COVID-19 spurs insurers’ healthcare innovation
This year’s Efma-Accenture Innovation in Insurance Awards demonstrated that healthcare is a key sector for insurers looking to strengthen their businesses in the wake of the COVID-19 pandemic.
Insurers’ quick response to the COVID-19 pandemic has shown that they are far more agile and innovative than many industry watchers expected. Insurers have been quick to adopt a variety of solutions tailored to the rapidly changing needs of their employees and customers.
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Now insurers need to maintain this momentum. They should accelerate their digital transformation initiatives. In addition, they should develop products and services specifically designed for the new post-pandemic market. As I mentioned in a recent blog post, the COVID-19 crisis has forever changed our experience as customers, employees, citizens and people.
Not surprisingly, healthcare has become one of the critical sectors that insurers need to pay more attention to and serve in new ways. Many insurers are already investing heavily in health solutions. Research company CB Insights It is estimated that there was $ 14.6 billion in equity funding invested in healthcare startups in the first quarter of this year. Artificial intelligence (AI) applications for healthcare, solutions for infectious disease management, life support devices and mental health services are attracting significant investments, according to the researcher.
Health care has come to the fore in insurance innovation.
Lately Efma-Accenture innovation in insurance prices A number of impressive healthcare solutions were shown. “Health-at-Hand” offers, along with innovations developed in response to the COVID-19 pandemic, they made up the bulk of the submissions to this year’s awards. A text analysis of the submission reports shows how much the healthcare sector has moved into the foreground of insurance innovation in the past year (see figure below).
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Participants submitted many COVID-19 solutions for this year’s awards. Often they developed the solutions at short notice in just a few weeks. Three in particular, I thought, stood out as impressive innovations.
- COVID-19 Life band: These portable device, developed by PZU in Poland, reduces the risk of Hospital patients transfer the COVID-19 Virus too medical staff. The device constantly monitors the patients Oxygen content and pulse rate and alerts medical staff when they need to intervene. The Life band allows doctors to monitor the health of their patients without having to come into close physical contact with them.
- COVID-19 alert service:: THE in Hong Kong added a COVID19 Alarm service to his AIA Connect App. Developed with Accenture within two weeks, the service enables registered users in Hong Kong or Macau to quickly receive government alerts about the virus.
- Online doctor visit: Argentine insurer San CristOhball Introduction of a tele-health service on its web and app platforms in less than two weeks. The service went live just before the country entered a mandatory lockdown. The online medical visit service provides the insurer’s customers with access to medical assistance via a video call at no additional cost.
Many health solutions use AI to assess customer needs.
There were many outstanding ones “Health at hand” Solutions that impressed me at this year’s awards. Many of them were connected to service provider networks and provided teleconsultation functions. Often times, they use AI to assess customer needs or circumstances. Here are three innovations that I think are particularly good.
- Emma: This virtual health assistant was developed by AXA Asia in Hong Kong is both intelligent and empathetic. It guides customers and prospects using the company’s website, mobile app or chat service through AXA’s integrated health, wealth and lifestyle platform and answers a variety of questions about product offers and general wellness problems. These An innovative solution that works seamlessly across different communication channels will be available on the website shortly Tencent WeChat Social media service in China.
- Health care ecosystem:: General Welion has introduced a comprehensive digital ecosystem to provide affordable, high quality healthcare services to its customers. No less than four different components of the ecosystem were submitted to this year’s award. They included a tele-advice service that gives customers 24/7 access to doctors. a telemedicine facility that manages specialist health care; a scheduling service that informs patients about upcoming appointments and treatments; and a pharmaceutical home delivery facility.
- Multicare:: Developed by loyalty in Portugal is the Multicare Tele-health Service uses voice and video technologies to remotely deliver to the company’s customers Consultations with doctors as well as advice and guidance promoting a healthy lifestyle and preventing chronic diseases. The Multicare The service also offers customers a remote symptom checker that uses artificial intelligence to identify a range of medical conditions, including COVID-19.
In my next blog post, I’ll be discussing some of the impressive real-time solutions that are shown on the website Efma-Accenture innovation in insurance prices. I’ll also highlight some of the interesting partnerships that are helping carriers expand their business beyond the confines of traditional insurance. For more information on the awards, click the link below. Remember, now is the time to prepare your insurance innovations for next year’s awards.
Efma-Accenture innovation in insurance prices
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