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Wearable devices: will they really catch on in the health insurance industry?

Our benchmark of wearable devices: a glimpse into the future of insurance and healthcare industries

Wearable devices: will they really catch on in the health insurance industry?

  1. 1. 2 Wearable devices – Will they really catch on in the health insurance industry? The annual smart wearable healthcare market volume will grow from $2 billion in 2014 to $41 billion in 2020, a compound annual growth rate of 65%. - Source: Soreon Research Wearable technology could lower hospital costs by as much as 16% over the course of 5 years, and remote patient monitoring technologies could save the global healthcare system $200 billion over the next 25 years. - Source: CDW Healthcare 88% of physicians want patients to monitor their health parameters at home - Source: Orange Healthcare 63% of insurers see wearables as having a 'significant impact' on the industry, and that their use in premiums would be 'wide-spread' in just two years - Source: Accenture Technology Vision Report 35% of insurers are investing comprehensively in digital as part of their overall business strategy - Source: Accenture Technology Vision Report 51% of insurers plan to partner with major digital technology and cloud platform leaders in the next two years - Source: Accenture Technology Vision Report 44% of insurers believe the volume of data they manage has grown by 50% or more in 2015 - Source: Accenture Technology Vision Report
  2. 2. 3 Contents I. Wearable devices: Trends and challenges II. Next steps for Insurers and Health care providers III. Case study: healthcare devices by risk factors IV. Case study: wearable devices used by Health Insurers
  3. 3. 4 Wearable devices: Trends and challenges
  4. 4. 5 The evolution of connected technologies is bringing the healthcare industry to a convergence point Proactive management Reactive management Generalhealthcare Specificdiseases 2nd generation • Proactive health monitoring 3rd generation • Proactive monitoring • Specific disease personalization • Real-time • Data processing 1st generation • Reactive programing and monitoring 2nd generation • specific disease focus The evolution of connected technologies Health Care Industry Trends and impacts 1. Technology The features and focus of wearable devices are going to be more sophisticated and move beyond well-being, general care, and specific diseases. 3. Players The adoption of wearable devices has grown broadened from health enthusiast to healthcare providers, employers, insurance companies 2. Data Different type of actionable data are collected from users, from health life styles to specific disease data that could be used for labs and clinical research. 4. Incentive adoption Employers and insurers are starting to take proactive approaches to the adoption of mobile with incentives to decrease medical cost. 5. Business models Incentivized adoption changes life style and behaviors of customers and will shift the underwriting, pricing and profit model of healthcare industry players.
  5. 5. 6 While connected devices have begun to gain traction, opportunities remain Product Development Underwriting & Risk Management Policy & Claims Management Healthcare Services Provider Network Management Provision of Care Marketing Sales & Distribution Insurers Care ProvidersHealthcare services KeyInsightsIoTplayersInsurers  Most insurers integrate wearables into their marketing strategy to engage customers, employees or partners though very few are using the data for underwriting  Some players have incorporated wearable devices data into life insurance pricing, offering premium discounts to entice less risky customers  Insurers have set pricing options based on how frequently policyholders agree to share personal health data  New products announced by major insurers which include free wearables and premium discounts for healthy lifestyles  Insurers in near term plan to use wearables to: ⁻ Support workers’ compensation and personal auto injury claims management ⁻ Offer riders for other products such as long term care and critical illness through data analysis ⁻ Identify fraud in claims management through video, images and audio  With very few insurers active in this segment, wearables (IoT players) offer huge opportunity for health insurers to partner with healthcare service providers  IoT players may enable monitoring & managing recuperation time of patients, helping further in claims management Hidden Potential Integration RequiredEmerging Area
  6. 6. 7 Regardless of the recent growth in connected technologies recently, there are still obstacles Consumers Insurers Government/ regulations Health Care Service Providers  Low adoption rate with people not motivated enough to wear the trackers or devices  High costs of wearable devices  Data privacy concerns limiting the use of wearables  Employees & Employers  Individuals  Health Insurers  Life Insurers Technology Providers Insuretechs (Startups)  Complex consumer engagement to build trust  Higher infrastructure investment for connected information  Data collection strategy for unstructured data  Security challenges  Interoperability issues with existing primary and secondary healthcare systems  Higher analytics requirement for better healthcare delivery and treatments  Low reliability and connectivity of wearable technology  Personal Data Protection Act for privacy guidelines and policies  Low integration of the public and private healthcare systems  Lack of standards around user privacy and security as well as intellectual property issues  Inconsistent quality of data precision, highly dependent upon device specs  Requirement of two way communication and sending readings directly to the hospital's integrated medical records system  High investment required for connected device development  Lack of customer base for complete product definition and analytics  Sensor technology  Medical device manufacturers  Government Health Departments  Hospitals  Polyclinics  Pharmacies  Doctors  Fintechs  Insurance Technology startups
  7. 7. 8 Next Steps for Insurers and Healthcare Providers
  8. 8. 9 Data collected through wearable devices will bring important changes to the value chain Products & Services Offering Underwriting Pricing Risk Prevention Claims  More personalized products and services by targeting specific health statuses  Adaptable packages and protections to match customer expectations  Underwriting of generic illness will drop due to close monitoring  Focus on underwriting of specific diseases / risk types will be more preferred and affordable  Predict most vulnerable and likely risk types and price accordingly  More accurate pricing thanks to precise data and granular variables  Detect the first passive signals through data and take immediate prevention measures  Additional functionalities to provide alerts, warning and to react in a timely manner  Facilitate decision making for claims approval supported by collected data  Automating claims process  Facilitating interaction with customer Well-being data Calories consumption, sport and fitness data to track user’s health condition and well-being status Clinical Lab data Self-monitored health data streamed directly into clinical data repositories for lab tests to monitor the user’s health condition, and into e-health records of patients with chronic diseases. Data is transforming from Monitoring Fitness, to Clinical Lab Testing and E-Health Records Regulatory landscape will evolve to give more granular guidelines DataUsage Social media networks - Epidemiological impact assessment based on social network data and better pricing model of community risk
  9. 9. 10 Wearables can be used to promote prevention and health coaching Partner with wearable companies to track consumer fitness data and provide incentives Leverage wearable devices data during checkups or patient visits to support diagnoses and advice Partner with health startups and wearables to integrate content / marketing material Insurance Carriers Healthcare Providers Insurance Carriers  By incentivizing customers with gift cards, gym reimbursements, etc. consumers will be more apt to stay healthy - Thus, the associated risk of insuring this customer is lowered  Additionally, incentives will improve customer loyalty and brand awareness as a positive touchpoint with insurance brands  As consumers continue to flock to startup fitness apps and cutting edge wearables, there is an opportunity to be more involved in content within these channels  Insurers can leverage these emerging channels to share relevant content and introduce potential customers to their brand  These customers may be preferred giving their focus on fitness, though data from these providers can be leveraged to target appropriate risks  Regular checkups can include reviewing heartrate and exercise data to help ensure patients are keeping proper habits  Additionally wearable data can be used when diagnosing a condition during a doctor or hospital visit to help understand how the patient’s heartrate and other vitals have been functioning recently
  10. 10. 11 Claims processes can be further automated by using connected devices ▪ Recent studies show that monitoring fitness using the current generation of mobile devices reduces health claims by 16% ▪ Imagine when the quality of data, real-time feedback and ease of use of wearables becomes the norm, the reduction in health claims will be substantial ▪ The saving are so striking that some insurers and employers are now subsidizing the cost of wearables as part of their wellness program
  11. 11. 12 Partnerships with healthcare providers can improve efficiency in treating minor illnesses and responding to emergency situations Improving the potential outcome of a heart attack, through early detection  Life threat detect: early detection (or prediction) of potentially life threatening conditions such as a heart attack  Life threat evac: priority notification to emergency services of your location and condition (even if you are incapacitated)  Life threat eval: real-time connection through your wearable devices with a qualified expert to assist you with evaluating your symptoms and vital signs; can automatically set up an appointment with your preferred health provider Monitoring and alerting of epileptic seizures  Current wearable devices can call for help during a seizure  Products in development may one day be able to predict a seizure before it happens  They may even help avoid a seizure entirely by prompting medication before it strikes Prevention of allergic reactions and medical emergencies  Nima, a smartphone-connected allergen device that tests food for various proteins and substances beyond gluten  Aibi is a wearable and easy to use epinephrine auto-injector for kids to determine allergic reactions and a medical emergencies alert system to alert adults in case of an emergency situation  Veta smart case is a transparent case with temperature sensor to monitor and raise alerts when the wearer suffers an allergic situation Several initiatives and trends are visible concerning partnerships of wearable companies with healthcare providers:
  12. 12. 13 Insurance carriers and healthcare providers should begin testing these strategies Establish key performance metrics and develop the project plan for integration with partners and providers and updates to existing systems Develop partnerships and define terms of the agreements including data security and privacy controls Manage the implementation including the systems integration, data management and analysis, and associated content creation Gather the right team of experts with insurance knowledge and startup connections to identify and prioritize strategic objectives Insurance Carriers Healthcare Providers Analyze existing data structures and governance models with partners and define integration requirements
  13. 13. 14 Case study: healthcare devices by risk factors Wearable devices case study
  14. 14. 15 Connected Devices Benchmark – Adoption Vs. Specialization 1. Insurers and employers are focused on the general well- being and fitness aspect providing fitness trackers as part of their customer acquisition & data analytics initiatives 2. Disease specific wearables is an emerging area for health insurers as well as health care providers 3. Critical illness, although one of the major components of health insurance, is yet to see a high adoption rate of wearables – opening up a huge opportunity for health insurers 1 2 3 Degreeofspecialization Degree of adoption in Health Insurance Circadia Health Breast Cancer Circadia Health Diabetes Circadia Health well-being- High Stress, sleep Circadia Health Seizures Circadia Health Parkinson’s disease well-being – Stress, fever, cardio vitals Foetus monitoring Knee & foot health High Stress Fitness & sleepFitness & sleep Hospitalization Dental Health Jet Lag General well-being Prescribed Medication 1 2 3 Circadia Health Autism Healthcare Diabetes Smart Contact lens
  15. 15. 16 OVERVIEW  Dexcom G5 employs Continuous Glucose Monitoring (CGM) to provide accurate, real-time glucose readings for people with type 1 or type 2 diabete.  Dynamic glucose data can be accessed via mobile app. The Dexcom G5 Mobile continuous glucose monitoring (CGM) System is the first completely mobile continuous glucose monitoring system - sending glucose readings to the users’ compatible smart device every five minutes.  Glucose data tracked by G5 can be easily integrated with app such as Apple Health.  It expands patient options for viewing real-time CGM data. Compared to product with invasive measure and complex operation process, G5 provides a better customer experience.  A discrete sensor located just on the abdomen, continuously measures glucose levels.  CGM data is automatically transmitted to the iPhone via Bluetooth and to Dexcom cloud through the phone. - The integration with the phone enables a user to share and access his real time data and also get alert and relevant notification. - The Dexcom web-based software platform simplifies diabetes data reporting and management for patients, caregivers and healthcare professionals  Optional and alternative receiver device to monitor blood sugar level. XX Disease-specific Wearable Technology Category 2015 Launch Type I & II Diabetes Target Customer US Location Dexcom G5 for diabete mornitoring Product KEY FEATURES KEY BENEFITS 1 2 3 1 2 3 Disease / Diabetes
  16. 16. 17 KEY FEATURES OVERVIEW  iTBra is a personal screening tool for breast cancer, which has demonstrated an 87% correlation to a verified, clinical diagnosis of breast cancer including with those patients with dense breast tissue  Developed in conjunction with Nanyang Technological University of Singapore, the Cyrcadia Health solution employs big-data predictive analytic software to deliver accurate screening result  Revolutionary wearable technology to provide breast cancer prevention  Provides home-based breast cancer early detection, which is more convenient and accessible than breast examinations in clinic  Foster the awareness of cancer prevention and the habit of regular self-examination  Accessibility: Home-based, non-invasive and discreet early breast health screening system - The sensors track temperature changes to monitor increased blood flow that correlates with the growth in cancerous tumours  Connectivity: Smart phone enabled device communicates with Cyrcadia Health solution laboratory - Big-data predictive analytic software employed to deliver accurate, reproducible and automated results to health care providers XX Disease-specific Wearable Technology Category To be announced Launch Women Target Customer US Location iTBra for breast cancer monitoring Product KEY BENEFITS Disease / Breast cancer Breast tissue diagnosis wear Short Description
  17. 17. 18 OVERVIEW  The E4 wristband is a wearable wireless device designed for continuous, real-time physiological monitoring in daily life  Used for data-gathering in empirical studies or clinical trials  Impressive ability to integrate with other apps and devices  Real time data monitoring and seamless connection with cloud storage  Embedded with multiple sensors that can capture skin temperature, sympathetic nervous system arousal, heart rate, heart rate variability (HRV), and other cardiovascular features  Wristband can be connected to mobile phones through Bluetooth and data can be viewed and accessed on a secure cloud storage and PC  Photoplethysmography Sensors measure Blood Volume Pulse (BVP), from which heart rate, heart rate variability (HRV), and other cardiovascular features may be derived  3-axis Accelerometer captures motion-based activity and tags events and correlate them with physiological signals  User can build custom apps that leverage real-time data from the wristband XX Disease-specific Wearable Technology Category 2014 Launch Clinicians, Academics Target Customer US Location E4 wristband Product KEY FEATURES KEY BENEFITS Disease / Cardiovascular disease Wrist bands for monitoring heart rate Short Description
  18. 18. 19 OVERVIEW  Kinesia 360 uses wearable sensors and a mobile application to continuously and objectively measure Parkinson’s symptoms during the day. An electronic diary also records patients reported outcome and medication events  Kinesia One measures Parkinson’s disease motor symptoms including tremors. Individuals interact with an ipad app while wearing a sensor to assess symptoms  Easy to use and the system can be integrated into clinical trials or patient care.  Real-time monitoring of post-hospitalization activities and medication.  Kinesia 360: Two sensor bands allow accurate and clinically validated assessment of Parkinson’s motor symptoms. The bands communicate with a dedicated app via Bluetooth. And patients interact with the app by inputting diary data. Motor and diary data are transmitted to a secure cloud storage, which can be accessed by clinicians via the Kinesia web portal  Kinesia One: The sensor is worn on the finger during specific tasks, it transmits the motion data wirelessly to iPad mini using a Bluetooth radio. The user interacts via the tablet touch screen  Proview: Turns maps of each patient in the database into viewable PDFs XX Disease-specific Wearable Technology Category 2015 Launch Patient with Parkinsons Target Customer US Location Kinesia 360 Kinesia One Proview Product KEY FEATURES KEY BENEFITS Disease / Parkinson 1 2 Sensor bands for monitoring Parkinson’s disease symptoms Short Description
  19. 19. 20 OVERVIEW  QardioCore is a wearable and wireless electrocardiogram (EKG/ECG) device, which targets comprehensive heart health monitoring. Clinically validated, it also focuses on design and features that fit into people’s lifestyle  QardioCore EKG/ECG monitor is the winner of many prestigious awards for its innovative technology and design  Incorporated within modern lifestyle and increase potential usage through comfortable and unique design  With real time data sharing and analysis, QardioCore has wide application such as medical-level chronic condition monitoring and sports performance management  Connectivity: View and accurately record live continuous EKG/ECG data on iOS device  QardioCore also monitors heart rate and heart rate variability, body temperature, stress levels, respiratory rate and activity tracking  QardioCore wireless EKG monitor has been clinically validated to accurately record and analyze user's overall heart performance in real time so doctors and healthcare providers can access medically accurate live data remotely  QardioCore wireless bluetooth EKG monitor is splash and rain-resistant, suitable for everyday use XX Heart Disease Wearable Technology Category 2014 Launch General Target Customer Australia Location QardioCore Product KEY FEATURES KEY BENEFITS Disease / Heart disease ECG wearable for health monitoring especially heart rate Short Description
  20. 20. 21 OVERVIEW  Spire is a wearable activity tracker worn on the waistband or bra strap designed to analyse breathing to determine levels of tension, calm, or focus  It is a wearable device that not only tracks people’s activity, but also monitors tension and stress. It seeks to identify potential mental health issue and improve the state of mind by introducing daily meditation and breathing exercises  Dedicates to mental health monitoring, the market of which has few player  Suitable for employee tension management  Spire uses research from Stanford‘s Calming Technologies lab to understand people’s state of mind  Spire helps user to discover the time they are stressed, where it happens, and what they were doing, in addition to its activity tracking functions  Connectivity: Able to integrate with apple health and iOS application to upload data and generate user reports XX Mental Health Wearable Technology Category 2014 Launch General, employee Target Customer Singapore Location Spire stress tracker Product KEY FEATURES KEY BENEFITS Disease / Mental health Activity trackers for hypertension and stress management Short Description
  21. 21. 22 OVERVIEW  Neuroon is an intelligent sleep mask that combines medical grade sensors and software with a mobile application to help ease jet lag, track sleep cycle and conduct sleep analysis  The wireless device connects to a mobile app to monitor brain waves, analyzes sleep patterns, and uses bright light therapy to help improve sleep quality  Produces detailed and comprehensive sleep analysis  Other major functions such as jet lag blocker and sunlight boost attracts potential buyers with similar needs  There are four biometric sensors in the Neuroon that measure EEG, EOG, pulse, motion and temperature with four LED lights that give signals to the user  The mask communicates with the app on both IOS and Android systems, transferring biometric data, and enabling user to access the full suite of six functionalities  Four different components make up the Neuroon system: the mask itself (made of hypoallergenic material), a removable sensor pack (chargeable via microUSB), LED lights and electronics encased in the mask and the companion mobile app  The Neuroon app is developed to better help user explore all functionalities XX Sleep Analysis Wearable Technology Category 2013 Launch General Target Customer France Location Neuroon sleep mask Product KEY FEATURES KEY BENEFITS Well-being / Sleep analysis Sleep mask for sleep analysis & jet lag reduction Short Description
  22. 22. 23 OVERVIEW  Embrace is designed to improve the lives of people that live with epilepsy by continuously monitoring physiological stress, arousal, sleep and physical activity  Like other fitness watches ,the Embrace watch provides a multi-functional experience – it can also be used for stress management, sleep management and remote monitoring  Comprehensive data analysis system and easy data extraction. Opt-in choice to consent to distribution of personal data).  Stylish and comfortable design compared to other epilepsy prevention devices.  4 different sensors are implemented to capture real-time physiological data accurately.  Affordable choice for seizure monitoring and notification, sleep monitoring, stress management and activity tracking.  Key features embedded in Embrace: - Nervous System monitoring - On-wrist notification - Sleep monitoring - Stress management - Activity tracking  Connectivity: The Embrace watch is linked to the wearer’s mobile device via Bluetooth connection, which allows the systems to analyze the information. XX Well-being, Wearable Technology Category 2015 Launch General Target Customer US Location Embrace Watch Product KEY FEATURES KEY BENEFITS Well-being / Stress and sleep management Watch to monitor sleep patterns & stress management Short Description
  23. 23. 24 OVERVIEW  Fitbit Blaze is one of the most popular smart watches dedicated to fitness monitoring and activity tracking  Multiple fitness activity trackers based on consumer needs e.g. steps, distance, calories burned, floor climbed, active minutes, sleep tracking and alarms, continuous heart rate, auto exercise recognition etc.  One of the earliest players in the market, with strong branding and large client base.  Multiple functionalities but with an affordable price. Practical but stylish as well.  Improved workout experience through continuous heart rate tracking, GPS connection and workout coaching etc.  It can be connected with phones to receive text alerts and control music  It records sleep cycle and can better people to tailor their sleepinghabits  Key models include: Zip, One, Alta, Flex, Charge, Charge HR, Blaze, Surge, Aria XX Smart Health Wearable Technology Connected Health Category 2016 Launch General Target Customer US Location Fitbit fitness watch Product KEY FEATURES KEY BENEFITS Well-being / Fitness Activity tracker for general well- being Short Description
  24. 24. 25 OVERVIEW  Stridalyzer is a recent entry in the rapidly-growing market for wearable fitness-tracking devices  Stridalyzer focuses on the feet and the knees  It includes basic features like pace, distance, stepcount, runhistory, real time measurements, post run analysis & guidance.  Tracks fundamental aspects of form and running style, which most trainers say are the foundation of achieving better performance and staying injury-free  The sensors in the insole connect with a smartphone app, which through a combination of local and cloud-based processing, learns the runner’s running form, style and various pressure points, and provides real-time advice to the runner to help them run with the correct form  It uses patent-pending hardware and sensing technology, along with sophisticated bio-physical modeling of the human leg during running for its analytics  Stridalyzer helps runners by simplifying these parameters into two fundamental metrics: PerfScoreTM , the measure of their overall performance in a run, and FormScoreTM, the measure of their running form and style (and hence the injury risk) over the run XX Well-being Wearable Technology Category 2015 Launch coaches and trainers Target Customer US Location wearable sensor-tted insole Product KEY FEATURES KEY BENEFITS Well-being / Fitness Insole sensors for feet & knees for injury prevention, placed inside running footwear Short Description
  25. 25. 26 OVERVIEW  Modoo is one of the smallest fetal monitoring devices. It provides continuous fetal heart rate monitoring as well as physiological data recording of the mother-to-be  It also enables the mother-to-be to communicate with a physician by sharing monitoring data and also works as a fitness tracker, improving the users’ health management  One of the smallest fetal monitoring products in the market  “Passive monitoring” without radiating, which makes fetus monitoring continuous, easy and safe  Fetal heart rate and heartbeat: Modoo enables mothers-to- be to record their babies’ heart rate and heartbeat at anytime and anywhere  Maternal health: By recording their heart rate, breathing, walking distance and sleep quality, Modoo helps to monitor the health status of mothers-to-be  Fetal movements: Staying alert 24/7, Modoo continuously records the babies’ movements  Modoo makes communication more effective by connecting both App and hardware XX Maternity Wearable Technology Remote monitoring Category 2015 Launch Pregnant women Target Customer US Location Modoo fetus monitoring patch Product KEY FEATURES KEY BENEFITS Maternity Fetal heartbeat monitoring device Short Description
  26. 26. 27 OVERVIEW  This electric toothbrush is embedded with a Bluetooth chip that sends the sensory data to a mobile app that records dental hygiene protocol  It is made to sense when, how often and for how long it is in the mouth whilst brushing teeth.  Beam also offers a dental insurance plan coupled with direct shipment of brush related product  One of the few wearable devices related to dental health management  Potential future incorporation with insurance plan provided by this company  App connected: Six-axis motion sensor tracks and records users’ daily brushing habits and data is transferred to smartphone via bluetooth  Children incentivizing feature: Get real time notification of when and how long children brush their teeth  Reward system: Collect stars as user brush and compete with family and friends to earn real rewards like free beam brush refills  Personal settings: Able to adjust the brush speed, monitor battery life and brush head life all from smartphone XX Dental insurance Wearable Technology Category 2012 Launch General Target Customer US Location Electric Toothbrush Product KEY FEATURES KEY BENEFITS Dental With Bluetooth Built-in, electric brush is used for dental hygiene and insurance rewards Short Description
  27. 27. 28 Hospitalization OVERVIEW  MyCarolinas Tracker app directly integrates with more than 25 health trackers, 3 pulse oximeters, and 7 bluetooth blood pressure cuffs to keeps track of patients’ health records  Carolinas HealthCare System utilizes Canopy as their electronic health record and makes all the information available to be viewed by the physician in their electronic health record  By connecting the devices to Electronic Medical Records (EMR) system, hospitals can achieve greater completeness, timeliness and accuracy of data than via manual recording  Easy tracking of the various blood pressure readings — enabling the physician to titrate the patient’s blood pressure appropriately  Clinically relevant data: Take data from wearables and make it clinically relevant for patients and physicians  Enhances Clinical Decision Support (CDS) capabilities: CDS helps doctors with diagnosis and decision-making tasks, such as drug selection and dosing  The app tracks lab data, such as blood sugar and cholesterol levels and helps create reports to be shared with doctor or health coach  Free app for the Carolinas patients XX Wearable Technology Connected Health Category 2015 Launch General Target Customer US Location MyCarolinas Tracker OneCarolinas Product KEY FEATURES KEY BENEFITS Apps to track patients health records & reports Short Description
  28. 28. 29 Medication OVERVIEW  FDA-approved medication (ABILIFY) has been combined and submitted for approval with a sensor within the medication tablet (the Proteus ingestible sensor) to measure actual medication-taking patterns and physiologic response  In Jan 2016, Barton Health, a California hospital became the first in the US to prescribe ingestible sensors from Proteus  Proteus and Otsuka Pharmaceutical, a Japanese life sciences company, applied for regulatory approval of an anti-depressant drug incorporating an ingestible sensor (March, 2016)  Empowers patients to take the appropriate dose of medication and better understand the importance of daily activity levels and other lifestyle changes  ABILIFY tablet contains an ingestible sensor that communicates with a wearable sensor patch and a medical software application to monitor the activity patterns and response for the patients  Discover App: Patients can use the app to keep track of the medication, set up medication reminders and monitor their activity levels including steps they have taken, rest levels, heart rate, blood pressure and weight  Discover Portal: Used by healthcare professionals to monitor the patient and provide the best treatment plan for the patient  Analytical services and reports from Proteus Discover may enable physicians to better tailor treatment to the needs of the patient XX Personalize Medicine Wearable Technology Category 2015 Launch General Target Customer US Location Proteus ingestible tablet- embedded sensor Product KEY FEATURES KEY BENEFITS Ingestible tablet to monitor impact of medications on patients Short Description
  29. 29. 30 Elderly assistance OVERVIEW  Partnered with the AIA accelerator program , Simple Wearables is a new tech startup based in Hong Kong making wearable devices that provide peace of mind for the aging population and their loved ones  Via its wearable product SimpleWave, users can be easily located and detected if they accidentally fall down. The system will automatically alert families, call an ambulance if needed and track on-going status  Instant response to emergency  Real time monitoring of care coordination  Remote Monitoring and Emergency Response: It automatically detects a fall and makes a call to a designated number when that occurs. It can also be pressed like an SOS button if the user needs help  Simple wearables: Easy for the elderly to carry and support the locator services  Daily Analysis: Analyzes changes in daily patterns to predict a fall and will vibrate to alert users to modify behaviors  Revenue Model: Currently through sales of devices and monthly subscription service for families and hospitals. In the future, company will provide big data analytics for insurance providers and healthcare institutions XX Wearable Technology Connected Health Category 2013 Launch Elderly Target Customer Hong Kong Location Predictive fall detector Product KEY FEATURES KEY BENEFITS Mobile caring system for instant alerts and status updates Short Description
  30. 30. 31 OVERVIEW  Z-works is a startup focused on creating devices that can monitor and advise elders’ health conditions via its IoT ecosystem  With a combination of sensors and a corresponding mobile app, integrated with its Z-works cloud platform, Z-works hopes to ease the burden on the healthcare system and on carers of caring aging people.  Reduction of cost of elderly caring  Effective health monitoring and consulting services  Integrated Device-Cloud System: Enables fast deployment of customized IoT system, working closely with low-cost device vendors  Customized App: The LiveConnect Apps can be customized to accommodate different needs at care facilities, assisted living communities, and home care users  Consulting Services: Z-works offers consulting services for IoT data analysis and deep learning solutions to further enhance customers' solutions  Revenue Model: : Currently through sales of devices. This newly-established company is also expanding its influences by “LiveConnect” crowdfunding projects XX Mobile Health Connected Health Category 2015 Launch The Elderly Target Customer Japan Location IoT sensors suite and corresponding real-time app Product KEY FEATURES KEY BENEFITS Smartcare solution to Monitor health at home Short Description Elderly assistance
  31. 31. 32 OVERVIEW  FinlTop Biology (Beijing) produces smaller versions of large diagnostic machines that patients can use in their home  With its flagship product - a smart-phone sized electrocardiogram device - users can hold the device and press their thumbs into two metal sensors that then detect their heartbeats. The corresponding app records the data and users can privately review the information or forward it to their doctors  Reduction in cost of medical check-up  Real-time health monitoring and analysis  Integrated Health-Care System: A real-time readout appears in the device and the results are sent to the user’s smartphone, which can in turn be sent to his or her doctor.  Simple and Affordable: The small electrocardiogram device is smart-phone size and costs about RMB 300 (US$50).  Smart Analysis: FinlTop’s app analyzes the results and tells users, in the simplest terms possible, whether they are healthy or if there is a problem.  Revenue Model: : Currently the company partners with more than 100 companies, which represent over 1 million patients. It received an RMB 10 million (US$1.61 million) seed investment from Yicheng Electronic Technology. XX Mobile Health Connected Health Category 2013 Launch Middle class aging population Target Customer China Location Handheld electrocardiogram device Wireless glucose meter Pulse oximeter Blood pressure monitor Product KEY FEATURES KEY BENEFITS Real-time app and the handheld device Short Description Home clinic
  32. 32. 33 Case study: wearable devices used by Health Insurers Health Insurers Case Study
  33. 33. 34 New recurrent products and services with wearable devices Case 1: Cigna uses wearable technology as a sales and retention tool especially for elderly population KEY FEATURES OVERVIEW  Cigna HealthSpring offers multiple products utilizing the wearable technology: - Cigna-owned health plan serving the aged population. The benefit of the plan is delivered via the Silver&Fit Exercise and Healthy Aging program, a product of health service organization American Specialty Health (ASH) - Remote care management with Intel-GE Care Innovations to engage with patients diagnosed with congestive heart failure and provide blood pressure cuff, scale and interactive tablet to track their daily biometrics and complete Congestive Heart Failure (CHF) educational program  Reductions in the need for hospitalization by early detection of problems and involving the doctor immediately avoiding unnecessary hospital visits, thus reducing costs  Cigna-owned health plan serving the aged population  Wide options with no additional cost: Access to fitness facility at no cost (from more than 11,000 fitness facilities)  Easy tracking : Platform tracks exercise at a facility or through a wearable fitness device or app  Higher incentives: Reward customers when they wear personal activity trackers, such as pedometers and apps  Quicker access : Automatic tracking & download of the activity data to the customer’s personal web page at SilverandFit.com  Remote care management with Intel-GE Care Innovations  Easy and direct access to a Cigna-HealthSpring nurse practitioner XX Insurance, Wearable Technology Category 2014 Launch Eldly Population Target Customer US Location Cigna-HealthSpring health plan Remote care management Product KEY BENEFITS 1 2
  34. 34. 35 New recurrent products and services with wearable devices Case 2: United Healthcare launched connected wellness platform to reduce health insurance costs by employees OVERVIEW  UnitedHealthcare Motion, a collaborative platform with Qualcomm, brings together wearable technology, telemedicine and wellness incentives to empower employees to manage their health and manage costs effectively  It includes a special activity tracker device, mobile sync app, and online account to help users achieve daily goals  Companies with fully insured health plans and between 100 - 300 employees can subscribe to it  Cost Savings : - Employees can save up to US $1,460 per year based on their usage - Employers can also obtain premium savings based on the combined results of their program participants  Wide Coverage: Employees and their covered spouses can track the number of steps throughout the day with custom- designed wearable devices  Direct link to financial benefits: Employees receive money by using these wearable devices and earn amount in their Health Reimbursement Account credits. The amount is calculated based on the total number, frequency and intensity of the steps taken.  Secure: Uses secure platform of Qualcomm Life’s 2net  No additional charge as the cost of the device is built into the premium paid by the employer XX Employee Benefits Wearable Technology Category 2016 Launch Working population, Employees Target Customer US Location United Healthcare motion Product Data from the device is synced with the UnitedHealthcare Motion app via Qualcomm Life’s 2net Mobile connectivity platform Wear Trio- activity tracker everyday Walk daily to achieve goals (Frequency, Intensity & Tenacity tracked) How it works? KEY FEATURES KEY BENEFITS
  35. 35. 36 New recurrent products and services with wearable devices Case 3: Humana Vitality – A completely new entity set up for wellness strategizing on wearable technology OVERVIEW  Humana Vitality is Humana’s platform for motivating and rewarding the members to engage in healthy activities  Encourages members with rewards to participate in over 30 activities, including fitness activities such as taking 10,000 steps per day, with a max annual payout of $240  HumanaVitality has been offered to nearly four million members & its members have ordered more than 250,000 devices through its rewards program  Participants of HumanaVitality who remained engaged for 3 years showed an 18 percent increase in healthcare savings and reduction in sick absencce by 44 percent  Lower premiums: The savings are shared back with members in the form of rewards resulting in reduced healthcare premiums  Verified Activities: Ability to seamlessly track member activity in a verified way, one of the foundations of HumanaVitality program to reward members  Wide Coverage: Program uses 70 devices, including well- known brands such as Fitbit, Apple Health, Garmin, Polar and Jawbone  Current Uses: Uses wearable technology to track steps, heart rate, calories burned and sleep to gain more insight into how people lead their lives  Integration of health trackers as a key part of their future strategy: Humana insurance provider rolled out fitness device activity tracking to switch from app based model to direct sync model XX Insurance, Wearable Technology Category 2016 Launch Individuals, families, Kids Target Customer US Location HumanaVitality – Medical, dental & vision Plans Humana Pharmacy Product KEY FEATURES KEY BENEFITS
  36. 36. 37 New recurrent products and services with wearable devices Case 4: Oscar Health provides connected devices as part of its customer acquisition strategy OVERVIEW  Teamed up with Misfit to provide free Misfit fitness trackers (which retail for $50) to all its members in an attempt to bring down employee healthcare costs by encouraging higher activity levels  The app presents users with a daily step goal based on their history of physical activity  Partnered with Amazon to provide gift cards in exchange for meeting health goals  Among the first insurers to incorporate data from wearables for its underwriting  Connecting tracking tech to a physician: In-house team of doctors and nurses to get the biometrics data for monitoring of the health  Gift based Rewards:. Members who reach the day’s goal get a $1 credit; after the account reaches $20, they can redeem the credit for an Amazon gift card  Higher user experience: Using Misfit device, data gets uploaded to the customers profile showing the medical timelines on Oscar’s mobile app. Facebook-style timeline of the interactions with doctors, pharmacists, hospitals  Cash for health programs: Members can earn upto US$240 per year by enrolling in the fitness programs  Links customer biometric information straight to their health insurance acccount XX Insurance Wearable Technology Category 2014 Launch Employees, Youth Target Customer US Location Oscar - Misfit Tracker Product KEY FEATURES KEY BENEFITS
  37. 37. 38 New recurrent products and services with wearable devices Case 5: AXA provides a new offering of insurance to encourage consumers to share data for better underwriting OVERVIEW  Health Keeper by AXA - App and web supported healthcare ecosystem enabling users to keep track of all their activities  AXA encourages individuals to share their personal data - one of the earliest examples of consumers volunteering to share personal data via a connected device  Health Keeper team is able to connect data from over 140 devices on Fitness, Routine, Nutrition, Sleep, Weight, Biometrics, etc.  For AXA, the major objective is to access potentially valuable customer data for underwriting purposes in the future  For customers, it helps to provide cheaper access to a wide range of services  Customized offering: Customers can set exercise KPIs and goals and receive tailored content on their indicated health interest. A global monitoring dashboard of the user’s exercise activity is displayed on the Health Keeper platform  Incentives to share personal data: - Gift certificates to get customer consent to share their personal data with AXA Health France - By sharing their activity, users earn Fitpoints for health or wellness services, either for or on a ‘pay per use’ basis, with a discount based on the user’s level of activity  Cheaper access to medical Services, approx. 10.000 doctors, wellness services, currently 70 products, 24/7 Medical Helpline, health / well-being content , purchasing options with special rates XX Insurance Wearable Technology Category 2014 Launch Young Population Target Customer France Location Health Keeper by AXA Product KEY FEATURES KEY BENEFITS
  38. 38. 39 New recurrent products and services with wearable devices Case 6: Medibank incentivizes customers to engage in healthy lifestyle and share their data from wearable devices OVERVIEW  Australia’s largest insurer Medibank teamed up with flybuys to link customer data from a range of wearable fitness trackers to their Medibank account, scoring 10 Flybuys points every day they reach a goal of 10,000 steps  Members can add Fitbit, Garmin, Jawbone or Polar wireless activity tracking device to their accounts, thus linking the fitness data to their health policy  Customer data is used for a more customised profiling of risk and risk assessment as well as premium calculation  Incentive for sign-up: Provides a free Fitbit Flex Wireless Activity Tracker for sign-up of an account with MediBank  Incentive to choose healthy options: When Medibank members link their flybuys membership, they collect triple points each time they buy fresh fruit and veg and frozen veg at Coles  Example: Medibank members may earn one flybuys point per $2 paid on their Medibank premiums, and triple points for every dollar spent on fruit and vegetable purchases in Coles stores across the country. XX Insurance Wearable Technology Category 2015 Launch General Target Customer Australia Location Medibank Flybuys Product KEY FEATURES KEY BENEFITS
  39. 39. 40 New recurrent products and services with wearable devices Case 7: Singaporean wearable startup develops T.Jacket to help people suffering from sensory ailments OVERVIEW  A wearable touch technology vest provides deep touch pressure to wearers – T.Jacket simulates the feeling of a hug with laterally applied air pressure to calm, comfort and soothe the nerves of anyone who is stressed or anxious  T.Jacket could be easily controlled by a smartphone app  T.Jacket can also help people with sensory modulation difficulties who are sensory seeking and/or sensory over-responsive  It helps people recover from mental disorders like sensory processing difficulties (SPD), autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), Alzheimer’s dementia and post-traumatic stress disorder (PTSD)  High portability: T.Jacket is a hoodie vest for everyday use and controlled by an app via smartphone/tablet to get customizable, portable deep touch pressure on the go  Light and convenient: Uses an automatic air-pump system (an alternative to the heavy weighted-vest), to be used both at home and outside  Continuous tracking: Built in sensors measure and automatically record user activity levels (seated, walking, jumping, running). Tjacket app automatically stores and uploads the information onto the cloud system for easy access  Choice of pressure programs prevents the wearer's body from becoming habituated to the pressure, to enable longer periods of attentiveness to be achieved XX Insurance Wearable Technology Category 2014 Launch People with special needs Target Customer France Location T.Jacket Product KEY FEATURES KEY BENEFITS
  40. 40. 41 New recurrent products and services with wearable devices Case 8: Connectedhealth Singapore delivers remote monitoring solutions to the major health care providers OVERVIEW  Connectedhealth provides remote health monitoring solutions to allow healthcare, nursing and fitness providers to reduce cost and increase productivity. It facilitates end-to-end connectivity between medical devices and electronic medical records  The platform connects scales, thermometers, fitness trackers, glucose meters, pulse oximeter, spirometers, pedometers, pill dispensers and blood pressure monitors to upload the patient data to Connectedhealth cloud which further transmits the patient data seamlessly to the hospitals and doctors  Reduction of costs of outpatient cares  Real time prioritized access to all patient measurements  Remote Health monitoring and dashboard: Provides secure, seamless measurement transfer between medical devices and electronic medical records.  Nursing manager application transfers health care measurements from patients to remote care provider. Portable tablet provides nursing access to patient records.  Data Privacy: Continua compliance ensures patient privacy regulatory requirements are met. Nurse access is secured via three-layer authentication. Patients are authenticated with their fingerprints. Measurements taken are stored in authenticated patient's records.  Revenue Model: Provides platform services on a per patient basis by integrating with the hospitals, healthcare analytics & call center XX Wearable Technology, connected health Category 2010 Launch General Target Customer Singapore Location E-health platform Fitness monitoring platform Nursing Manager Application Diabetes Management Product KEY FEATURES KEY BENEFITS
  41. 41. 42 Contact US Should you have any inquiries regarding this topic, please contact us: Asia Charles DALLY: cdally@chappuishalder.com +852 3904 3030 Joann MA: jma@chappuishalder.com + 852 3904 3030 North America Patrick BUCQUET: pbucquet@chappuishalder.com +1 212 453 6713 Tim JAEKLE: tjaekle@chappuishalder.com +1 646 592 5331 Europe Laurent HEMERY: lhemery@chappuishalder.com +33 1 75 77 27 80 Florian HEMERY: fhemery@chappuishalder.com +33 1 75 77 27 80

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  • PhilippeGARABEDIAN

    Nov. 23, 2016
  • choeungjin

    Feb. 3, 2017
  • YinghuiZuo

    May. 5, 2017

Our benchmark of wearable devices: a glimpse into the future of insurance and healthcare industries

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