[Customer Spotlight] LivWell’s Pandemic-Prevention Strategy: How LivWell Rewards Wellness, Monetizes Health and Grows Businesses
Editor’s NoteMoEngage’s Customer Spotlight initiative allows us to talk to customers about their growth strategies, engagement tactics, best practices in product and marketing. This customer spotlight feature featuresLivWellOne of the most popular healthcare and wellness apps is based in Southeast Asia.
The pandemic taught us something: Prioritize health and wellbeing above all else. Many new apps for health and well-being are available on the market that allow you to do your exercise at home, take part in online meditation sessions, or even join live training classes. These apps have experienced unprecedented growth in usage, retention and time spent in-app.
This article will examine some of these issues from the perspective of one app, which is based in Southeast Asia and has made huge strides within the healthcare and wellness sector. They have an innovative way to do it: they use blockchain technology with amazing incentives and gamification programs.
We have Mr. Nikhil Verma as the CEO and Co-Founder of LivWell. This is Asia’s largest blockchain-based wellness and health app. LivWell rewards members who adopt healthier lifestyles in real time with smoothies and personal training sessions as well as gym memberships, insurance, or other benefits. We’ll discuss how LivWell is monetizing healthcare, rewarding wellness, creating an ecosystem that rewards healthy lifestyles, and more.
We would appreciate your brief introduction about yourself, the people you work with at LivWell, the brand’s mission as a fitness and health brand and how you got the idea.
Let me tell you a little bit about myself. My experience in financial services spans close to 20 years. I started my career with HSBC in India, and worked in the retail banking and wealth management areas. After I was transferred to Hong Kong by HSBC, I spent a good deal of time in Hong Kong working with the regional offices. This gave me a great overview of the current state of the wealth management industry, and in particular the insurance business. That’s when I had my first impression of Vietnam in 2009, back then. Asia and Southeast Asia were very limited in those days to Hong Kong, Singapore Indonesia, Malaysia, Malaysia or Thailand. Vietnam was completely obscured. It was 2009 that I first moved to Vietnam. Since then, I have never looked back. I spent over a decade now in Vietnam, working with major insurance companies like Prudential and global brands like AXA. I also worked with Generali before ending my corporate career as the deputy CEO of Aviva Vietnam Life, an insurer based in the UK with a strong presence in Vietnam.
It’s interesting to note that I only started endurance sports five years ago. My ex-boss at HSBC, who was a huge running fanatic, introduced me to running. He taught me about nutrition and recommended shoes. I was captivated by running and endurance sports and became interested in the whole area of wellness. We used to look for ways to show that we, as insurance companies, are here to help you. We were able, for obvious reasons, to offer you lower claims, better products and a longer term of underwriting. This is the beauty of insurance. Another beauty of insurance is that it doesn’t really provide value. At least not in SEA. I haven’t seen a strong resemblance between insurance companies and customers who are able to benefit from healthier lifestyles. Customers who show progress, whether that’s weight loss or increased stamina, should have their insurance reviewed. Insurance is a contract that you can sign up for today. The premium does not change and your policy will be in effect for 30-40 years. Your health can improve every year if all you do is right, but we as insurance companies are unable to make that call and give you the benefit. Although it was not like a eureka moment, this is why insurance companies continue to look for creative ways to bring this synergy together.
My personal eureka moment was when Ironman became my first competitive sport. It is mentally exhausting and physically very taxing. You have to run, swim, cycle and cycle for 7 hours. It is a very exhausting sport and you wonder what you are doing with your life. But once you reach the finish line, it’s a revelation for you that anything is possible. This was when LivWell was born. I believe there is a lot of potential for people who want to be healthier and monetize their health. Health is an expensive area. How do you make money from the hard work you put in? It’s simple. Credit card companies will give more money for spending, while an airline will give more to fly more. A hotel will give more for lodging, but you don’t get any return on your health. This is the core concept behind LivWell. We want health and wellness to be rewarding. Not only will you feel good about yourself, but you’ll also use the calories, steps, and kilometers in a meaningful way. This is why we pay cash. Also, you can protect yourself by collecting data which goes back to insurance companies and helps them make better underwriting choices. That’s how LivWell was born at the end of Ironman. Since then, there has been no looking back.