Boston, January 14, 2020 –The group voluntary insurance market is a competitive environment due to low unemployment, and wellness programs that use health-related connected devices and provide rewards for healthy behavior can be the winning factors in an employee benefit plan. As consumers have become more tech savvy and grow in their use of connected devices, group voluntary benefit providers (such as life insurance carriers) can develop these worksite-based loyalty and wellness programs in support of the employer’s need to be competitive while also gaining insights to consumer health and behavior.
This report provides carriers and providers of group voluntary life insurance products with the information necessary to design rewards and incentive-based products and programs fitting for the group voluntary life insurance industry. The analysis offers detailed statistics on group voluntary life insurance policyholders’ ownership and use of connected devices, and their willingness to share this data, from a Q1 2019 Aite Group online survey of 766 U.S. consumers, 93 of whom own and pay for a life insurance policy through their employer.
This 42-page Impact Report contains 39 figures and one table. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.