According to a survey by Bain & Company, over 60% of insurance customers have expressed interest in having their insurers offer healthcare services that go beyond standard insurance products. Insurance companies, on the other hand, have their interests vested in increasing customer lifetime value (CLV). To meet customers demand, major insurers in the United States are beginning to look at how digital health technologies can enhance CLV via health-care incentivization.
Targets are so Attainable:
Aetna is a good example of insurers that are keen to capitalize on the benefits of healthcare incentivization. Aetna had partnered with Apple to create and launch a new iPhone app, Attain, that rewards users for their healthy behavior and activities. The Attain app gives Aetna members the chance to earn rewards, such as gift cards for major retailers, or have the cost of their Apple Watch covered in return for achieving defined health targets. According to Executive Vice President CVS Health, the Attain app was designed to be “personalized and clinically relevant to where each individual is in their health journey”.
Incentivization through technology:
While the provision of a personalized digital health experience is indeed challenging, research conducted by Johns Hopkins University demonstrates the effectiveness of incentivization and technology in health improvement solutions. The study, co-funded by Aetna and a Colorado-based incubator, revealed that in order for any childhood obesity prevention solution to be effective, it must:
- Be easily accessible and practical.
- Address a large enough market to test the effectiveness of a solution on a broad range of users.
- Provide incentives, have a long-term impact, and create behavioral change.
- Use technology for a scalable and efficient solution.
Interestingly enough, the idea of Playpal was conceived from the findings of the Johns Hopkins study. Today, Playpal provides personalized health recommendations, helpful alerts, and predictive and preventative analysis of an individual’s health. These recommendations are delivered via Playpal App which uses AI and blockchain to consolidate and integrate users’ health data. Through the intrinsic motivation of gamified health and the extrinsic reward of monetary benefits (i.e. PlayPoints), Playpal prompts its users to engage in healthy behaviors and take control of their health.
Recent developments in digital healthtech, and solutions by companies like Aetna and Playpal, are now mobilizing and encouraging users to achieve their health goals.