Through Shared Value insurance, we have been making people healthier and positively impacting society for almost 30 years. Across more than 40 international markets and impacting almost 50 million lives globally, together, we are transforming insurance, writes Vitality’s CEO.

At Vitality, we have always been driven by a powerful core purpose: to make people healthier and to enhance and protect their lives. Almost three decades after launching the first Vitality health and wellbeing programme, this purpose couldn’t be more relevant.

The world has changed dramatically in recent years – from advancements in medical science to new behavioural frameworks that help us better understand human habits and decision-making. Despite this, the world’s population still faces a chronic disease crisis¹. People are living longer, but increasingly in poorer health. This is driven in part by a rise in non-communicable diseases linked to lifestyle risk factors, including respiratory and cardiovascular disease, diabetes and cancer².

From Vitality’s own findings, including our groundbreaking Habit Index research published in collaboration with the London School of Economics, we know that people don’t always find it easy to make positive lifestyle choices or sustain meaningful health improvements. Adopting and maintaining healthy habits isn’t easy – it requires an understanding of behavioural economics to nudge people in the right direction. This insight is the genesis of Shared Value insurance.

Transforming traditional insurance

Preventing chronic illness and helping people to live in better health has always been at the foundation of the Vitality Programme. This shifts the paradigm away from traditional, reactive healthcare strategies that tend to prioritise treatment only once illness occurs. By harnessing the power of prevention through technology, behavioural change and higher levels of member engagement, we are transforming the customer experience across all the markets we operate in.

Globally, consumer attitudes towards insurance are also changing. A 2023 report published by Bain & Company found that consumers are increasingly looking to insurers for help in reducing risks that impact their lives, rather than simply providing financial cover when a claim arises. Consumers also want insurers to reward healthy living, deliver better digital experiences and demonstrate a stronger sense of purpose, particularly around environmental and social impact. Simply put, businesses today are expected to make a positive contribution to society as a whole³.

“Thank you for being part of this exciting journey as it continues to evolve” –
Neville Koopowitz, CEO, Vitality

 

At Vitality, we have long recognised these shifts and understand that the needs of our members, advisers and distributors are evolving rapidly. This presents a powerful opportunity to rethink traditional insurance models.

This is where Vitality’s approach stands apart. Our Shared Value Model is built on a simple but powerful insight: by incentivising healthier lifestyle choices, we can create economic and health benefits that are good for our members, our partners and society at large.

By encouraging members to understand their health and rewarding them for taking steps to improve it, we have shifted perceptions of life and health insurance from a reactive product that compensates for illness or death, to an active tool for longevity and better living. In fact, our most engaged members have been shown to increase their life expectancy by up to five years.

Building strong partnerships globally

Today, Vitality’s Shared Value Insurance Model operates in more than 40 global markets, impacting 49 million lives. It continues to reshape the insurance industry through deep collaboration with partner teams worldwide, as we apply new insights and local learnings to our programmes.

Shared Value Insurance offers partners a compelling opportunity to enhance their own businesses. We see this reflected in increased client leads and sales, stronger retention and loyalty, and a more engaged client base – all critical drivers of sustainable growth.

The future of insurance lies in sharing this value. Strong engagement has a direct and measurable impact on improved mortality and morbidity outcomes, reinforcing the long-term benefits of this model.

Thank you for being part of this exciting journey as our Shared Value model continues to evolve. It is becoming more sophisticated and personalised, powered by advances in big data and AI. By reshaping how customers engage with insurance and delivering meaningful value from day one, we are redefining the future of insurance in a way that ensures everyone wins.

Neville Koopowitz
CEO, Vitality

[1] Noncommunicable diseases

[2] Healthy life expectancy – Mortality Insights – GOV.UK

[3] Customer Behavior and Loyalty in Insurance: Global Edition 2023 | Bain & Company