Jane: A life management partnership for the Silver Revolution
In previous DIA articles about the Silver Generation we’ve mentioned that the elderly generation is in transition. A true revolution is happening. By 2050, almost 25 percent of the world’s population will be aged 60 or more. Even right now, In Europe, almost one out of three people aged 55 or older is living alone. This Silver Generation is quite different as this population demands for more autonomy and more luxury. Especially in the Covid-situation, seniors are getting more and more used to Technology. They have been trying to connect more, for example using Video-call to keep in touch with their grandchildren.
People are aging rapidly now, at the same time the digital generation gap is closing. This brings huge new opportunities for insurers. Because of the aging population, insurers are dealing – in general – with more health issues and more expenditures. This has impact on their business models and their profitability.
Insurer Fidelidade, established in Portugal, taps into this opportunity. Its Head of Center for Transformation, Daniel Riscado, discussed this in their video on DIA TV: “I think insurers will be considered a valid service provider, not only acting as a risk manager, but also as a preventer. I think it’s the only way that you can approach this challenge and be able to win something out of it.”
Fidelidade’s partnership with Jane, reflects a strategy and a commitment to be more focused on customer centricity and product leadership through digital add-ons. To not only be meaningful and make a positive impact by taking care of the elderly, but also have an approach that will result in a longer customer lifetime and a contribution to more well-being and health throughout society.
Jane is a future-oriented care solution for elderly which combines alarm-buttons with care rules and pattern recognition. They make it affordable, easily adoptable and very transparent for seniors to stay home longer independently without any impact on their way of living, which also unburdens their family and loved ones (or health professionals in care facilities). Christophe Moortgat, CEO of Jane, explained in their video with Fidelidade: “There should be an overall combination of the health care- and the insurance business in general, and make use of that technology. If you take into account the evolution of the smart appliances, we can help in that part. Not only the adaptation, but definitely also the ability for the elderly to stay longer at home by using that technology.”
One might argue the willingness to share data. Christophe responded: “We see that due to the change of Insurance companies acting like preventers, customers are willing to share their behaviors, integrate and include technology in their lives. Insurers have the possibility to analyze and make sure there’s a view on their behaviors and making use of the impactful medical situations. For Jane, it’s really like getting into that space of the smart appliances, the connected environments and really hold it out to the new future; the next generation of health care.”
Insurers that are open to work more in a collaborative way, might be able to create more loyalty and a closer relationship with the client, and extract more value and a longer lifetime customer relationship. Not only acting as a pure core insurer, but as a life management partner for their clients. Daniel: “This requires a shift from being a risk manager to being more present in the daily lives of our clients. The addition of this new role will boost not only insurers’ effectiveness, but also as a payer profitability as well.”
Business Transformation Manager at Fidelidade, Marina Margo emphasized to stop looking at a small segment: “If we really want to be in the lives of seniors, we need to be there from day one. We need to look throughout the lifespan, how do you want to partner with them throughout their lives? So when we get to that senior stage, we’re there.”
These integrated solutions answer to not only personal and societal issues and challenges, but also to the business challenges of insurers, all while tailoring for those very specific customer care needs. Not only collaborating with insurance companies, but within these ecosystems that are on the rise, where there are other elderly care suppliers and providers in the market. Collaborating with these home automation, health tech companies, other partners and players in the ecosystem, allows Fidelidade to create and provide unique, tailored bundle solutions for seniors and their families at affordable rates. Marina: “We’re really rethinking, reimagining, kind of reinventing our value propositions and even sometimes the business models that are alongside that, to really fit within the context of this vibrant growing aging ecosystem.”