London-based health tech company Tictrac has joined forces with insurance company Munich Re to launch Wellgage, an intuitive health engagement platform that could have significant benefits for insurers as well as their clients.
Healthier by design
Wellgage is designed to help people lead more active, healthier lives. It combines data from apps and wearables with contextual information about people’s surroundings.
Tictrac’s Engagement Services team uses a range of tools, messaging and campaign ideas to engage users through customized strategies.
The goal is to achieve health objectives such as preventing diabetes or reducing stress levels.
People benefit, insurers benefit
Munich Re is offering Wellgage to its insurance partners around the world, as a tool for them to engage with customers and use the analytics it produces to support core business in the areas of product development, pricing and underwriting.
As Tictrac founder and CEO, Martin Blinder puts it, “We’re at a point in time where creative solutions are being developed across an industry crying out for innovation, and Tictrac is at the forefront of this. Wellgage has been designed to empower people to live healthier lives, and in return, insurers will build stronger levels of engagement with their customers.”
Personalized, flexible and international
Internet of Business asked Martin Blinder to describe the benefits that Tictrac brings to Wellgage.
He told us, “Firstly, Tictrac will be providing the technology behind a market-leading health engagement platform, which empowers people to live healthier lives through artificial intelligence and the thoughtful use of data. Wellgage combines a user’s lifestyle signals, from their apps and wearables, with contextual information about their surroundings – guiding them to achieve their health objectives, such as preventing diabetes or reducing stress levels.
“Our dedicated Engagement Services team is another key element. They specialize in working to fully maximize levels of end-user adoption by offering a variety of tools, messaging and campaign ideas. This customized engagement service ensures uptake of the technology is maximized and insurers’ business needs are met.
“Finally, the platform is customizable, so it can be adapted to suit any region or market.”
Wellgage is good for business
We also asked Blinder how Wellgage might help insurers reduce their overheads, and he listed no fewer than seven ways it could help with business goals:
- Increasing member engagement
- Acquisition/retention of individual members and group accounts
- Capturing consumer data for product development and risk modelling
- Improving detection and intervention; leading to improving health outcomes
- Increasing revenue for core products (cross-pollination)
- Increasing utilization of other digital services the insurer has invested in
- Increasing competitiveness with group sales and new revenue streams (upselling the platform and services)