How virtual health services can build stronger customer relationships for insurers

COVID-19, the cost of living crisis, stretched public health services and intensifying workplace pressures have put people’s wellbeing and finances under strain over the last three years.

At the same time, insurance premiums have risen at record rates in sectors such as motor insurance. Customers carefully scrutinise their policies and are more inclined to look for alternative quotes.

Insurers must now find creative ways to add value for their customers and create stickier relationships despite squeezed profit margins.

Help with real-life needs: Virtual health services

Helping clients with genuine needs, such as everyday healthcare support, is a powerful way to build more meaningful relationships and put customers’ needs first.

Work, family and personal demands can make it difficult for people to access good quality health advice at a time that suits them. Children’s services have extensive waiting lists, adding to the burden of keeping the whole family healthy. And we are seeing increasing numbers of people leaving employment due to ill health, putting further strain on their finances and mental health.

Why should insurers support their customers’ health?

Insurers are perfectly placed to help customers look after their well-being. They are already a trusted partner in people’s financial lives, giving them security and peace of mind.

Offering customers access to a virtual healthcare platform at no extra cost to them can further strengthen trust and improve customer experience. Customers want a consistent, personalised service from their insurer across multiple digital channels, and virtual healthcare services can help to support this objective.

Virtual healthcare platforms provide services such as online GPs, medical expert second opinions, mental health support, nutrition advice, virtual physio and health information. Customers access the services through an online portal offering the same standards of care that insurers already provide in their own services.

Virtual healthcare platforms: Support in terms of need

• • Customers’ health is often impacted by the circumstances of an insurance claim. That could be a physical injury from a motor accident or emotional trauma following a household break-in. Having access to expert virtual advice through an online GP or mental health expert can speed up customers’ recovery. It also shows customers that their insurer cares about their wellbeing beyond the basics of claim management.   

• Added value in everyday life
  

  • Online health information and services can reduce customers’ day-to-day worries, even if they don’t make an insurance claim. Services like virtual physio can help prevent existing health issues from becoming more serious with knock-on effects for work and personal happiness. That gives customers extra reasons for engaging with their insurer and reinforcing their relationship.

• Supporting the ‘S’ in ESG

  • Environmental, Social and Governance (ESG) initiatives are becoming more important to customers. Supporting customers’ wellbeing boosts the ‘social’ aspect of ESG, by reducing pressure on public health services and enabling people to stay well.

Insurers are under pressure to create better customer experiences in a competitive market. They have a golden opportunity to look beyond traditional insurance practices and offer customers extra value through relevant services that improve their lives.

Virtual healthcare support can differentiate insurers from their competitors, open up new standards of customer care and build deeper, longer-term relationships that drive future renewals and retention.

This piece was written and provided by Dominic Howard, Director of Strategic Partnerships, Teladoc Health UK.