Health, Wellness and Value

Our latest poll seeks your views on the relative value of the increasing number of health and wellness initiatives being launched into the life insurance market.

ANZ Wealth’s OneCare has become the latest life insurance provider to roll out a health and wellness package, following in the footsteps of initiatives such as AIA Australia’s Vitality, MLC’s On Track and TAL’s Health Sense programs.

While AIA’s Vitality has been in operation for around two years, with the insurer claiming it has led to higher levels of customer retention, MLC’s On Track launched in November last year and TAL’s Health Sense in February of this year.

Clearly, life insurers are seeing health and wellness not just as a value add for customers, but also as a way of reducing risks and building connections between those insured and their insurance.

But do they shape the way you look at recommending insurance product solutions? To what extent are your clients interested in these programs? Does the issue of affordable insurance and advice always take precedence over health and wellness value-adds when recommending an insurance product? Does it ultimately become a case-by-case choice, depending on the individual client and their existing health and wellness ‘status’?

Given that it appears this type of service offering will probably expand in number over time, we’d welcome your thoughts on how you view the significance of this relatively recent opportunity to add value to a consumer’s life insurance policy experience…