The insurance industry is undergoing a profound transformation as health techs continue to enter and grab an increasing share of the market. 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.
Meanwhile, 96% of insurers believe that digital ecosystems are having an impact on the insurance industry, says Accenture in its 2019 report The rise of insurtech. Indeed, by 2025, ecosystems will account for 30% of global revenues, with sales amounting to $6 trillion within the health industry, predicts McKinsey & Company in their article ‘Insurance beyond digital: The rise of ecosystems and platforms’. The smartest move, therefore, may be for health techs to partner with incumbents and grab a much sought-after spot in digital ecosystems, becoming a real force to be reckoned with.
In this Efma digest, we highlight the main ways in which health techs are changing the game; from enhancing the prevention and diagnosis of certain diseases and conditions, to improving customer experience and underwriting efficacy, to becoming an everyday partner for their customers, examples of their far-reaching impact abound.
At last, we draw insight from recent research to recommend strategies to implement in order to gain a competitive edge in the insurance industry, for example by engaging in emerging and growing ecosystems. Our findings are supported by an inspiring collection of examples of 20 health techs leaving their mark across the world.
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Keywords : Health insurance , Fintech , Insurance Products & Services , Internet of things , AI/Robotics