Max Bupa partners with GOQii and Swiss Re for health offerings
PartnerSwiss Re, GOQii
In View Summary
Health insurers are foraging deeper into the health/wellness space in an effort to increase brand loyalty and establish new revenue streams. A good example of this is Max Bupa Health Insurance that has recently entered into an exclusive three-way partnership with fitness technology player GOQii and global reinsurance giant Swiss Re.
As a part of this three-way alliance, Max Bupa policy holders will get ready access to GOQii’s personalised ‘wellness engine’ whose core features include health coaching and health management tools such as fitness reports and real-time health assessments. For Swiss Re’s part, it will provide underwriting assistance to Max Bupa in order to create relevant products and build expertise to create risk assessment models for future cross-selling purposes.
This alliance is an attempt towards creating a health and fitness brand that offers digitally enabled, holistic wellness solutions, tailor-made to meet the evolving health needs of digital savvy customers
Anika Agarwal, senior vice president and head-marketing, digital and direct sales at Max Bupa has encapusalted the GoQii partnership: “we are sure our strategic tie up with GOQii and Swiss Re will enable us to contextualise conversations with our existing customers on the web and also decipher their lifestyle and health habits to personalise our products and service offerings.”
Ultimately, this alliance is an attempt towards creating a health and fitness brand that offers digitally enabled and holistic wellness solutions, tailor-made to meet the evolving health needs of digital savvy customers. Overall such IoT and wearables enabled healthcare offering will improve patient care, provide big treatment benefits, reduce claims costs and allow insurers to better price their products for consumers.
Benefit to Customers
Enable customers to shift from ‘illness reactivity’ to ‘wellness proactivity’.
Differentiated and comprehensive health offerings.
Lower premiums and quick claim settlement.
Benefit to the Insurer/Partner
Reduce claims costs and allow insurers to better price their products through more accurate risk profiling.
Better customer engagement.
Opportunity to promote holistic wellness by leveraging personal healthcare devices that are capable of tracking and relaying medical data in real time.
Penetrate into tech and health savvy Millennial market segment
The Digital Insurer's View
Ultimately, this tri-lateral partnership between Max Bupa, GOQii and Swiss Re is a great example of legacy players turning to IoT based startups in order to gain an edge in the age of ‘connected health’. Specifically, insurers are viewing connected health as an inalienable part of health insurance now. This connected health era is characterised by wellness features, digital hospital and doctor appointments and real time health assessments. Although it’s difficult for traditional insurers to accommodate all these demands, acquisitions and alliances such as this will be formed to meet this new dawn in healthcare.
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