The industry has to address the fact that people in the UK are not only living for longer but also s...
The industry has to address the fact that people in the UK are not only living for longer but also spend more time being unhealthy, said one delegate at COVER's 10th annual Protection Forum.
Addressing an audience at the event, Shaun Matisonn, chief executive for PruProtection, PruProtect's holding company, said the sector needed to focus on promoting wellness and not just looking at taking care of customers after they become unwell.
There has been a massive growth in the number of diseases caused by people's lifestyles, he said, adding that, in the UK, there are now twice as many obese people than there are people owning an MP3 player.
Instead of seeing this as a problem, however, Matisonn argued that the insurance industry should try to see it as an opportunity for business growth. "While there have been massive investments in health service on the sickness side there has been nothing on the wellness side," he said.
Referring to research conducted by Watson Wyatt in July, Matisonn said changes in health have the biggest impact on financial savings. He said: "When an individual's health status deteriorates from good to poor, their savings decreased five times."
Matisonn hoped Prudential's new product, which rewards people for looking after their health, will help to change the way people behave. On the health side, the scheme has resulted in some 36% of customers saying they have changed their lifestyles.
