Santalucía, the leading family protection insurer, presents the First Santalucía Senior and Silver Economy Trends and Innovation Report, prepared by the Corporate Innovation area of the insurance group in collaboration with Vecdis, a consulting and analysis company. The report analyzes the current landscape of older people, highlighting technological trends that offer solutions to the problems and expectations of Seniors And the Fourth Age.
One of the main revelations of the report is that the new Senior Consumer represents a unique opportunity To create innovative products and services that help people as they age, but it has also led to the increasing emergence and proliferation of new technological agents that arise to help this generation to enjoy that independence and desired freedom. In addition, Seniors have a positive outlook on your economic future, which has led to the appearance of the 'Silver Economy'.
In this regard, insurance companies play a fundamental role, as stated in the report in the words of Ángel Uzquiza, Corporate Director of Innovation at Grupo Santalucía: “Insurance companies must adapt to the changes that are taking place in the way of life of older people, in their needs and expectations. At the present time, we have the opportunity to respond to the challenge of longevity that is increasing with active global demographic aging. And, for this reason, technology and innovation are key, since they contribute to improving their well-being and redesigning life by providing effective solutions that we could not otherwise address”.
Data and current overview of the Senior Sector
It has always been said that when a person retired at the age of 65, they entered directly into the Third Age, but this concept has fallen into disrepair. In fact, for some time now it has become necessary to assign to this group a A term that can catalog and differentiate them, the idea from which the concept of “Senior”.
What was the problem here? Within the term Senior, understood in its entirety (people over 55 years of age), there comes a time, an age, when They don't have the same capabilities neither physical nor mental, so a new concept was established: The Fourth Age. This means that old age, which previously could be included in the concept of the Elderly, has been divided into two distinct groups: the group of the so-called Seniors, which are those that are found Between 55 and 80 years old, and the Fourth Age, those who have more than 80 years.
This differentiation not only applies to age, but also to the needs of each group. In the case of Seniors, health solutions focus on offering. preventive care since their needs are more oriented to maintaining an active and healthy life, and maintain the same level of income in the financial field. The Fourth Age, on the other hand, are people with greater dependence and a sense of loneliness who want to be independent as far as possible, so in this case the initiatives that offer solutions their main objective is reactive care And the helps in the management and control of expenses and payments that they must do in their daily lives.
Silver Economy
As indicated in the Report, the current generation of Seniors has more educational training, are more active and enjoy better health conditions, as well as a more intense and daily relationship with new technologies. In addition, in many cases they have a positive outlook on their economic future, which has meant that, in recent years, the Silver Economy.
This new economic concept is used to refer to the economy that revolves around the population over 50 years old and that, according to figures from the European Commission, it has a consumption power equivalent to the third largest economy in the world. But regardless of the economic power that this population may have, it is important because of the weight it has in Spain, where the population is very old. In fact, according to the INE, life expectancy at birth in Spain It has increased in 10 years since 1975, going from being 73.47 years old to 83.59 years old in 2019.
In addition, the main concern at these ages is the management of the economic situation and, in this sense, some services are useful to reduce the challenges faced by families helping people who cannot manage their finances independently. La financial planning, the informations And the educational resources can help Seniors to maintain good financial health. Many may not be aware of the wide variety of services available to them.
New Trends, Technology and Seniors
Both Seniors and Fourth Age members need solutions to solve their daily problems, and these solutions most of the time they come hand in hand with new technologies: video call or chat systems, Artificial Intelligence, voice assistants, motion sensors, wearables, etc. Based on making life easier for the elderly, these solutions are part of what is known as Connected Wellness, combining digital devices with analytics to provide a safe environment and personalized attention if necessary.
In this Senior ecosystem, you can find everything from purely technological solutions to others that make residual use of technology, in addition to those that do not incorporate any technological element, giving rise to a very fragmented market.
There are four themes that stand out in Senior Innovation depending on the objective they pursue: those aimed at Health Care, which allow them to maintain their current standard of living; those that offer Telemedicine Services, which significantly reduce their exposure to risk; those aimed at Mitigate Loneliness and/or promote their independence; and, finally, those aimed at Financial Planning, so that they can live without economic worries.
Health Care
- Cuideo: on this online platform, you can hire home caregivers, either on an hourly or full-time basis, even to live with the client 24 hours a day.
- Qida: the company is committed to the professionalization of the home care system and makes available to those who need it the opportunity to hire caregivers. In addition, it has a mobile application that allows families to know how the patient is doing, what services they have contracted and contact the social worker of their choice.
- BrainCheck: This app helps people take control of their cognitive health. Through an interactive detection and testing tool, it allows the user to understand what is happening in their brain, receive results on the spot and share the data with family members, doctors and caregivers.
- Age Bold: With a preventive nature, AgeBold helps improve the balance, strength and mobility of older people from home with easy-to-follow online exercise programs. Using an algorithm, it defines a plan to improve the physical fitness of each user and, in addition, it supports them with motivational messages, which provides relief from the feeling of loneliness.
- Alice65: this technological solution revolutionizes the voice assistant market. Managing reminders, emergency alerts or GPS positioning are some of the functions it provides through multiple IoT devices.
- Rosita Longevity: the application helps you understand how to live longer in health through classes, activities and tests. Its tool, an application that acts as a virtual trainer, allows you to create your own “Longevity Plan”, in addition to being able to measure progress compared to people of similar age.
- vermouth: Vermut is the digital platform that wants to prove that age is just a number. To this end, it has developed an ecosystem focused on leisure for older people that offers a wide variety of activities and experiences aimed at meeting people, enjoying outdoor experiences, updating knowledge...
- Mysphera: this startup manufactures bracelets with geolocation connected to a computer system that allows us to know at all times where each patient in the hospital is. The built-in real-time information panels automatically inform family members of the condition of each patient and automate hospital processes to shorten patient waiting times.
- Depencare: To help dependent people live a full life at home, Depencare provides a comprehensive home care service for the elderly, in addition to including advice on matters related to Seniors.
- Senniors: this is a reliable home care company for the elderly and dependent people that adapts to the client's needs by providing internal caregivers, on an hourly basis, support in a home or hospital, etc.
- Durcal: this is the free app to connect the elderly with their families in a simple and intuitive way. The application allows you to check the location and locate the user, check all the details of their physical activity and ask for help with an emergency button.
Telemedicine Platforms
- OnNet Health: this is one of the platforms for contracting private medical services. It allows the purchase of consultations, tests and surgeries in more than 4,000 private clinics without waiting lists.
- ClinicPoint: also in the field of private medicine, ClinicPoint is a platform that allows access to consultations, reviews, diagnostic and surgical tests in different clinics and hospitals in Spain.
- TherapyChat: moving on to the field of mental health, TherapyChat works like an online psychologist. It provides the user with access to video call psychology consultations, which saves travel, and offers therapies in different specialties.
- Knok Care: This solution for medical professionals has an integrated care platform. It has a Chatbot powered by Artificial Intelligence that helps patients evaluate their condition and guide them to the right specialist.
- HumanitCare: it is a telemedicine and remote patient monitoring platform that, with its AI-based solution, is capable of collecting and providing real-time, reliable and quality health data to improve clinical outcomes, allowing the doctor to be up to date on the patient's situation.
Independence and Solitude
- Beprevent: Beprevent provides intelligence to everyday objects with intelligent labels to turn them into collaborators who provide information about other people's activities. In this way, the elderly have the independence they need while keeping their families informed about their situation.
- Neki: considered the leading startup in the development of GPS tracking devices for the elderly, Neki offers devices with hidden GPS that allow family members or caregivers to locate the user and monitor their activity through an app.
- GPS Smartsole: This initiative consists of a hidden and sealed GPS tracker that can be placed inside a shoe to track the movement of an elderly person when leaving home.
- Yepzon Freedom: similar to the previous one, Yepzon Freedom is a personal security device that combines the functions of a GPS locator and alarm system, allowing the movement of the user who is carrying it to be monitored.
- Jeanne / Wattio: thanks to the devices that incorporate these proposals, it is possible to know the habits and behavior patterns of the elderly through those of the Internet of Things (IoT) and Artificial Intelligence.
- Dem @care: to facilitate the independence of people with dementia, Dem @care provides caregivers with remote and personalized solutions, specifically an ecosystem of wearables that record the activity of the individual including doctors in remote monitoring.
Financial Control
- EverSafe: EverSafe uses technology Machine Learning to create a financial profile of your customers. It monitors bank and investment accounts and credit cards and, thanks to this profile, it protects the user against scams, fraud and identity theft.
- True Link Financial: True Link is another financial solution for older adults to provide them with greater independence and autonomy. Your customizable debit card can be configured to provide restricted access to funds.
- Golden: As a tool that allows family members to manage the finances of their elders, the Golden financial assistance initiative and family collaboration platform helps manage the economy of dependent people.
- SilverBills: SilverBills is an invoice management service that examines invoices for errors and fraud and ensures that they are paid on time and correctly on behalf of the user in question.
- Kindur: This financial technology company helps older people plan for retirement by building a medium plan, investing savings in their portfolios and automating their retirement income.
- Pensium: The Pensium program is a funding system to pay for assistance for elderly people with dependency when they need to go to a nursing home or to a family member's house. The house that remains empty works for its owner and generates the resources needed to pay for this assistance.
- Figure Technologies: driven by technology Blockchain, at Figure they create innovative financial solutions for homeowners. In this way, users can receive funds for a home equity line of credit provided on their platform based on Blockchain.
- Silvernest: this initiative was born with the idea of helping older people to find the right people with whom to share their home, companions based on their personal preferences with whom they can reduce expenses, generate income and obtain company so as not to feel alone.
Life annuity, bare ownership, reverse mortgage and rent buying and selling
Retirement is a key moment that affects all workers. Over the past few years, savings insurance has been gaining prominence in Spain, and with the objective of recovering investment at the time of retirement, products have been created around pensions and the value of housing with great potential in the market and are the main sources of economic income for older people.
Almagro Capital
The objective of Almagro Capital is to increase the quality of life of older people by supplementing their pension with additional income through the investment or purchase of your properties.
Retiro Group
Grupo Retiro is the pioneering and leading company in Spain in the marketing and management of real estate annuities, bare property sales, reverse mortgages and sales with guaranteed rent about housing for the elderly.
By providing extra monthly income, Grupo Retiro helps older people to continue to enjoy life on their own making the most of your home.
Optimal Seniors
Optima Seniors is a consultancy and consultancy specialized in improving the quality of life in retirement obtaining liquidity for their clients from their real estate assets, but without losing ownership of it. To achieve this, they are based on the use of financial products such as reverse mortgage, bare ownership and purchase-sale of rent.
Santalucía and its commitment to the senior sector
Seniors, in addition to talent and experience, have the enormous value of being the connecting point of two generations, and Santalucía, as a company responsible insurer committed to society and its changes, aims to give them visibility and support them in their lives and projects. For this reason collaborate with projects to promote senior talent in alliance with entities such as SECOT, the Adecco Foundation and the SERES Foundation.
However, despite the benefits that these initiatives and technological solutions can provide, cities must also adapt to the new needs of an older population.
