Health & Wellness Award Categories
The annual Health & Wellness Life Insurance Awards launched in 2018, recognise Life Insurance company programs designed to impact beneficially on the health and wellness of customers. The Overall Health & Wellness Life Insurance Award is based on a holistic review covering 44 underlying factors of Health & Wellness programs offered by Life Insurance companies.
Overall - Health & Wellness Life Insurance Excellence Award
Based on scores for each of the 6 Award categories, plus an additional category covering Participation Conditions. Participation Conditions cover availability of Health & Wellness programs across Retail, Direct and Group Insurance products, age limits, minimum cover, BMI limits, underwriting restrictions, smoking status, and if there is any additional annual charge for participation in Health & Wellness programs.
1. Devices & Health Tracking Award
Based on how Life companies measure and monitor Health & Wellness activities undertaken by customers. 11 factors are considered including:
step count measurement and conditions
achieving step goals set by Life companies
physical activity (by device measure)
regular online health assessment
regular physical fitness
health and checks assessments
gym attendance
attendance at fitness events
giving up smoking
nutrition tracking
sleep tracking
4. Ongoing Medically-Tested Health Discount Award
Based on the extent Life companies use actual medical tests to determine if premium discounts are appropriate. Two major factors are considered:
extent of health/medical questions required to restore and/or maintain the initial discount
one-year or two-year health/medical checks for additional discounts.
2. Discounts & Healthy Living Rewards Award
Based on how Life companies reward customers that meet healthy living conditions. 9 factors are considered including:
Initial premium discount (lump sum and income protection) applied to eligible policies
Renewal premium discount (lump sum and income protection) applied to eligible policies
motivation to maintain healthy activities
shopping rewards
entertainment rewards
leisure rewards
tracking rewards
health insurance discounts
charity donations
5. Rehabilitation & Claims Support Award
Based on how Life companies support customer’s healthy return to work. 5 factors are considered including:
rehabilitation, counselling and coaching support
vocational and retraining support
return to work initiatives, rehabilitation team strengths
knowledge, skills and medical officer on staff
recovery support.
3. Physical & Mental Health Support Award
Based on how Life companies support customer’s physical and mental health needs. 5 factors are considered including:
early prevention support
access to professional help
access to ongoing medical and/or second opinion specialists
mental health support
online information covering health and financial information
6. Outcomes Experience Award
Outcomes arising from Health & Wellness initiatives is a critical area that will gain increasing importance in future benchmarking as more experience is provided by Life companies. 3 factors are considered including:
improved retention and/or reduced lapsation
evidence for improved health of policyholders
pre-claim engagement improved health
In the future, other data to be considered will include improved claim rates, take-up rate of Health & Wellness initiatives, and increase in sales.
Innovation Award
Based on how Life companies introduce new ideas, concepts or Health & Wellness initiatives that are innovative in the Australian Life Insurance market.