Why Life Insurers Need to Build Wellness Rewards Into Premiums
August 19, 2020 by Sammy Rubin
When the insurtech company Lemonade released a video in July to commemorate its fifth anniversary, the company conducted vox pop interviews on the streets of New York , asking ‘What do you think when you hear the world insurance?’. “Boring” and “a trigger word” were among the milder responses.
There’s no denying that the industry — and life insurance in particular — have reputational issues, largely because most insurers have failed to effectively engage consumers. Look no further than a Deloitte study finding that 31% of life insurance policyholders let their policies lapse. When nearly a third of policyholders don’t think their policies add enough value to their lives to justify renewing them, there’s undoubtedly a problem afoot.
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