Key Takeaways
- Lvlfi is a B2B2C SaaS Insurtech company based in London, England.
- Through gamification and behavioural economics, it enhances customer engagement for insurance providers.
- By promoting physical activity and wellness, the company also helps lower claims rates and costs for insurers.
- In trials with a Fortune 100 company, the platform has shown a significant increase in step count for an obese population.
The ever-evolving startup ecosystem in England continues to develop unique solutions to modern societal challenges. One impressive London-based startup that’s turning heads is LVLFi. Specialising in the Insurtech field, LVLFi addresses a chronic issue faced by insurance companies – customer engagement. Beyond merely retaining their customer base, insurance providers are increasingly under pressure to engage their clients in active disease management and prevention. LVLFi has ingeniously harnessed the power of gamification and behavioural economics to address this problem.
Health insurance companies face an ongoing challenge in keeping claims rates and costs to a minimum. LVLFi’s strategy involves creating a healthier insured population who is less likely to make large-scale claims due to chronic illnesses triggered by inactive lifestyles. Its unique platform of apps and games encourages users to increase their physical activity, which translates to lowered healthcare risks and subsequent claims.
What sets LVLFi apart is their innovative use of gamification to spur users into action. Gamified apps not only makes fitness fun but also taps into users’ competitive spirits, motivating them to take more steps, strive for better health and wellness, and ultimately decrease their risk for chronic illnesses. By combining gaming with insurance, LVLFi offers an irresistible proposition for individuals who desire an enjoyable way to stay fit while also reaping the benefits of lower insurance costs.
Beyond customer engagement, LVLFi’s approach also delivers substantial benefits to insurance providers. The company’s strategy leads to healthier insured populations, resulting in lower claim rates and costs for the insurer. In trials with a leading Fortune 100 company, LVLFi demonstrated a consistent 19% increase in average steps taken by an obese population, indicating promising results in population health management.
The future looks very promising for LVLFi. Its unique approach to customer engagement bridges the gap between insurance providers and customers, creating a healthier, more engaged insured population. In a society where sedentary lifestyles are increasingly prevalent and medical costs are continually rising, LVLFi’s model offers a sustainable solution that benefits all stakeholders involved – the insurer, the insured, and society at large.
The insurtech industry plays a critical role in the future of healthcare, and LVLFi is one of the pioneers of a promising new wave of technological integration. To learn more about LVLFi and stay updated on their progress, visit the company website at www.LVLFi.com. You can also follow their journey on their social media channels.
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