A clear convergence exists between the Life and Health lines of business. At this Round Table, experts gave their perspective about how these Insurance Key Lines converge to provide users products and services more adapted to their needs in what we call the Healthy Living ecosystem.
Round Table Speakers: Nadia Alencar - IT Advisor at NTT DATA EMEAL Insurance, Dr. Xenia Isabel Poppe - Director Insurtech Europe at Plug & Play, Alexandre Putini - Digital Transformation, Innovation and Advanced Analytics Director at Sulamérica, Joan Cuscó - Global Head of Transformation at MAPFRE, Oliver Harrison - Chief Executive Officer at Koa Health
“Phygital”, A Balance Between Physical And Digital Customer Service
"There exists a balance between digital and physical or personal customer service. This is the reason why we don't say only digital, we focus on phygital."
According to Alexandre Putini, there exists a balance between digital and physical or personal customer service. This is the reason why he doesn't say only digital, he focuses on “phygital”. They are discovering and understanding the pain points, establishing the hypothesis, and, after that, investing in the right way or ways. They have a smart screening to drive customers to services and health programs such as Covid-19 and, depending on the results, he will be directed to a doctor or a therapist as a psychologist on the screen and during the medical consultation, it is possible to get a prescription digital or to have a doctor visiting him in the house or a quick direction to the hospital and to continue the procedure. This is their position about not only one product or service, but to offering a balance between physical, mental, and financial services. They also have models and algorithms using AI in evolution day by day to predict some illnesses for example. This initiative is called population stratification, so Alexandre wants to provide health in time to be avoided complex diseases in the future.
"Today the marketplace for digital health products is crowded confusing. We see three big trends. The first is simplicity, the second is impact and the third is cost-effectiveness."
From the perspective of Oliver Harrison, today the marketplace for digital health products is crowded and confusing. There are observable three big trends. The first is simplicity, the second is impact and the third is cost-effectiveness.
According to Iqvia, today, there are more than 300.000 health apps available on app stores around the world. It's hard to know exactly which ones are picked, in addition, many insurers are offering bouquet offerings of a combination of different apps. But the challenge is that those products do not talk to each other, and they do not often integrate with healthcare data systems or with insurer data systems. This creates data silos and ultimately service silos that do not benefit the patient or the user, the customer, the commercial client, or the insurers themselves. In employee assistance programs for example there's only 3% to 5% uptake for people even in a year as challenging as the last year. For that reason, technology can be linked to third-party applications and integrate our data with data systems, healthcare data systems, electronic medical records with insurer data systems, and so on, and the technical architecture to do that is widely adopted, for example, in Fintech. As an example, well-being solution foundations can link users with sleep problems, with a sleep counseling service either by telephone or online service.
Second, impact, it delivers what it says it's going to deliver. Unfortunately, 2% of digital health applications out in the market today have any evidence base at all, and many of them are built by teams that do not have a single clinician or a single expert on the team. There exists an increasing demand for customers, corporate clients, and for insurers to be able to demonstrate the effectiveness of a solution through proper research studies.
Finally, cost-effectiveness. Users want to track their progress in using an application not just on “how many times have I used the application in the internal reference data”, but in terms that makes sense to them or are meaningful to them, in their lives and the goals they're trying to achieve. Also, B2B clients want to track the impact against return on investment and insurers play an important role in harvesting that data and offering that as part of their offering.
Oliver affirms that there is competition coming, for instance, Movistar Salud. Consequently, it's important to move quickly and important to be very clear on the outcomes which you're looking for.
A race between Tech Giants and Insurers
From the point of view of Joan Cuscó, the market is more and more polarized. Of course, there's a huge offering right now, there exists eclosion, especially in the health and life ecosystem, but we see how the technological giants are increasingly entering in the car manufacturing scene. Telcos and digitalization are gaining ground all the time in home care. So, there is a race between Tech Giants, the pharmaceutical and insurance companies, and the large healthcare providers, to see who leads these services, especially in the health and life wellness areas. MAPFRE is willing to be part of this platform ame, at least for specific markets. Therefore, the insurer is using both research and partnership investments to address the ecosystem and build as quickly as possible these new relationships and gain the trust of their customers in aspects that were not part of their scope until now. Such as services related to prevention, in daily wellness. To this end, they are partnering with several startups, offering these services in a B2C model hrough their own uninsured healthcare services platform. And, they are also investing through their partner, Alma Mundi Insurtech Fund, in startups that are very interesting and relevant to them like Koa Health.
AI in the Health Field
"We are using connected cognitive Artificial Intelligence to solve doubts and needs from clients and business partners. The service is based on a natural language process and the algorithms can understand the real needs."
According to Alexandre Putini, in Sulamerica, they are managing more than one petabyte in the data lake using Google Platform. They are collecting data and transforming it into information for decision making and better experience in data-driven. That's a very important point and one of the major strategic initiatives of Sulamerica. Connected cognitive Artificial Intelligence is used to solve doubts and needs of clients and business partners. The service is based on a natural language process and the algorithms can understand the real needs, connect data, transform it into information, and finally, act back to the customers. They believe in patterns like HL7 protocol using google healthcare API. This is one example of using a partnership to improve the good experience in health, for example; being able to provide at the end of the day electronic health records, aggregating historic health to physicians and customers, integrating laboratories and health providers, optimizing time medical procedures several exams, and medical costs at the end. This is one example of the real opportunity in digital transformation minimizing the manual process and improving the experiences that matter.
Healthy Living Ecosystem Against Regulation Barriers
"An ecosystem becomes that definition of a place where services can combine in a meaningful way and offer synergy to the customer and to the client, where you're able to make those connections with defined connectors."
In terms of regulation, Oliver Harrison thinks that they have done an awful lot of work on HIPAA, GDPR, Iso 27001, Iso 27701, Slot 1, Slot 2, and that there's nothing to be scared of. The reality is that these are not scary pieces of legislation, they crystallize good professional practice. They have built back-end architecture for all of their solutions. They have three therapeutic solutions and two diagnostic solutions that we bundle into a combined offering. Oliver Harrison explains that the back-end uses HL7 connectors, HIPAA compliant, Iso 27001 compliant, and GDPR compliant, it's also got multi-tenanting which means we can create data silos for individual clients, individual health insurers, and so on. Our panel is focusing on working with third parties that then can plug into our back-end and offer their part of the service. An ecosystem becomes that definition of a place where services can combine in a meaningful way and offer synergy to the customer and to the client, where you're able to make those connections with defined connectors using standard regulations, APIS which are easy to plug into secure and robust, where we have multi-tenanting and data silos and we're increasingly getting into this as something of an unusual start of ourselves because we see so many clients who don't have the knowledge and the expertise to be able to do that”. Harrison is working with insurers to create that architecture and ecosystem for them which is an exciting development.