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.
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.