Pain Points

The present state of the reward programs for insurance and wellness is not properly defined and there are no executed technological solutions to make the program seamless for the business and the customers. The challenges with the current state of things are:

• LOW UTILITY OF REWARD POINTS

  A lot of loyalty programs give points to users, but once the points are earned, they do not have any value outside the customer’s account. Some can only redeem it within a small ecosystem. This implies that customers cannot gift, exchange, or even donate points to just anyone. This is a reason why some of these points are left idle in their accounts.

• THE EXPIRATION DATE OF POINTS

  Most loyalty programs have loyalty points that have expiration dates. Rather than applying a single uniform expiry period, since each of the companies and business categories has its own distinguished policies and periods for expiry of points, the amount of points that expire due to the lapse of the specified expiry period hovers above 80 million USD each year.

• POINTS TO CASH

  Most loyalty points cannot be converted into real cash for most of these companies. Even when some can be converted, they cannot be converted with ease.

• LACK OF ACCURATE CUSTOMER DATA

  This is a challenge faced by many wellness and insurance companies. There is not a singular medium where customers and the insured are properly incentivized for providing or sharing more information about themselves, their correct BMI, and other information securely.

• IMBALANCE OF INSURANCE COST

  Insurance costs are mostly not balanced for those that are healthy. There needs to be a way of rewarding them for staying healthy and avoiding health damage. Most insurance providers do not offer a way to bring down the premium cost for those staying healthy, eating healthy, going to the gym, cycling, and exercising.

• A LOT OF INSURANCES ARE NOT ON-DEMAND

  There is a constant push for insurance to become mainstream through on- demand insurance policy provision. Most times, people have to purchase insurance for a longer period of time.