It’s an unfortunate truth that insurance premiums go up, not down – even when you’ve never made a claim. This is whether the cover is for health, motor, public liability or household insurance. Recently, there has been a campaign for educating policy holders in order to stop costs skyrocketing.
Wearables
Health insurance providers are offering discounted smartwatches to customers, as they can incentivize users to keep fit. The data grabbed gives an overview of activity levels, which can lead to cheaper premiums, even if it does seem slightly Orwellian. There are also free online ‘healthy living’ courses with qualifications, that could show the provider that you’re serious about staying fit and well.
Employee Health Schemes
Companies that offer health benefits are implementing strategies to reduce the soaring costs incurred. One strategy is to use elearning, utilizing an LMS like Totara Learn, to educate employees on best practices for maintaining good health, such as exercising, drinking in moderation and taking advantage of regular health checks offered under the policy.
Some companies even offer elearning courses to help employees stop smoking. And considering it’s the leading preventable cause of death in the U.S., it makes sense for organizations to encourage their workforce to stop.
Car Insurance
Although a negative stereotype, young drivers have a bad rep. This means 16 to 25 year olds can suffer extremely high premiums. Some insurance companies offer telemetry devices that are installed in cars to prove how safe the driver is, while the DMV recommend online and practical courses to educate young drivers in safe driving techniques. Both these approaches can lead to cheaper car insurance.
Health and Safety
With commercials bombarding us with lawyers urging us to make a claim for a workplace accident, it’s no wonder the cost of Employer Liability insurance is so high. This is why so many SMEs decide not to take out a policy, which is an incredible risk. But even large organizations are struggling with ever-increasing premiums, as so many claims are made. This is why a top-notch compliance elearning program is imperative for every company to try and avoid being seen as negligent. And this needs to cover more than just occupational hazards, as discrimination claims are on the rise. Employees need to be aware of what constitutes prejudice in the workplace.
While you might think people already know the risks posed from unhealthy living, driving erratically or how to use a ladder safely, educating the insured obviously pays dividends. And if elearning and other forms of teaching help to keep premiums lower, we should all be on board with that.