If you were given a chance to receive incentives for behaving healthily or to lower your health insurance to premiums, are you interested? Yes is the answer that this company is counting on. Vitality Health doesn’t do what traditional healthcare would do. They don’t pay for sickness rather they pay for your wellness. Technology and data help them to track and reward your healthy behavior.
Vitality Health is owned by Discovery Holdings that is a global insurance provider with 4.4 clients is the first insurance company that is not paying for sickness and reward people for healthy living. The company offers health and life insurance. Improving the health of the insured by providing health insights that come from data, giving rewards for their good behavior and keep their premiums and costs low are the goals of this shared-value system.
Promote Healthier Behavior By Technology and Data-Driven Approach
©Gauteng in Women Insurance
Vitality’s approach to essential factors is technology and data. The first thing that they do is that a member’s baseline health is assessed by you have to consider lifestyle behaviors such as alcohol consumption, smoking, and eating habits with their biometric measures that include weight, height, blood pressure, and cholesterol levels. The member’s Vitality Age is determined from this data. 79% of people surveyed in the United States have a higher Vitality Age than their biological age.
Next, the Personal Pathway plan for each member is created by Vitality and the data collected is used in the assessment and to determine a personalized plan to make healthier choices and to help improve their Vitality Age. Vitality also provides tools, partners and resources that offer discounted services to Vitality members to support their health journey.
They use integrated data feeds from its partners including its network gyms, biometric screening service providers and also 100 wearable technologies that include the Apple Watch. A member’s progress towards the established health goals can be checked by Vitality in real time. Example of this is you can connect to the Vitality Member app with the Apple Health from the Apple Watch that allows members to set up video consultations with a GP, get referrals to specialists, schedule appointments and find trusted health information. If they do that, members can earn Vitality Points for their heart rate information from workouts and to how many steps they take their Apple Watch tracks.
Vitality Health’s service essential element is the Vitality Points reward system healthy behavior. It is made for the members to fully engage and volunteer to participate. The points that you will have can be redeemed for gift certificates and other perks through Vitality’s partners. They don’t only provide service and products but also support a healthier lifestyle and they can also save money when they use these providers. Example, partner Ocado offers participants on 25% discount on Vitality Health healthcare plans and free delivery on healthy foods. If you want to have a bigger reward, having a healthier lifestyle, the bigger rewards you will be getting as a member of Vitality Health.
Does Vitality Health’s System Work?
Have you ever wondered if it actually works? Even if Vitality Health is a pioneer with this type of health insurance model, many probably wonder, does this thing actually work?. There is a study conducted by RAND Europe and according to them, it actually works. The study found that Vitality health can lead to better activity levels with their way of incentivizing physical activity. The Vitality Activity Rewards system is already used by 5 million people globally and is grounded in the behavioral science that includes rewards and micro goals to have the motivation and help them change and maintain positive behavior.
Vitality Health also asserts that their incentive-based solution can lead to significant reductions in hospital admission costs and patient’s hospital stays are shorter. One of Vitality Health’s customers, McKesson, had these results:
●$4.7 million in medical cost savings
●23% increase in verified workouts
●92% increase in engaged participation levels
Based on a member’s engagement with the program, the data that Vitality Health collects also allows it to have a better price out policies and premium adjustments.
Next Steps for Data Analytics to Promote Healthy Lifestyles
There are other insurance providers also use data and technology to help them provide different incentives for having a healthy behavior, Vitality Health has to face increased competition. Vitality Health and others in this kind of field will look for expanding health monitoring technology and to have a hand-to-hand struggle with other concerns such as privacy, how to deal with other aspects such as biological differences that make some members to be affected and to have a problem and cause them to not have healthier outcomes or better experience than others for the same activity and more.
Cover Photo Credits: American Heart Association