Explore how firms can leverage data to deepen the connection between wealth and health — or wellness as a service.
We invite you to imagine a future in which firms anticipate individuals’ wellness needs, provide hyper-personalized services and nudge them to make smarter choices.
The future of wellness is about providing a combination of health and financial services that create value for individuals in every moment. This connected approach would create an opportunity for every individual to identify and meet their aspirations for education, work, leisure, family, retirement and health. Just as importantly, it would do so in a way that takes account of their ever-changing circumstances and personal preferences.
Fast forward 10 years and imagine Minna, a ridesharing driver whose phone, car and wearable devices continually gather and share her personal data with various service providers. In return, Minna receives tailored, real-time services and advice.
As she shops, Minna is notified of how her potential purchase would impact her immediate finances and her long-term goals, such as her daughter’s education savings plan and her ambitions for home ownership. And when she considers grabbing pizza on her way home from work, Minna’s AI suggests a healthier alternative of fish and vegetables — showing the differences in calories, nutrition and costs of each meal.
Minna can juggle her job as a driver, her role as a mother, her health and her savings with the help of providers nudging her to make smarter decisions that align with her goals.
Your health is your wealth
To deliver wellness as a service, close collaboration will be needed from the technology, financial services and health care industries — especially given the fundamental connection between physical, mental, emotional and financial health.
According to Pamela Spence, EY Global Health Sciences and Wellness Leader, health care firms will use patient-specific data from wearables and mobile phones to build real-time pictures of a patient’s health status, recommending targeted interventions before symptoms of disease manifest. Policymakers could reduce the cost of insurance for those who are proactive about their health, in turn leaving individuals with more expendable income and helping them strengthen their financial well-being.