Managing Director at Generali Engagement Solutions GmbH
Peter Stockhammer has served as managing director of Generali Engagement Solutions GmbH since 2015 and has worked across the insurance industry for the last three decades. He has spent the majority of his professional life within Insurance, and is known for being a true advocate of developing and driving new innovations within the sector.
Stockhammer began his career in the insurance industry at Bundesländer Versicherung a forerunner of UNIQA Insurance Group in Vienna, Austria, in which he has held various senior positions within the company, including Head of Life and Accident Underwriting and Head of Property for their bank distribution. He then took on the role of CEO Life at Zurich in Austria before joining Generali in 2015 to work on the Vitality project.
Originally, Stockhammer ended up in the life segment by chance following a new career opportunity. But the shift in perspective is one he’s embraced. He explains, “What attracts me now about the sector is the challenges it presents. We're living in a fast-moving world, and despite that, life and health insurance contracts have very long durations. So, it means you have to make a decision based on risk factors over long, long periods.
For example, say someone is buying a retirement plan in his early 30s. His contract runs for 35, 40 years, and the health proposition runs alongside the main customers for the rest of their life making them a lifetime partner.”
The concept of incentivising wellness via the Vitality initiative, was first established in 1997 by the Discovery Group in South Africa. It is the world’s largest, scientifically proven wellness programme and has expanded its global operations to countries all over the world with over 10 million members.
Generali Vitality combines actuarial, behavioural and clinical tools in a step-by-step programme that helps members improve their health through wellness activities and healthy lifestyle choices. Members receive rewards for getting healthier, and this has a positive impact on the mortality and morbidity experience in the insurance business and in society.
Stockhammer explains how the relationship between a wellness app and one of the world’s oldest life insurance companies was forged.
He says, “In terms of digitalisation and innovation, you have to bear in mind when the company was set up. It was in a time when cars didn’t even exist.”
Stockhammer and his team were tasked with creating a legal entity and startup within the global group to bring a digital, app-driven product to its customers. They then decided to add prevention as an additional service to the protection cover they were offering.
“People are living longer,” he says simply. “Each person on this planet (especially those born this year in Western Europe), will, in all likelihood, live until they are over 100. But our main objective has to be; "If you're getting 100 years old, how many of those 100 years will you live healthily?”
He adds, “While people are living longer in the West, we are also seeing trending health problems like obesity, poor nutrition, and the general negative impact this has. If we can reduce this by incentivising our products to help people, it’s a great motivator."
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