What Does The Future Hold For Private Health Insurance?
With health innovations and technologies emerging every day – from smart phones that hold a user’s medical records and genome, to wearable technology that track diet and movement – the future looks bright for Private Health Insurance. Automatic booking into a dental check-up? Reminder to take a few restorative breaths? Suggestion for an appointment with a local physio after those slower laps of the oval? Technology will undoubtedly result in not only the uptake of valuable extras, but a shift in overall wellbeing suggests nib.
With this focus on holistic health, nib also anticipate the emergence of subscription-based insurance models, where life insurers and health insurers could work together to take a more well-rounded view of health and wellbeing.
However, as executives will be well aware, employers also need to come on the journey to adopt innovations and take action to keep up with the wellbeing expectations of their employees.
As technology advances, as the emergence of telehealth impacts workers, as we inevitably become more connected to work than we ever have been via our agile 24/7 work-lifestyles, whether we like it or not corporate Australia has an opportunity, some say a responsibility, to take the lead on providing access to preventative health and holistic approaches to people risks. Some businesses are surfacing as market leaders on this front.
One organisation taking the wellbeing of their employees seriously is Medibank, who regularly analyse their claims to determine trends in people risks, and introduce preventative wellbeing practices to address key areas of focus. For example, they recently incorporated sit-stand desks into every workstation, and have encouraged every staff member to make a health pledge on their #BeBetter wall. With buy-in from leadership, their wellbeing practices are not just encouraged, but are expected. They subsidised health insurance as their signature benefit and are beginning to promote the proactive use of ancillary services as a preventative health measure. They pride their evolution in this space on a culture that is health-first in its focus. From internal stairwells that increase incidental exercise to a mature Diversity & Inclusion practice, they see wellbeing as the result of many critical elements.
Where Do You Start?
Understanding where to begin with moving the needle on preventative health and Private Health Insurance can be a challenge, and one that requires in-depth data analysis. At Aon, our experts regularly guide companies through this process.
This generally begins with procurement of all company and employee claims – Private Health Insurance, Workers Compensation and Salary Continuance Insurance – which is then merged with a collection of additional softer data-points, including absenteeism rates, engagement scores, and Employee Assistance Program utilisation. With expert analysis and the use of Aon’s Pulse data and analytics system, we uncover the foundational cause of claims, to determine key people risks. Focusing on the areas that can be positively impacted by intervention, a broking strategy is prepared to identify insurance partners who will buy-in to make a tangible impact on your company and your employees’ wellbeing journey.
Working closely with these insurance partners, we take actions to impact the overall health of your organisation. A welcomed result? Improved productivity and profitability along the way. And a refreshing result of this approach is a more sustainable insured benefits program downstream due to improved claims profiles.
If your company would like to begin seeing an improved profile, lower premiums on people risk insurances, a more sustainable insured benefits platform, and most importantly, increased employee wellbeing and satisfaction, please reach out to Aon’s People Risk team.