Why health techs are the ones to watch in insurance

Efma feature

09 July 2019

Health techs are shaking up the insurance industry, finds Efma’s latest digest publication, ‘Insurtechs: How health techs are revolutionizing the insurance industry’.

Health techs come in various forms – wearables, health devices, health apps, health ATMs, smart home hubs, and connected ecosystems.

These new players’ innovative approach and use of technologies – including artificial intelligence, augmented reality, the internet of things, big data and machine learning – have the potential to rival the years of experience and insurance know-how accumulated by even the strongest of incumbents.

The headline takeaway? Health techs are grabbing an increasing share of the insurance industry, and are at the heart of its transformation.

It’s no surprise then that 86% of insurers believe innovation must happen at an increasingly rapid pace to retain a competitive edge, says Accenture in its 2019 report The rise of insurtech.

Redefining the role of the insurer

In this Efma digest, we highlight how health techs are revolutionizing the insurance industry, by placing customers’ wellbeing at the heart of their missions.

Liberated from the confines of legacy technology, they are changing the game in numerous ways by: improving health and wellbeing; enhancing prevention and diagnosis; delivering stellar customer experience; converting the insurer into an everyday partner for the customer; increasing underwriting efficacy; and preventing fraud and strengthening cybersecurity. Discover real-life examples of how health techs are doing so in the digest.

The rise of ecosystems – and how to build one

Ecosystems are the next big challenge for incumbents in the insurance industry, as the likes of Amazon begin to deliver the convenience they are known for across a whole new myriad of services.

Indeed, 96% of insurers believe that digital ecosystems are having an impact on the insurance industry, reports Accenture. And by 2025, ecosystems will account for 30% of global revenues, with sales amounting to $6 trillion within the health industry, predicts McKinsey & Company. Find out how insurers can integrate into existing ecosystems or build their own in part three of the digest.

Strategies to implement

We also draw insight from recent research to recommend how insurers can realign their culture to better serve the customer. In addition to leveraging on the rise of ecosystems, we share how to embed yourselves in your customer’s journey and how to incorporate data and AI into a culture of innovation and purpose. Our findings are supported by an inspiring collection of examples of 20 health techs leaving their mark across the world.

To find out more about the health tech revolution, download the full digest.

Keywords : AI/Robotics , Fintech , Health insurance , Internet of things , Insurance Products & Services

Geography : International