Applying digitalisation to support a more proactive approach to health

It is a pleasure to return to APAC after several years away. Having experienced the pandemic from Europe, I've been inspired watching markets like Australia to Singapore reopen and resolutely plot courses out of the pandemic. I’ve also received a couple of reminders of the extent to which COVID-19 is still with us. One was a personal brush with the virus that had me fighting flu-like symptoms for a few days before my immune system managed to reassert itself. The other was the launch of Swiss Re Institute's latest survey, tracking how consumers across the region feel about their health and protection in the wake of COVID-19, which confirmed that the pandemic’s health impacts are very much ongoing.

I raise this not to be alarmist – quite the opposite. I believe we have the strength to move past the pandemic and use it as an impetus to build a more resilient region. We’re all conscious APAC faces a vast protection gap, but the third edition of our consumer survey – and the first to be extended beyond APAC – highlights what it means in terms of mental as well as physical health. It also points to the role re/insurers can play in bridging the divide, by building out digital channels, developing new forms of protection, and forging partnerships that extend our networks and expertise.

As someone who’s long been concerned about COVID-19’s psychological toll, it’s troubling to see no less than a third of survey respondents reported deterioration in their mental health over the previous year. The pandemic has fueled a sense of vulnerability, with 40% of respondents owning insurance expressing a feeling of insecurity with their existing coverage. This feeling was particularly prevalent in those under 30.

The good news is, the research also showed many people are taking steps to boost their health and better protect themselves and their families. More than half of survey respondents had recently researched new or additional policies, with younger populations the most likely to search for and consider buying more coverage. In emerging markets, including China and India, 64% of consumers reported seeking mental health support since the pandemic began, nearly double the proportion in advanced markets.

There’s also a noticeable emphasis, especially among young people, on protection, preventative care, and healthier lifestyles. More than a quarter (26%) of respondents in emerging countries identified mental health as their top concern among the ‘Big Six’ lifestyle factors we’ve identified as critical to overall health and wellbeing. There’s growing interest in early-stage mental health support services, and insurance coverage.

All this highlights a concrete opportunity for the re/insurance industry to provide solutions consumers can leverage in their quest to build mental and physical health resilience – with digitalisation serving as the foundation.

Around one-third (34%) of emerging market consumers cited health and wellness apps as their main source of mental health support. We’re already exploring the potential of this medium through our partnership with Wysa, which addresses mental health with an enhanced app that blends AI-guided listening with prevention and self-management tools.

Online platforms have also become the dominant channels for insurance buyers, accounting for over 40% of purchases in advanced markets. Consumers are keen to explore digital channels further to access health services and manage coverage. What’s more, at least two in three of those we polled are open to sharing personal data or health results in exchange for benefits like faster application processes, discounts, or personalised health advice.

By tapping into these trends and analysing new data points around the ‘Big Six’, we can foster a more holistic understanding of health, better assess risk, and provide more personalised customer experiences.

With the survey indicating price, swift online processing and flexibility among the most important drivers of insurance decisions, offering products that link positive behaviours to premium discounts or streamlined onboarding could be a powerful incentive for increasingly health and protection-conscious consumers.

Along with developing our data and digital capabilities, working with partners is the key to developing innovative solutions that help consumers achieve their health and protection ambitions. Joining forces enables us to increase digital distribution, explore new platforms to boost engagement and offer targeted services at scale.

We’ve seen this through our partnerships with companies like Diameter Health, which transforms complex clinical data into actionable information that vastly accelerates life insurance underwriting, cutting costs and improving the journey for end-customers. I’m also excited by the potential of a partnership we struck recently with health and technology company dacadoo to contribute to its MyWellLife offering, a mobile-first platform that acts as a digital health coach on demand.

COVID-19 has been a formidable challenge, and the conditions affecting our physical and mental health have changed enormously. But by accelerating digitalisation and enhancing the focus on protection, along with pressure, this difficult period presents a chance to develop our products and approaches for the better – and to ensure that resilience, not mental distress, is the pandemic’s legacy.