Multi-billion European insurance companies moving into preventive health services – powered by Wellmo
Leading European insurance companies are now helping their clients to reduce health risks with new digitally 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”, says Jaakko Olkkonen, the Managing Director of Wellmo.
Only in Germany, the total healthcare expenditure is over 300 billion euros. According to OECD, the expenditure in the Euro area is over 1000 billion. 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 vast evidence that digitally assisted lifestyle modification programs 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 programs and rewards to help them manage their risks better. “In the near future, the European market of these preventive digital health services will be worth several billion euros”, says Jaakko Olkkonen, the Managing Director of Wellmo.
A good example of Wellmo-powered new approach is LocalTapiola’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 a rich branded digital health services. “We have seen a tremendous increase in interest among insurance companies for mobile health services,” says Mr. Olkkonen. “Wellmo has over 20 international clients, now – with a total of 7 million customers. We are happy to be able to contribute to healthy living”, he says.
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).
One of LocalTapiola’s Smart Life Insurance concept content partners is the Finnish Medical Society Duodecim, the leading medical content provider in Finland. “We have been amazed how well our electronic health check and related health coaching programs work on the Wellmo mobile platform. In Smart Life Insurance concept, we have seen that practically all users have done the survey and started at least one coaching program”, says Tuomas Lehto, product manager for Duodecim.
Wellmo is focusing on expanding its presence further in Scandinavia, Germany, Netherlands and the UK. Wellmo is also looking for local health and wellness content partners in all its target markets.
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Jaakko Olkkonen, CEO
tel: +358 50 482 2161