develop healthier habits. Users can monitor their exercise, nutrition, mindfulness, nicotine or alcohol intake, and sleep, as well as their physical and mental wellbeing.
Investing in digital health innovations also helps insurers mitigate risks and lower costs. The dacadoo Risk Engine enables insurers and health organizations to analyze the health-risk quantification of their populations, supporting dynamic pricing engines, accelerated underwriting, and population health management.
Exploring Emerging Economies
Digital health has the potential to create a truly global marketplace. While the digital insurance penetration rate remains low in emerging economies, companies who choose to explore these areas will likely find new growth opportunities. This is especially true in countries such as Brazil, India, China, and South Africa.
Research from Bain shows China will drive a significant amount of insurance growth over the next decade. A recent report by the India Brand Equity Foundation estimates the life insurance industry in that country will grow between 12-15 percent a year over the next 3-5 years.
With content offerings in more than 18 languages, dacadoo’s technology, products, and services can help companies take advantage of these new, global business opportunities.
The role of the traditional, integrated insurance company is being called into question. This is leading to a new wave of startups built around technology platforms. While the impact is expected to vary by industry, it will become more important than ever for insurers to find ways to stand out among the crowd.
Insurers will need to focus on enhancing their digital health offerings to hold off the competition. To be able to quickly adapt to market changes and challenges, their technology will need to be flexible and most of all, customer-centric. Insurers that successfully transition to digital ecosystems will be able to ensure they remain competitive in this ever-changing marketplace. It’s an investment in not only their future success but also in their ability to confidently meet the evolving needs of their customers.