Health & Wellness Award Categories

The annual Health & Wellness Life Insurance Awards launched in 2018, recognise Life Insurance company programs designed to impact beneficially on the health and wellness of customers. The Overall Health & Wellness Life Insurance Award is based on a holistic review covering 44 underlying factors of Health & Wellness programs offered by Life Insurance companies.

Overall - Health & Wellness Life Insurance Excellence Award

Based on scores for each of the 6 Award categories, plus an additional category covering Participation Conditions. Participation Conditions cover availability of Health & Wellness programs across Retail, Direct and Group Insurance products, age limits, minimum cover, BMI limits, underwriting restrictions, smoking status, and if there is any additional annual charge for participation in Health & Wellness programs.

1. Devices & Health Tracking Award

Based on how Life companies measure and monitor Health & Wellness activities undertaken by customers. 11 factors are considered including:

  1. step count measurement and conditions

  2. achieving step goals set by Life companies

  3. physical activity (by device measure)

  4. regular online health assessment

  5. regular physical fitness

  6. health and checks assessments

  7. gym attendance

  8. attendance at fitness events

  9. giving up smoking

  10. nutrition tracking

  11. sleep tracking

4. Ongoing Medically-Tested Health Discount Award

Based on the extent Life companies use actual medical tests to determine if premium discounts are appropriate. Two major factors are considered:

  1. extent of health/medical questions required to restore and/or maintain the initial discount

  2. one-year or two-year health/medical checks for additional discounts.

2. Discounts & Healthy Living Rewards Award

Based on how Life companies reward customers that meet healthy living conditions. 9 factors are considered including:

  1. Initial premium discount (lump sum and income protection) applied to eligible policies

  2. Renewal premium discount (lump sum and income protection) applied to eligible policies

  3. motivation to maintain healthy activities

  4. shopping rewards

  5. entertainment rewards

  6. leisure rewards

  7. tracking rewards

  8. health insurance discounts

  9. charity donations

5. Rehabilitation & Claims Support Award

Based on how Life companies support customer’s healthy return to work. 5 factors are considered including:

  1. rehabilitation, counselling and coaching support

  2. vocational and retraining support

  3. return to work initiatives, rehabilitation team strengths

  4. knowledge, skills and medical officer on staff

  5. recovery support.

3. Physical & Mental Health Support Award

Based on how Life companies support customer’s physical and mental health needs. 5 factors are considered including:

  1. early prevention support

  2. access to professional help

  3. access to ongoing medical and/or second opinion specialists

  4. mental health support

  5. online information covering health and financial information

6. Outcomes Experience Award

Outcomes arising from Health & Wellness initiatives is a critical area that will gain increasing importance in future benchmarking as more experience is provided by Life companies. 3 factors are considered including:

  1.  improved retention and/or reduced lapsation

  2. evidence for improved health of policyholders

  3. pre-claim engagement improved health

In the future, other data to be considered will include improved claim rates, take-up rate of Health & Wellness initiatives, and increase in sales.

Innovation Award

Based on how Life companies introduce new ideas, concepts or Health & Wellness initiatives that are innovative in the Australian Life Insurance market.