the application of behavioural economics to impact ... · the application of behavioural economics...
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The Application of Behavioural Economics
to Impact Controllable Risk Factors and
create Shared-ValueJames Lidgett
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Behavioral Economics is the idea that people don’t always make strictly rational decisions.
People have emotions, imagination and are unpredictable and hence do not make perfectly rational, economic decisions
What is Behavioural Economics?
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What is Behavioural Economics?
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Overconfidence and Optimism | People’s expectations exceed the reality
% who think they belong in the top 30% for
driving safety
83%
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Overconfidence and Optimism | People’s expectations exceed the reality
% who think they belong in the top 30% for
driving safety
83%
62%
Participants who’s test scores put them in
the 12th percentile estimated themselves to
be in the 62nd
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49%
33%23%
15%7%
49%
60%
65%
61%
52%
0 1 2 3 4+
Correlation between perception of health and risk factor prevalence
Excellent Good Fair Poor/very poor
Overconfidence - How would you rate your health?
Number of risk factors
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49%
33%23%
15%7%
49%
60%
65%
61%
52%
0 1 2 3 4+
Correlation between perception of health and risk factor prevalence
Excellent Good Fair Poor/very poor
Overconfidence - How would you rate your health?
Number of risk factors
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Hyperbolic Discounting / Present Bias
Time
Utility
Individuals prefer
rewards that happen in
an immediate futureRather than a distant
one of higher value
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Loss Aversion
More
Utility
GainsLosses
Less
Utility
£100 Loss
£100 gain
People like gains…..
….but hate losses
more
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Endowment effect
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Endowment effect
Expected trade
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Endowment effect
Expected trade
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What is a nudge?
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Traditional insurance
A trade-off exists between consumer value and insurer profit
Traditional Insurance
Premiums
Claims
Policy-holdersSociety
Expenditure
Taxes
Insurer
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Incentivising healthier behaviour creates value for policyholders,
insurers, and society
Premiums
Claims
Policy-holdersSociety
Expenditure
Taxes
Incentives
Insurer
Shared-Value Insurance
Reduced state expenditure
Improved employee productivity
Lower claims
Improved selectivity
Lower lapses
Higher margins
Better price
More benefits
Reduced risk
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Shared-Value Equation
=∆ Behaviour
Incentive
Incentive
Member
Risk Improvement
∆ Behaviour
× × ×Value
Risk Improvement
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Shared-Value Equation
=∆ Behaviour
Incentive
Incentive
Member
Risk Improvement
∆ Behaviour
× × ×Value
Risk Improvement
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Up to
50% off:
INCLUDED:
UNDERSTAND
YOUR HEALTH
1
Correct as at February 2018
Removing the cost barriers to entry - reducing the impact of hyperbolic discounting
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19
An individual’s health age, adjusted
for the impact of lifestyle and clinical
physical and mental health risks
Science behind the Vitality Age
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20
Science behind the Vitality Age
An individual’s health age, adjusted
for the impact of lifestyle and clinical
physical and mental health risks
Physical activity
Nutrition
Smoking
Alcohol
Mental wellbeing
BMI
Blood pressure
Cholesterol & Glucose
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Up to
50% off:
INCLUDED:
UNDERSTAND
YOUR HEALTH
GET
HEALTHY
2
1
Wellbeing & Relaxation
Eat Well
Stop Smoking
75% off:
Access:
Access:
Correct as at February 2018
Up to 40% off:
Earn points:
50% off:
Up to 50% cashback:
Removing the cost barriers to entry - reducing the impact of hyperbolic discounting
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Removing the barriers to
entry remove the impact of
hyperbolic discounting
Time
Utility
Removing the cost barriers to entry - reducing the impact of hyperbolic discounting
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Intelligent incentives lead to behaviour change
=∆ Behaviour
Incentive
Incentive
Member
Risk Improvement
∆ Behaviour
× × ×Value
Risk Improvement
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Up to
50% off:
INCLUDED:
UNDERSTAND
YOUR HEALTH
Up to 25% off:
Up to 40% off:
Up to 50% off:
STATUS REWARDS
ACTIVEREWARDS
GET
REWARDED
GET
HEALTHY
2
13
Wellbeing & Relaxation
Eat Well
Stop Smoking
75% off:
Access:
Access:
Correct as at February 2018
Up to 25% off:
Up to 40% off:
Earn points:
50% off:
Up to 50% cashback:
Loss aversion and the endowment effect used to incentivise healthy behaviour
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Active rewards with Apple watch – Using loss aversion to encourage behaviour change
Get Apple Watch Get Active
£29Up-front activation
Members who earn
160 Vitality activity
points each month will
have a Direct Debit
payment of £0
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More
Utility
GainsLosses
Less
Utility
£12.50 loss
£12.50 gain
People like gains…..
….but hate losses
more
Active rewards with Apple watch – Using loss aversion to encourage behaviour change
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The mathematics of Shared-Value
=∆ Behaviour
Incentive
Incentive
Member
Risk Improvement
∆ Behaviour
× × ×Value
Risk Improvement
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VITALITY SHOPPERS HAVE SIGNIFICANTLY HIGHER PERCENTAGES OF HEALTHY FOOD IN THEIR BASKET
10% 15% 20% 25%
Reducing costs balances our mental discounting
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VITALITY SHOPPERS HAVE SIGNIFICANTLY HIGHER PERCENTAGES OF HEALTHY FOOD IN THEIR BASKET
10% 15% 20% 25%
Reducing costs balances our mental discounting
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Loss aversion as a tool to prompt further behaviour change
£29Up-front activation
GET APPLE WATCH 3 GET ACTIVE
![Page 31: The Application of Behavioural Economics to Impact ... · The Application of Behavioural Economics to Impact Controllable Risk Factors and create Shared-Value James Lidgett. ... The](https://reader034.vdocument.in/reader034/viewer/2022042923/5f70989fcf13c97ff2731d5d/html5/thumbnails/31.jpg)
Loss aversion as a tool to prompt further behaviour change
£29Up-front activation
GET APPLE WATCH 3 GET ACTIVE
![Page 32: The Application of Behavioural Economics to Impact ... · The Application of Behavioural Economics to Impact Controllable Risk Factors and create Shared-Value James Lidgett. ... The](https://reader034.vdocument.in/reader034/viewer/2022042923/5f70989fcf13c97ff2731d5d/html5/thumbnails/32.jpg)
Intelligent incentives lead to behaviour change
=∆ Behaviour
Incentive
Incentive
Member
Risk Improvement
∆ Behaviour
× × ×Value
Risk Improvement
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The effect of the incentives and the resulting improvement in health outcomes has resulted
in substantial additional value for all stakeholders
17.7
34.1
41.4
51.4
62.4
2012/2013 2013/2014 2014/2015 2015/2016 2016/2017F
Value derived through the Vitality wellness programme (£m)
54
5
1,0
58
1,2
89
1,4
20
37
4
86
9 1
,19
8
1,3
93
24
7
60
5 8
73
1,2
34
Bronze Silver Gold Platinum
Principal member and spouse (£ per annum)
18-34 35-44 45-59
Value by Status Overall value from Vitality
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Better lifestyle behaviours lead to lower morbidity and mortality and derive actuarial surplus
ENGAGEMENT RESULTS IN REDUCED RISK FACTORS
of members who completed a Vitality Age
in both 2016 and 2017
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ENGAGEMENT RESULTS IN REDUCED RISK FACTORS
REDUCTIONS IN VITALITY AGE MORE EVIDENT AMONGST HIGHER RISK GROUPS
of members who completed a Vitality Age
in both 2016 and 2017
two-thirds of engaged Vitality members
reduce their Vitality Age gap over a
period of 1 year
Better lifestyle behaviours lead to lower morbidity and mortality and derive actuarial surplus
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Leve
l o
f c
laim
s (
£)
Change in engagement (physical activity points earned)
Claims rates for Vitality members based on initial wellness engagement and subsequent changes in wellness engagement
Source: 47,000 Vitality Health members 2014 - 2016
Claims rates for Vitality members based on initial wellness engagement and subsequent increases in health
engagement
High initial engagement
Low initial engagement
The Vitality claims cost study demonstrates the impact of health outcomes on claims
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Leve
l o
f c
laim
s (
£)
Change in engagement (physical activity points earned)
Claims rates for Vitality members based on initial wellness engagement and subsequent changes in wellness engagement
INCREASING WELLNESS ENGAGEMENT
Impact of positive
behaviour change
Source: 47,000 Vitality Health members 2014 - 2016
Members with high levels of physical
activity who continually increase their
activity experience up to 33% lower claims
High initial engagement
Low initial engagement
Claims rates for Vitality members based on initial wellness engagement and subsequent increases in health
engagement
The Vitality claims cost study demonstrates the impact of health outcomes on claims
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Le
ve
l o
f c
laim
s (
£)
Change in engagement (physical activity points earned)
Claims rates for Vitality members based on initial wellness engagement and subsequent changes in wellness engagement
Impact of negative
behaviour change
DECREASING WELLNESS
ENGAGEMENT
Source: 47,000 Vitality Health members 2014 - 2016
Claims rates for Vitality members based on initial wellness engagement and subsequent decreases in health
engagement
Members who became even less active,
experience up to 4% higher claims
compared with the unengaged members
High initial engagement
Low initial engagement
The Vitality claims cost study demonstrates the impact of health outcomes on claims
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Shared Value for employer
39
Cross Sectional Study (90,000 members)1
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40
Cross Sectional Study (90,000 members)1 Longitudinal study (30,000 members)2Shared Value for employer
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The impact of health on productivity holds true across a number of dimensions
1720
2428
3536
42
50
< 0 0-2 2-4 4-6 6-8 8-10 10-12 12 +
Vitality Age gap
Days productive time lost by health status
Employee lifestyle choices, health
and productivity1
Employee health and lifestyle choices
are a key driver of work impairment
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1720
2428
3536
42
50
< 0 0-2 2-4 4-6 6-8 8-10 10-12 12 +
Vitality Age gap
Days productive time lost by health status
Employee lifestyle choices, health
and productivity1Changes in lifestyle and impact
on productivity2
Obese tooverweight
Exercise intorange
Increased sleep
Change in days lost due to presenteeism related to changes in
lifestyle behaviours over 1 year
Before After
17.4
20.2
17.4
20.2
18.4
23.2
Employee health and lifestyle choices
are a key driver of work impairmentWhen employees improve their lifestyle
choices, their productivity improves
The impact of health on productivity holds true across a number of dimensions
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Employee lifestyle choices, health
and productivity1Changes in lifestyle and impact
on productivity2Employee health and
organisational productivity3
6 additional days of productive time per
employee in healthier organisations
Bottom 20%: Leasthealthy employees
Top 20%: Healthiestemployees
Lost productive time (days per employee per year).
1720
2428
3536
42
50
< 0 0-2 2-4 4-6 6-8 8-10 10-12 12 +
Vitality Age gap
Days productive time lost by health status
Obese tooverweight
Exercise intorange
Increased sleep
Change in days lost due to presenteeism related to changes in
lifestyle behaviours over 1 year
Before After
20.2
17.4
20.2
18.4
23.2
Employee health and lifestyle choices
are a key driver of work impairmentWhen employees improve their lifestyle
choices, their productivity improves
The impact of health on productivity holds true across a number of dimensions
17.4
20%lower work impairment
29.2
23.4
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US (2015)
Canada (2016)
Germany (2016)
France (2017)
Austria (2017)
China (2009)SA (1997)
UK (2004)
Malaysia
(2016)
Thailand (tbd)
Japan (2018)Singapore (2013)
Australia (2014)
Hong Kong
(2015)
Philippines
(2015)
Vitality Shared-Value Insurance is being exported to the world’s leading insurers
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The Vitality model is recognised globally for delivering social value
Fortune’s
Change the World list
Harvard Business School
Michael PorterMcKinsey Quarterly International media World Economic
Forum
Vitality named leading health innovator at Davos in 2017