The innovation imperative: attracting tomorrow’s customers

Global health insurance markets are under pressure from customers’ digitally driven expectations, advances in medical technology leading to upwards pressure on health care costs, and strained public health systems due to rising chronic disease burdens and ageing populations. Innovation is needed to address these challenges to support sustainable growth.

This webinar talk will explore these issues and dive deeper into solutions such as:

• A digital approach to customer acquisition and retention including alternative distribution and pricing models such as pay-as-you-go and subscription-based insurance to support growth outside traditional segments and the use of AI to drive underwriting efficiencies and to personalise onboarding.
• Customer segment focused proposition development including digital health initiatives to engage customers, outcomes-driven value-enhancing benefits such as cancer, obesity management and mental health and emerging medical developments like genomics and precision medicine to enhance value, with strategic partnerships supporting differentiated targeted propositions.
• An actuarial lens on pricing sophistication to support insurers to improve risk assessment, understand and manage rising claims inflation, as well as to optimise pricing to compete more effectively in strategically chosen segments. Machine learning techniques such as GBMs can support health insurers to enhance their pricing processes and maximise customer lifetime value.

Through the session we will draw on examples from across EMEA, APAC and Latam to showcase best practices on how to ensure sustainable health insurance innovation for the future.

Speakers

Lisa Balboa and Jessica Plewes, WTW