Two-thirds say they are open to an alternative tech solution for health insurance despite trust & privacy concerns, according to Reach3 Insights’ TrendSpot: Digital Health & Wellness
Chicago, IL, November 30 – Half of the US Population wants greater tech involvement in their health care in the next five to ten years, especially higher income folks, parents, Millennials, and males. This according to TrendSpot: Digital Health & Wellness, a new ongoing research program focusing on health and wellness trends in the digital age by Reach3 Insights, a market insights consultancy, conducted in partnership with mobile market research platform Rival Technologies alongside research and advisory firm Kaleido Insights.
Big Tech has the opportunity to play a fundamental role in how Americans manage all aspects of their health, despite the fact that 54% of Americans say they would never trust a big tech company with their personal data. Most participants cited concerns over how companies handle private consumer data, whilst others simply prefer human interaction in their healthcare.
As an example, the analysis found that nearly two-thirds of Americans (62%) would like an alternative to traditional health insurance, with about 7 in 10 saying they would be open to tech innovations to meet their needs. Younger, urban, high income, and Latinx people are especially open to insurance from a tech company, with Boomers the least likely group (49%) to opt into this idea.
TrendSpot: Digital Health & Wellness found that an attractive price would be most impactful for drawing people away from a traditional health insurance provider, with 57% believing big tech could help bring down the cost of insurance. In an effort to mitigate the distrust, participants reported that 24/7 access to a human doctor and stronger privacy and cybersecurity would be most appealing.
“Clearly, consumers are not satisfied with current health insurance offerings and are looking to the tech industry as a way to address the issues they have relative to cost and accessibility,” says Matt Kleinschmit, CEO and Founder of Reach3 Insights. “There is a strong opportunity here for innovation to bring about the same type of efficiency and personalization that consumers have seen tech deliver in other aspects of their lives, so long as trust and privacy concerns are addressed.”
The inaugural Digital Health & Wellness Trends report also found that nearly half of Americans want technology to have more involvement in their health and wellness management in the next 5-10 years. Men and those with a higher income (groups that are generally more likely to be engaged with tech) in particular were most interested:
- Males (52%)
- Higher Income (59%)
- Females (43%)
- Low Income (42%)
- Boomers (38%)
Despite favorability of bringing tech companies into their everyday health and wellness routines, consumers still say they have reservations about Big Tech’s access to personal health data. 32% of participants said they would never opt for tech company-provided health insurance. In general, people would rather place their trust in traditional health organizations with their health data, with their own personal doctors seen as the most trustworthy (96%) compared to large insurance companies like Anthem (96%), UnitedHealthcare 74%), and Pfizer (69%).
“As consumers move to accept tech into their daily wellness routines, companies are presented with the unique challenge of proving they are trustworthy,” added Jeremiah Owyang, Founding Partner, Kaleido Insights. “From fitness apps to habit tracking to insurance, big tech’s number one priority should be proving why they can be a trusted, helpful partner in people’s everyday lives, no matter the data that is being stored.”
Americans’ concerns over big tech companies handling their personal health information center around how consumers perceive companies handle private user data. Boomers, in particular, are uncomfortable with tech in general, citing reliance on preserving human interaction. 60% of women agreed, saying they were worried about the lack of connection that could come with greater tech involvement, adding they also believe in-person healthcare is more accurate.
Reach3 Insights’ foundational reporting on digital health and wellness trends was developed to analyze the rapidly changing health marketplace. Based n=1,000 consumer interviews among Americans ages 18+ utilizing Rival’s mobile, market research platform for quantitative and qualitative research, Reach3 sought to uncover findings on engagement with and interest in health and wellness technologies, opinions on tech’s involvement in health, trust in tech, and Big Tech opportunities in healthcare, among other things. Subscribers to the ongoing program will receive exclusive content, additional data breakdowns and further analysis.
For more information about TrendSpot: Digital Health & Wellness, visit https://www.reach3insights.com/digital-health-solution
Reach3 Insights is a full-service research consultancy that develops scalable, conversational insight solutions for today’s modern, agile enterprise. Led by CEO Matt Kleinschmit, the company uses immersive, in-the-moment research designs and dynamic digital storytelling to deliver deep experiential insights that inspire action. Reach3 is part of the Rival Group and a sister company to Rival Technologies, a tech company developing chat, voice and video solutions that integrate into messaging platforms and technologies that people actively use on a daily basis. For more information, visit https://www.reach3insights.com.
Rival Technologies is the world's best mobile market research platform. Building on 20 years of experience in the research space, we blend best-in-class digital experiences with sophisticated market research rigor in a way that inspires people to share deep, rich and actionable insights. Email surveys are dead tech and feel more like a test than a meaningful brand engagement— which is what people crave. We engage consumers in real-time, on their mobile phones, in a way that feels organic, familiar, and fun. By using chat, video, and machine learning, our system captures robust quantitative and rich qualitative feedback fast and effectively. Working with leading-edge brands like ViacomCBS, P&G, Facebook, REVOLT TV, and Samsung, we make market research more inclusive, accessible, and relevant to the modern mass consumer. For more information, visit https://www.rivaltech.com.
Kaleido Insights is a research and advisory firm based in San Francisco. Our industry analysts and founding partners provide business leaders with clarity amidst a fragmented technology landscape. Our mission is to enable organizations to decipher foresee, and act on technological disruption with agility, based on our rigorous original research, trends analysis, events, and pragmatic recommendations. Innovators are realizing that implementing each new technology isn’t enough, especially as business models are disrupted. Keeping up is becoming more difficult. We help organizations stay ahead in a rapidly-changing world as trusted advisors. For more information, visit https://www.kaleidoinsights.com
SVP, Daddi Brand Communications