Quealth: Impact 25 2020 profile
March 11, 2020
This is a summary of the profile which first appeared in the Oxbow Partners InsurTech Impact 25: 2020.
Quealth (Qualified User Engagement and Lifetime Health) is a SaaS digital wellness and engagement platform. It is available on a white-label basis to insurers and employers.
The refreshed platform, launched in Q3 2019, has quickly signed up over 50 organisations and has more than 7,000 active users.
According to the World Health Organisation, c.40 million people die globally each year from the five largest noncommunicable diseases: type 2 diabetes, cancer, cardiovascular disease, lung disease and dementia. 24 million of these deaths and many more non-fatal illnesses are preventable through simple lifestyle choices. These evidence-based interventions guide Quealth’s behavioural change actions that encourage users to make positive lifestyle decisions.
RGAX, the lead corporate investor, has started presenting the refreshed platform to its life and health clients. Insurers that have implemented Quealth report a wide range of benefits: strengthened customer relationships via powerful, actionable and personalised information; increased retention rates; improved up-selling and cross-selling opportunities; and more product development ideas.
The platform also enables insurers to integrate the information supplied by users into underwriting and claims processes.
Quealth is clinically validated and it has been developed with leading universities.
“We’re excited by the potential of Quealth’s wellness platform to drive engagement with life insurance consumers. This helps consumers understand and improve their wellness status, while simultaneously providing life insurers with valuable data insights.”
Jonathan Hughes, Managing Director, RGAX EMEA
Company in action
The Quealth Score is a clinically validated health risk assessment. Users self-assess their physical, mental and financial wellbeing and set goals. The platform motivates them to make and maintain targeted behaviour changes with personalised content and notifications. Quealth can receive data from users’ smart phones and fitness trackers.
Client situation: Aviva UK wanted to leverage digital health technology to strengthen its health insurance proposition and increase customer retention rates. It partnered with Quealth to develop the Aviva branded MyHealthCounts programme – an integration of the Quealth and Aviva insurance platforms.
Solution: MyHealthCounts is an online health questionnaire and programme that supports policyholders’ understanding of how lifestyle choices such as diet and exercise can affect their health. The platform calculates a Quealth Score for policyholders reflecting 27 interdependent risk factors, which is connected to a sliding scale premium discount at renewal. Aviva does not use this data for underwriting or claims purposes.
Results: MyHealthCounts has been a commercial success for Aviva, strengthening policyholder relationships and increasing retention rates. Annual lapse rates preMyHealthCounts stood at 21%, decreasing to 9% post-implementation. Aviva calculated that this reduction generated a commercial benefit of £2.1m.
The Oxbow Partners View
The relaunched Quealth platform is at an earlier stage than many of the selected Impact 25 companies but it swiftly generated traction with employers during 2019. The support from RGAX will pour rocket fuel on its ambitions with insurers. The challenge for Quealth will be meeting demand while continuing to enrich its platform further with clinically validated information.
We see several reasons that technology-led businesses will gain traction in the life and health insurance sector in the 2020s.
First, publicly funded healthcare systems are facing increasing pressure leading to growth in the overall PMI market; second, employer-sponsored digital wellness and engagement platforms are quickly becoming a standard part of many employee benefit programmes; and third, growth in wearables and fitness trackers is leading to greater proposition opportunities.
These platforms provide a unique opportunity for insurers to regularly engage with their policyholders with valuable and actionable information.