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TOP 10 INNOVATIVE INSURANCE PRODUCTS OF 2019

6 minutes 9 seconds read

We are witnessing the slow but sure, uberization of insurance. Insurers now more than ever, need big data-driven insights to assess risk, reduce claims, and create value for their customers. The industry is abuzz with a steady influx of new innovative products, deriving value in areas that were previously untapped.

Processes like faster KYC verification and onboarding, automated underwriting, virtual claims adjusting, to name a few have become hot commodities within the last year. With AI-assisted technologies improving functionality, reducing real-time data fraud or meddling; insurers are creating custom-fitted coverages for the end-user.

For example, AI-powered underwriting solutions are already saving up to 97% of the time and resources that were traditionally required, enabling the corporate underwriter to specialize in cases that require deeper thought and analysis.

According to a recent CB Insights report, here’s what’s next for P&C Insurance.

The general insurance industry in India alone is valued at US$ 21B in 2019, growing at 13% CAGR over the next 5 years, and is expected to touch US$ 57B by 2025. Customer’s coverage expectations in the subcontinent have shifted toward desires of flexible insurance products that more closely match their lifestyle needs. These trends across the APAC landscape mirror the changes being witnessed in more advanced insurtech markets across Europe and North America.

Keeping customers primed at the centre of insurance innovation, here’s a look at the top ten most game-changing products in insurance today (in no particular order)

  • Splitsurance: Allianz Suisse used KASKO’s cloud-based insurance lifecycle platform to create and run a new type of insurance product – splitsurance. The offering targets university students in Switzerland, who live in a ‘flatshare’. Customers can get a liability cover, insure up to three high-value items of their choosing and also get discounts if their flatmates decide to join. Users can manage and update their cover autonomously through an after-sales customer portal.  
  • CUVVA: Cuvva provides hourly car insurance. In the mobile app, you simply enter the registration number and approximate value of the car you are borrowing from a friend or family member, choose the time you want to be covered for, take a picture of the car and Cuvva will get you an instant quote. Cuvva integrates with Facebook so that you can see which of your friends have cars to borrow. Cuvva queries various data sources to check driving licence data, the Claims and Underwriting Exchange and automated fraud protection to verify coverage quicker than legacy players can.

  • Digital Risks: DigitalRisks is an insurance specialist built for tech companies, offering a flexible, pay monthly Insurance-as-a-Service model. A founder could start out by protecting their laptop and end up with employer liability insurance and insurance against data breaches as the company grows.

  • Back Me Up: Back Me Up is an offshoot of Ageas. Their unique proposition is to be a parental-like cover for young people and students. For £15, one can insure their three most valuable items (eg: laptop, mobile), that also includes theft loss and worldwide travel insurance, plus there are no annual contracts.

  • Mango: The Mexico-based life and retirement insurance intermediary, allows users to obtain life insurance “in minutes.” They are pioneers in Mexico, who use technology to streamline every interaction you have with your insurance, avoiding unnecessary paperwork and confusing coverages. They have intelligent bots at work to answer insurance related queries, plus their UI is outstanding.

  • Bought By Many: The UK-based startup is a free, members-only service that helps users to find insurance for the not so common things in life. They offer pet, travel, car, bike, shoes, gadgets, home insurance covers and more. Members save an average of 18.6%. The company negotiates discounts directly with insurers for the clients’ unique situations.  

  • Dad Cover: The product is uniquely propositioned for Dads looking to get life insurance and financially protect their families. They’re full-sized professional financial planning firms, working with life insurance specialists.  Using a streamlined service, one can get a free quote after a quick chat with their DadBot, then one of their associated FCA registered advisers will talk you through your needs, answer all your questions and give you proper independent advice on what’s best to help protect your family.

  • Go Girl: GoGirl is a woman-only drivers insurance, that rewards good drivers with lower premiums. The insurance cover also includes a free courtesy car when your car is in for repairs, legal cover, child car seat, personal accident and windscreen cover. The company also insures your handbag and its content if it is stolen from the car. A free quote is available in minutes, and the whole transaction can be completed online.

  • Safety Wing: The “Insurance for Nomads” via SafetyWing is travel insurance that’s creating a safety net for online freelancers and entrepreneurs. The company offers coverage – up to $250k via Tokio Marine HCC – for unexpected illness or injury, including eligible expenses for the hospital, doctor or prescription drugs. They plan to extend their products to medical travel insurance in the near future.

  • Vlot: The Vlot platform provides life risk analysis and coverage solutions that smoothly adjust to your changing life situations. If you meet unexpected changes in your life, such as moving to a new city, getting married, or loss of a job – you can adjust your life risk coverage accordingly and never be over or underinsured. You only pay for what you really need in your current life situation, and control the premiums as and when dynamic changes occur.  

Special mention:

Fizzy: Fizzy is a revolutionary web & mobile insurance cover for flight delays of 2 hours or more. Developed by AXA, with Fizzy you combine the benefits of a startup and the insurance knowledge of a global insurer. They offer a one-shot coverage tailored to your own flight route, with automatic compensation in case of a delay, with no exclusions. You can purchase fizzy in 4 clicks at any time after your flight ticket has been purchased, up to 5 days prior to departure.

As customer tastes continue to evolve, the future looks promising for the state of innovation, while insurers align their offerings in lieu of the demand for newer insurance products.

The marketplace of insurance ideas is already a reflection of the changes customers want to see from their insurance providers, with young insurtechs being instrumental in bridging those unmet need-gaps, and bringing out positively unique insurance coverages for the average consumer.

(Note: The products highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today. For more analysis on Insurtech products such as those from Lemonade, Trov etc. – which are not included here, read our blog on the Adoption of Chatbots across Insurance.)

webinar: AI for data-driven Insurers

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.

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What will ‘Behavioural Changes’ Mean for India’s Digital Health Future

We are in the middle of a global pandemic, facing a threat unlike one never seen before. COVID-19 has been a reason for global concern since it has negatively impacted economies, shut down workplaces, and forced cities into lockdowns.

But history also tells us  that times of uncertainty also foster innovation. The pandemic has forced consumers and businesses to rethink how they behave both physically and digitally. As per McKinsey, COVID-19 has speeded up the adoption of digital technologies.

India, which was on the cusp of a ‘digital health’ revolution, has now been forced to embrace innovation and emerging trends. The healthcare sector holds great promise since new-age technologies like telemedicine, robotics, artificial intelligence (AI), genomics, etc. are transforming healthcare services.

There have been unprecedented changes in consumer behaviour as well. People are now increasingly relying on using the internet to find clinical information or engage with healthcare professionals digitally. Moreover, online consultations, telemedicine, and e-pharmacies have seen a rise in popularity.

Companies will thus need to capitalize on the changing patterns of consumption and health-seeking behaviour.

This article focuses on how changing patient behaviour will affect India’s digital health future.

A growing Indian healthcare market

According to a report by Future Health Index, India is a leader in the adoption of digital health technology. As per India Brand Equity Foundation (IBEF), the Indian healthcare market is expected to grow at a compound annual growth rate of 22% to reach a valuation of USD 372 billion by 2022. This growth can be attributed to the following –

  • Growing health awareness
  • Aging population
  • Lifestyle-related diseases
  • Rising income levels
  • Growth of internet availability

The rise of digital health start-ups is also playing a role in the growth of the healthcare sector. Indian health tech startup landscape has now matured.

Over the last few years, telemedicine has emerged as a fast-growing sector in India. Prominent start-ups like Practo, mfine, and Lybrate have established themselves in the telehealth market. McKinsey estimates that India could save up to USD10 billion by 2025 by using telemedicine instead of in-person doctor appointments.

COVID-induced behavioural changes

The COVID-19 pandemic has brought about changes to patient behaviour. The fear of leaving homes to get treatment has led to the growth of virtual care and telemedicine. 

As per a report by Accenture, almost 70% of the patients canceled or postponed their treatments due to the COVID-19 pandemic. Technology, therefore, played a crucial role in helping patients continue their care. Healthcare providers were even able to improve the experience for patients by delivering them faster response time, personalized interactions, and the convenience of getting consultation from home.

The same report by Accenture highlights some key behavioural changes that are being observed in patients – 

  • Nearly half of the patients now get their treatment at their homes instead of visiting a clinic.
  • Almost 60% of patients want to continue using technology for communicating with healthcare providers.
  • About 41% of patients now use video conferencing to connect with their healthcare providers. Of these, for almost 70% of patients, it’s their first-time using video conferencing for healthcare.
  • Almost 44% of patients used new apps or devices during the pandemic to manage their health conditions.

All this highlights the need for healthcare providers to reimagine their patient engagement strategies in keeping with the changing patient behavior.

Future of digital health in India

New digital technologies and tools are making an impact across the healthcare sector. They hold great promise in improving the efficiency of healthcare services while delivering better patient care. Below are some of the technological developments that are expected to revolutionize the way we seek healthcare.

Telemedicine

About 68% of India’s population lives in rural areas where healthcare services are not usually up to the mark. This barrier can be overcome by telemedicine that offers an excellent way for patients to consult a doctor in a much shorter duration. Telemedicine can cut waiting times and allow patients to avoid traveling to a clinic or hospital. Some other benefits of telemedicine include –

  • Immediate access to specialist healthcare providers.
  • Cost-effectiveness.
  • Improved quality of care.
  • Convenience to the patients.
  • Improved patient engagement.

Internet of medical things (IoMT)

The rapid growth of IoMT devices is rapidly changing healthcare delivery by playing an important role in tracking and preventing chronic illnesses.

It not only helps eliminate the need for in-person medical visits but also helps reduce costs. Goldman Sachs estimates IoMT to save USD 300 billion annually for the healthcare industry. IoMT will benefit those patients the most who are unable to get access to quality healthcare due to remote location.

Big data in healthcare

There has been dramatic growth in the amount of medical and health data in the last few years. These massive datasets can be used to draw insights and opportunities for healthcare organizations. Analysis of healthcare data can help discover warning signs and create preventive plans.

The widespread adoption of IoT devices also makes it easier to monitor heart rate, blood pressure, etc. This can help in the early detection of diseases like hypertension, asthma, heart problems, etc.

Electronic medical records

Electronic medical records or EMRs help collect, digitalize patients’ information, and store it in a single place. EMRs store various types of medical data like medical history, prescriptions, drug allergies, etc. and allow doctors to make accurate disease prognosis in a much shorter time. Some other benefits of EMRs include – 

  • Effective medical decisions.
  • Easy data recovery.
  • Improved collaboration.
  • Portability.
  • Security of medical data.

Artificial intelligence

Artificial intelligence (AI) has a big role to play in improving healthcare since growing digitization leads to the availability of a large amount of health data. AI has the potential to transform everyday health management in the following ways –

  • Improved accessibility of healthcare services (for example – the AI-based mobile app Ada is available across 140 countries and makes it possible for anyone to have access to medical guidance).
  • Improved efficiency.
  • Accurate disease diagnosis.
  • Improved insights to reveal early disease risks (for example – a popular app Verily can forecast noncontagious and hereditary genetic diseases).
  • Time and cost savings.

mHealth

Mobile health or mHealth refers to the monitoring and sharing of health data via mobile technology like health tracking apps or wearables. 

mHealth apps can prove to be beneficial in increasing patient engagement, providing health education, and offering remote consultations to patients. It can also use the data from wearable devices to improve the quality of care. Some other benefits of mHealth include – 

  • Faster access to physicians.
  • Improved medication adherence.
  • Remote patient monitoring.
  • Increased medication reconciliation accuracy.
  • Improved coordination between healthcare providers and patients.

Conclusion

It’s quite clear that COVID-19 has significantly impacted patient behaviour. There has been a growing preference for telehealth and mHealth apps. But all of this has also compelled healthcare organizations to put in more effort in adapting to these behavioural changes. Healthcare providers are opting to rely more on new technologies to continue delivering patient care. A more affordable standard of high-quality care is in the works for India’s digital health future.

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