Health Tech Booms, Social Bonds Strain

ICICI Lombard's Wellness Index Maps India's Well-being

Sheena Kapoor, Head Marketing, Corporate Communications & CSR, ICICI Lombard

FinTech BizNews Service   

Mumbai, December 19, 2023: ICICI Lombard General Insurance, one of India’s leading general insurers, today unveiled the much-anticipated 2023 edition of the India Wellness Index, a comprehensive reflection of the nation’s health and well-being. The report, which, in the sixth year of its operation, has become a cornerstone in assessing the nation's well-being, highlights the digital revolution in healthcare and the intricate role of social media in shaping India's wellness landscape in the recent years.

India’s Wellness Index Measures the wellbeing and quantifies the current state of wellness among people on multiple wellness pillars simultaneously. The index, standing at 72 out of 100, suggests that while there is an uptick in digital well-being and health tech utilization; social wellness in how individuals, especially women, engage within their communities is decreasing.

The one of a kind, tech-enabled wellness index by ICICI Lombard comes through a holistic framework that comprises of six pillars of well-being: Physical, Mental, Family, Financial, Workplace, and Social. The study canvassed 2,052 respondents across 19 cities, emphasizing the variances across age groups, genders, geographies and degrees of employability. This year’s study highlights the growing reliance on digital platform’s for wellness, a trend that has been catalysed by the virtual push received during the lockdown and is now becoming a mainstay in the pursuit of well-being.

Sheena Kapoor – Head Marketing, Corporate Communications & CSR, ICICI Lombard, said, “Our Wellness Index provides pivotal insights into the evolving digital wellness sphere and the health challenges of our time. The findings propel our commitment to innovating insurance solutions that address these emerging needs. This year's index reveals the digital embrace in the wellness sector, with more individuals turning to health tech and social media for well-being insights and solutions. Social Media is looked up by respondents as an important source for Mental & Physical Wellness with 45% saying that they access motivational content on these platforms that helps overall wellness of body and mind. However, the decline in social wellness is a call to action, emphasizing the need for more community-centric initiatives.”

Kapoor further highlighted, “Spending quality time with family sees a decline among working women, leading to a decreased feeling of well-being, with only 53% of women claiming they spend quality time with their families & community in 2023, compared to 64% in 2022. This resonates with interactive sessions from the study, reflecting the challenges faced by working women in maintaining a balance between work and personal life.”

Key takeaways from the 2023 study include:

• In the era of health tech and social media convergence, ICICI Lombard's report illuminates the significant adoption of health technologies across various cohorts. A surge in social media usage for wellness, particularly concerning physical and mental health, reflects a transformative shift. The era of 'Fin-fluencers' is upon us, with a growing number of Indians turning to platforms like Facebook and YouTube over traditional business media for investment advice.
•  A concerning dip in social wellness is underscored, with all pillars — awareness, action, and influence — showing a notable decrease. The decline is pronounced among women and residents of Tier 1 towns, revealing a pressing need for initiatives to bolster community engagement.
•  Alarmingly, the younger generations, especially Gen Z and Millennials, report higher levels of anxiety, lack of stamina, and obesity, underscoring the urgency for targeted health interventions.
• The Index sheds light on the prevalence of chronic ailments, with approximately 35% of respondents battling diabetes, high blood pressure, cholesterol, or hypertension.
• The Index exposes a stark reality: every third person is grappling with stress. The incidence of stress and depression symptoms is rising, with those affected experiencing significantly lower mental wellness.

Derived Importance & Actual Performance of Sub-Types of Wellness

Workplace wellness has experienced a decline in comparison to the year 2022. However, physical and mental wellness maintain their positions as the top two priorities.

The COVID-19 has fundamentally changed workplaces, with employee expecting better mental wellbeing, higher dissatisfaction among Gen Z. The Wellness Index also presents a stark picture of low financial wellness among Women & Gen Z in India, more needs to be done to empower them.

In 2023, the significance of physical and mental wellness remains paramount, continuing to be the foremost factors contributing to overall well-being. These aspects continue to gain prominence. Additionally, family wellness has risen in importance and now holds the third position in the hierarchy of well-being considerations for the year.