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What is the latest news in InsurTech?

Here is the list of top 3 latest news in InsurTech sector

Greenlight Re invests in South African InsurTech Click2Sure

Source of this news piece: https://www.intelligentinsurer.com/news/greenlight-re-invests-in-south-africa-based-insurtech-click2sure-16706

The South-Africa based Click2Sure has developed a platform for managing, distributing and purchasing insurance at the point of sale. The startup was founded in 2017 by Daniel Guasco (previously led Groupon South Africa) and Jacques Van Niekerk(served several e-commerce companies in South Africa). The move was welcomed by the Greenlight CEO Simon Burton who went on to say “We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers. The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”

The Click2Sure founders commented “We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability, and potential. This partnership has brought global recognition to a South African business, and we welcome the insights that Greenlight Re Innovations will introduce to the platform.”

The investment was processed through the reinsurer’s insurtech unit Greenlight Re innovation which has started in March 2018.

InsurTech start-up Broker Insights has partnered with Zurich, Axa, Ecclesiastical and QBE

Source: https://www.insuranceage.co.uk/technology/3649746/insurtech-futures-four-major-insurers-join-ex-aviva-director-fraser-edmonds-platform

Broker Insights was launched in January 2018, founded by Fraser Edmond.  The company has partnered with Zurich, Axa, Ecclesiastical and QBE following to their partnership with Hiscox. The goal of Broker insights is to provide a data sharing platform where insurers can get insights into the U.K regional broker customer data.

According to the Broker insights, insurers will get an accurate view of opportunities available in their regional broker market. It is a great platform that will connect the right insurers to right brokers at the right time. With the help of this technology, customers will also get products that align with their requirements.

Deepak Soni, director of commercial intermediary at Axa, says that the Broker insights support Axa’s branch network focus.

He further added “This platform has real potential in further strengthening our relationships in regional markets across the UK and provide more opportunities to support independent brokers and customers alike,”

Driverless and autonomous cars to impact the InsurTech industry

Source: https://www.intelligentinsurer.com/news/autonomous-cars-will-shake-insurance-market-to-its-core-16698

At the Intelligent InsurTech Europe 2018 conference in London on October 15, Vincent Branch the CEO of Accelerate at AXA XL gave a presentation titled “ ‘Autonomy and the challenges for the risk & insurance industry’. He talked about the advent of vehicular autonomy and the driverless cars and their impact on the insurance industry.

He went on to explain the five levels of vehicular autonomy from level 0 – level 5. Level 0 means no autonomy and level 5 meaning completely autonomous.  Currently, the focus is on level 4 which means the optional participation of the human driver. According to him autonomy will not only change but will transform the world.

The cause of 90 percent accidents is human errors, and autonomous vehicles will reduce the accidents. Branch further added that efficient driving would alleviate the carbon dioxide emission up to 60%  and reduce the transport costs.

But, the main question comes into the picture that is how will the insurance claims be managed in the cases mentioned above.

Questions for the insurance industries as posed by Branch:

1.    Who is at fault for an autonomous vehicle accident?

2.    How will car ownership change?

3.   Can anyone steal a driverless car?

4.    Does insurance have the capacity to cope with such high magnitude changes?

These questions do not have the answer as of yet, but it will be a turning point for the insurance industry in the future, and the picture will be completely different as it is now.

InsurTech is a late bloomer field that is now seeing the light of innovation and technology. So, it is not surprising to see that new companies and start-ups are taking a plunge in the Insurance sector and giving it a push.  Artificial intelligence and machine learning form the crux of InsurTech, and we can expect some revolutionary changes soon.

For any InsurTech queries, reach us at hello@mantralabsglobal.com

 

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Embracing the Digital Frontier: Transforming the Patient Journey in Pharma

In the realm of pharmaceuticals, the digital revolution is not just a buzzword; it’s a seismic shift reshaping the landscape of patient care. From discovery to delivery, digital technologies are revolutionizing every facet of the pharmaceutical industry. One of the most profound impacts is evident in the patient journey. Today’s Patients are more informed, engaged, and empowered than ever, thanks to the proliferation of digital tools and platforms. In this comprehensive exploration, we will delve into the multifaceted ways digital is redefining the patient journey in pharmaceuticals.

According to a report by Accenture on the rise of digital health, these are the key challenges to overcome:

  • 99% of respondents indicated that the development and commercialization of Digital Health solutions has accelerated in the past two years. As part of this, companies require various new and strengthened capabilities to execute their visions. 
  • Patients and health professionals need to trust that the data collected is accurate, safe, and secure for them to feel comfortable using it. 
  • Fragmented data or lack of access to data has been a barrier to development. An overarching guideline on data privacy is needed.

Leveraging Digital Solutions for Accessible Drug Delivery

In the pharmaceutical industry, the journey of medication from production facilities to patients’ hands is evolving with the integration of digital solutions. These technologies not only streamline logistics but also ensure that medications reach even the most remote and underserved areas. Let’s delve into how digital innovations are transforming drug delivery and backend channels in the pharmaceutical industry.

Digital Backend Channels and Supply Chain Management:

Pharmaceutical firms leverage digital tech for efficient backend operations. Software like SAP Integrated Business Planning and Oracle SCM Cloud enable real-time tracking, inventory management, and demand forecasting. With AI and analytics, companies adapt to market changes swiftly, ensuring timely medication delivery and optimized supply chain logistics.

Innovative Digital Drug Delivery Technologies:

  1. Controlled Monitoring Systems: Digital temperature monitoring systems provide digital temperature monitoring solutions using IoT sensors and cloud platforms, safeguarding temperature-sensitive medications during transit, ensuring compliance with regulatory standards, and minimizing product spoilage risk.
  1. Last-Mile Delivery Platforms: Zipline and Nimblr.ai, along with LogiNext, employ digital last-mile delivery solutions, using drones and AI-powered logistics to transport vital medical supplies efficiently to remote regions, improving accessibility for underserved communities.
  1. Telemedicine Integration with Prescription: Integrated telemedicine and prescription platforms, like Connect2Clinic, are rapidly growing in response to COVID-19. With telehealth claims at 38 times pre-pandemic levels, the industry is projected to hit $82 billion by 2028, with a 16.5% annual growth rate. Mantra Labs partnered with Connect2Clinic, enabling seamless coordination between healthcare providers, pharmacies, and patients. This facilitates virtual consultations and electronic prescribing, benefiting remote patients with medical advice and prescriptions without in-person visits. These platforms enhance healthcare access, medication adherence, and patient engagement through personalized care plans and reminders.
  1. Community Health Worker Apps: CommCare and mHealth empower community health workers with digital tools for medication distribution, education, and patient monitoring. Customizable modules enable tracking inventories, health assessments, and targeted interventions, extending pharmaceutical reach to remote communities, and ensuring essential medications reach those in need.

Through the strategic deployment of digital solutions in drug delivery and backend channels, pharmaceutical companies are overcoming barriers to access and revolutionizing healthcare delivery worldwide. By embracing innovation and collaboration, they are not only improving patient outcomes but also advancing toward a more equitable and inclusive healthcare system.

Personalized Medicine:

Wearable devices and mobile apps enable personalized medicine by collecting real-time health data and tailoring treatment plans to individual needs. For example, fitness trackers monitor activity and vital signs, customizing exercise and medication. Personalized medicine optimizes efficacy, minimizes adverse effects, and enhances patient satisfaction by leveraging patient-specific data.

Enhanced Patient Engagement:

Pharmaceutical firms utilize digital platforms for patient engagement, fostering support and education during treatment. Through social media, mobile apps, and online communities, patients connect, access resources, and receive professional support. Two-way communication enhances collaboration and decision-making, boosting treatment adherence, health outcomes, and consumer loyalty. Click here to know more.

Data-Driven Insights:

The abundance of healthcare data offers pharma companies unique opportunities to understand patient behavior and treatment patterns. By leveraging big data analytics and artificial intelligence, they extract actionable insights from various sources like electronic health records and clinical trials. These insights inform targeted marketing, product development, and patient support programs. However, ensuring data privacy and security is crucial, requiring robust regulatory frameworks and transparent practices in the digital era.

Challenges and Considerations:

Maximizing the benefits of digital technologies requires addressing challenges like patient data privacy and equitable access to healthcare tech. Stringent safeguards are needed to protect confidentiality and trust, alongside efforts to bridge the digital divide. Regulatory frameworks must evolve to balance innovation with patient safety and security amidst rapid advancements in digital health.

Key Considerations for Pharma Companies in Embracing Digital Innovation:

  • Prioritize patient-centricity in digital initiatives, focusing on improving patient outcomes and experiences.
  • Invest in robust data privacy and security measures to build and maintain patient trust.
  • Foster collaboration and partnerships with technology companies and healthcare providers to drive innovation and scalability.
  • Leverage analytics and AI to derive actionable insights from healthcare data and inform decision-making processes.
  • Continuously monitor and adapt to regulatory requirements and industry standards to ensure compliance and mitigate risks.

Conclusion:

The digital revolution is not just a paradigm shift but a catalyst for transformation across the pharmaceutical industry. By embracing digital technologies, pharma companies can unlock new opportunities to enhance the patient journey, improve treatment outcomes, and drive sustainable growth. However, realizing the full potential of digital health requires collaboration, innovation, and a steadfast commitment to addressing the challenges and considerations inherent in this transformative journey. As we navigate the digital frontier, the future of patient care promises to be more connected, personalized, and empowering than ever before.

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