Transamerica Begins to Explore the Link Between Health and Wealth in a New App

by on Mar 14, 2018

Transamerica highlights the connection between health and wealth with the recent revamp of its business, including a new public site, a partnership with a workplace benefit administration firm and a test version of a new financial app. The app is separate from the existing retirement account app, My TRSRetire, and can be used by anyone. Available on Google Play or the App Store, the new app focuses on the vision that healthier individuals will save money on healthcare costs. If successful, the firm will be able to garner large amounts of client data. A video on the site promotes its features, including many that are not yet implemented.

The firm aims to improve lifestyle habits using the app’s Journeys section. Journeys, which can relate to either health or wealth, fall into one of four categories: Longevity, Discipline, Freedom and Security. Each consists of activities related to either wellness or finances, tasking users with manageable activities to improve aspects of both. For example, in the Manage the Munchies journey, the app challenges users to substitute caffeine with a fiber or protein-filled snack. Tools embedded within the journeys, such as a budget calculator, help users complete some activities. A pie chart on the home screen updates as journeys in different categories begin, indicating whether they relate to health or wealth. The home screen keeps users on track by asking pertinent questions to check for completion.

Transamerica App – Feed Screen

While the app introduces a new way of thinking about lifestyle and aligns with the wearables trend, the execution leaves room for improvement. In its current state, the app allows users to connect health and input wealth information and complete journeys for both. iPhone users can easily connect to Apple Health to transmit data like step count and cholesterol levels, but cannot connect to other popular apps like Fitbit. In addition, users must manually input their financial account information. Many other financial apps, such as Mint, let users connect their accounts so that information can update in real time. By failing to connect financial products—even Transamerica products—the firm relies on users to input changes every time their balances change or they contribute to retirement plans, undercutting the app’s utility.

Transamerica App Wealth Screen

The public site Transamerica app page encourages prospects to test drive the app and promotes it as an early release. The video, which presumably covers the full-release version, highlights features like home screen financial graphs, the ability to link accounts directly, and diverse wellness and financial graphs.

Transamerica Video Screenshot