2023 ImpACT Conference - Session 5B: Health and Wellness Engagement Programs: Intersection of Health Improvements, Actuarial Creation & Behavioral Economics 10.24.23 Recording

Insurers are now in a better position than ever to both understand and enhance their customers' health and well-being. A key avenue for this is through developing health and wellness offerings for clients—for mutual benefit. Around the world, the proliferation of lifestyle and health data continues to gather pace. However, when considering investing in health and wellness offerings there are several key challenges insurers must ask themselves:•Will customers engage with the offering, and will it shape health behaviors?•How do we best market and communicate our offering?•Do we embed the offering within our products and pricing? If so, how?Join us as we tackle first-hand how to break down these objectives in the following way and thereby give you key value:1.Understanding how health and wellness offerings can be used to create value for insurers such as mortality and lapse value, along with potential for additional sales2.An understanding of the risks that these programs contain such as physical activity, mental wellness, metabolic health, and in some cases clinical risk factors such as diabetes and hypertension.3.Being able to understand how to build the business case for a health and wellness program. This includes a ROI, cost versus benefits comparison across all the key factors and uses, and pricing assumptions as its base.4.Gaining an understanding of what is customer engagement best practice across these programs and how to achieve it. This looks at a set of risk factors based on our collaboration with Michigan Ross University.5.Seeing how behavioral economics (BE) and actuarial impacts go hand in hand with each other as insurance companies try to drive value creation6.Understanding the potential pricing impacts on a life insurance portfolio based on different engagement values across a wellness program. We will also consider how you can build your product design linked to these pricing impacts.7.Understanding some of the challenges in this space, why insurers are interested but slow to move and how reinsurers can help drive progress8.A look at some of the concerns and how to deal with them such as: customer consent, trust, privacy, usage of the data, and engagement rates TRACK: Health : Design and Pricing;Pricing/ Product Development (Underwriting, ULSG, Etc.)