Leading European insurance companies are now helping their clients to reduce health risks with new Digital Health based services. Wellmo is emerging as a leading player in these flexible solutions. Wellmo’s customers have a combined base of 7 million clients. In the near future, the preventive digital health service market will be worth several billion euros in Europe, according to Jaakko Olkkonen, the Managing Director of Wellmo.
In Germany alone the total healthcare expenditure is over 300 billion euros. According to the OECD, the expenditure in the Euro area is over €1000 billion. The majority of those funds go through either public or private health insurance. For instance in Germany, only 3 percent of this amount is used for preventative services.
There is evidence that digitally assisted lifestyle modification programmes connected to sensors and remote coaching are helping consumers to pay attention to healthy living, reducing their risks for chronic diseases. Highly personalized and cost efficient mobile services are helping people take charge of their own health, live healthier lives, and reach their goals. Leading insurance companies have started to redefine insurance business with the help of these digital services. In addition to traditional financial cover, insurers have started to offer their members lifestyle coaching programmes and rewards to help them manage their risks better.
A good example of Wellmo-powered new approach is Local Tapiola’s Smart Life Insurance concept. It was launched a year ago, combining financial cover with virtual health check and coaching, tracking of individual’s own activity and sleep quality, as well as a mobile app to collect wellness data and to integrate all services included. A survey of the participants reveals that Smart Life Insurance has helped to effect a positive lifestyle change: over 80% of the participants say they have improved their lifestyle, with 88% reporting improved habits now being a part of their daily routines.
Over 20 international clients
With its background with Nokia, Wellmo has developed a market leading mobile health solution that enables insurance companies, as well as advanced health service providers to offer rich branded digital health services. During the past three months alone, Wellmo has gained four major insurance companies as customers and entered new insurance markets in Germany and Benelux.
Together with its customers and partners, Wellmo is building a compatible and adaptive ecosystem. Wellmo’s role is to facilitate the creation of a uniform mobile user experience and data exchange between the various partners, while ensuring regulatory compliance. The ecosystem is open and grows continuously. It currently includes partners for wearable devices (e.g. Garmin), coaching services (e.g. Trainer4You, Pim Mulier, Fysergo), health & wellness content providers (e.g. Duodecim), lifestyle intervention platforms (e.g. MealLogger), and communication technology providers (e.g. Netmedi).
For more information, see: www.wellmo.com