Digital Insurance Agenda

Helping insurers add unparalleled value with engaging prevention models

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 23, 2021

The landscape of Insurance, one of the world’s oldest industries, is changing rapidly. Insurance is facing a massive digital disruption, and there has never been a more urgent need for innovative solutions; to stand out from the competition, rain & gain new customers and increase customer lifetime value.

The task of adopting a new innovative solution is not an easy feat. Legacy systems keep insurers hamstrung, making internal innovation – especially the deployment of new solutions – impossible in the short to medium term (3-5 years). This situation leaves a window open to users’ frustration, looking for new insurance models and more modern experiences. This has only become more prevalent with the onset of the pandemic, which has only highlighted the lack of relevant digital solutions on the market

Virgin Pulse is here for insurers
Insurers around the globe are partnering with Virgin Pulse to reinvent themselves for the digital age and deliver unmatched value to demonstrate their relentless commitment to clients’ success. Virgin Pulse drives end-user’s engagement thanks to customized prevention models, focusing on its behavior change methodology.

Their customer-focused platform encourages third-party solution integration, enabling insurers to promote their digital strategy while increasing the effectiveness of the ecosystem they are already a part of. Highly customizable, the platform offers integrated digital and live coaching, flexible incentives and rewards, and a configurable challenge library that engages members, every day, across the full health and wellbeing journey.

With more than 17 years of experience, Virgin Pulse knows what works when it comes to driving results. They now account for +4,000 direct B2B clients, +35 insurers, 11 offices globally and more than 14 million lives changed. The platform “Your Homebase for Health”, programmes, content and client success teams are available in 22 different languages

What are the challenges?
Not all insurers are at the same innovative stage, and each insurer faces a different challenge. Some challenges that are seen in the industry are summed up below.

Which areas to focus on first?
The late majority of insurers are confronted with which question of which area of health and wellbeing to focus on first (e.g., mental health or obesity?). But in addition to this, many wonder how they can integrate these new services in their proposals (often with little or no budget), and how to solve the data privacy burden.

Limited approach, low engagement and high costs.
The early adopters started something (regardless of the chosen area(s)), and notice a lack of results, mainly due to a unique or limited approach to prevention, low engagement, and a poor user interface – not to mention the uncontrolled costs.

A large investment over a long period
Innovators face a significant dilemma: they realize that to have significant results in terms of activation, regular usage, and reduction of risk groups, they will have to invest millions over many years before they reach a complete and adequate solution. And what about the digital transformation of the insurance’s distribution?

Virgin Pulse helps tackle these issues with:

A holistic and comprehensive approach
An approach to health and wellbeing prevention. Virgin Pulse can deploy a co-branded solution in less than 6 months (including 3rd party integration).

Extensive experience working with insurers
Having worked with insurers globally, Virgin Pulse is aware of the specific challenges they face and what is needed to achieve success. Proof? It’s in their numbers: +400 healthy habits, average members engage 7x a day and 21 times a month, -18% reduction of absenteeism rate in occupation health, 69% of inactive users increase their activity, 84% of high risks members reduced their blood pressure, 50% of overweighed users reduced their BMI, usage of third parties services triple in 2 years, and more!

Next level investment in product innovation
In 2021 alone, Virgin Pulse is investing more than 40 million US$ in product innovation to ensure best-of-class client, user experience and outcomes.

Who is Virgin Pulse?
Founded in 2004, Virgin Pulse is the world’s largest, most comprehensive digital health and wellbeing SaaS company focused on driving real outcomes for employees, employers, life & health insurers, and their members.  They provide a mobile-first well-being solution that instils healthy habits to help an organization’s workforce achieve long-term health and productivity results. Virgin Pulse is a behavioural change company that helps people change and maintain their health habits. The company’s offerings include benefits navigation, claims analysis, digital and live coaching, condition management, and diabetes prevention to support members worldwide across the entire wellbeing, Health, and health care lifecycle.

Take care of your employees. They’ll take care of your business.

Richard Branson, founder of Virgin Group, and Virgin Pulse

Want to know more about how Virgin Pulse supports insurers to engage their members to live healthier lifestyles? Click here for more information!

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