Webinar:ICLAM - Hottest topics in Insurance Medicine Webinar

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Health insurance in the
digital age

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TDI Presenters
Working together to accelerate the digital transformation of insurance
Andrew de Kock
South Africa
The Digital Insurer
Hugh Terry
Singapore
The Digital Insurer
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Introducing The Digital Insurer (TDI)
TDI CONNECT
TDI ACADEMY
TDI TECH
Insurance Learning for
the Digital Age
Accelerating global
InsurTech adoption
Be part of the world’s
largest community &
knowledgebase
Working together to
accelerate the digital
transformation of
insurance
Working together to accelerate the digital transformation of insurance
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Helping accelerate understanding and enthusiasm for how tech
can help improve the way things get done, all across the business
Moving from the few
to the many
NOW ASAP
Specialist teams engaged in digital Business teams engaged in digital
• Administration / ops
• Claims
• Distribution
• Sales
• Marketing
• Pricing & Product Devt
• Risk Assessment
• Underwriting
• Digital
• Technology
• Innovation
• Partnerships
• M&A
• CVCs
SPECIALIST TEAMS BUSINESS TEAMS
Working together to accelerate the digital transformation of insurance
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Agenda
1. The acceleration of digital in a Covid-19 world
2. Health insurance in the digital age
3. TDI updates
4. Q&A
Working together to accelerate the digital transformation of insurance
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TDI POV: Industry Warning – digital
tipping point is approaching insurers
faster than expected
Executive teams must urgently
accelerate their transformation efforts
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Working together to accelerate the digital transformation of insurance
We are in the digital age
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Insurers need to transform faster just to keep up
Source: TDI estimates
Widening Gap likely for most
Insurers
• Already laggards
• Focus on ‘keeping the lights on’
• Curtailment of ‘discretionary spend’
• Failure to re-set strategically
• All resulting in increased vulnerability
to competitors and new entrants
Consumer TP was expected 2022
Consumer Tipping point
Insurers need to accelerate digital plans by 2 years to simply “stay still”
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“TIPPING POINT”
Laggards
Late Majority
Early Majority
Early Adopters
Innovators
2020/21
post-crisis
Remains static pre & post crisis
with tactical focus
Insurer
Readiness
W
i
d
e
n
i
n
g
G
a
p
2020 pre-crisis
Consumer
Expectations
Working together to accelerate the digital transformation of insurance
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Distribution Landscape is moving rapidly
TDI Point of View: Distribution landscape in 2030
Working together to accelerate the digital transformation of insurance
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The Rise & Rise of Ecosystems
Banks and insurers will have to move into broader ecosystems
Source: https://www.bain.com/insig hts/customers - know-what- they- want-are- insurers- listening/
Working together to accelerate the digital transformation of insurance
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Agenda
1. The acceleration of digital in a Covid-19 world
2. Health insurance in the digital age
3. TDI updates
4. Q&A
Working together to accelerate the digital transformation of insurance
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Traditional health insurance - a REALLY red ocean
• Large accounts are often intermediated
• Clients are price sensitive
• Propositions are not differentiated
• Margins have been low for many years – contributing to
chronic underinvestment in technology by many insurers
• The curse of health inflation
• Insurers don’t have close relationships with their customers
Working together to accelerate the digital transformation of insurance
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Affordability is a key challenge
Business as
usual in
healthcare
insurance is a
broken model
Health inflation – a curse for all
Source : RGA – taming global inflation
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Starting point – Optimist or Pessimist?
Attitude & appetite for innovation– has a huge impact on how the future unfolds
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We have entered the 4th Industrial Revolution
Working together to accelerate the digital transformation of insurance
1st Industrial
Revolution
(early 19th Century)
Steam Machines
2nd Industrial
Revolution
(early 20th Century)
Electrical Energy-
Based Mass Machine
Production
3rd Industrial
Revolution
(Late 20th Century)
Computer +
Connected, +
Internet
4th Industrial Revolution (Early 21st Century)
The speed of change and impact is increasing,
digital is merging with humans rather than
being a stand-alone technology.
Intelligence
Connectivity
Information
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1515
The optimists view for 2035
research will bear fruit
Obesity
Ferocious rate of change: “health care has changed as much over the last 150
years, as it will over the next 25 years to 2035.“ Richard Worzel, Futurist, 2010
Telegraph UK, 2015
Type 1 Diabetes
Wall Street Pit, May 2017
Alzheimer’s
Sunday Express, May 2017
CNBC, Jan 2017
Cancer
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Trend 1:
The empowered consumer is the agent of change
Prediction: by 2035 more health advice will be directly through the mobile
than from face-to-face interaction with healthcare professionals
Opportunity
• AI enabled advice
• Wellness programs
• More opportunities to
influence customer
behaviour
• Rebalancing the
healthcare eco-system
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Trend 2: Indemnification to Prevention.
A partnership between insurers and consumers
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Trend 3:
Data is the “change agent” in health insurance
MORE DATA + DATA ANALYTICS +
ACTIONABLE INSIGHTS
=
HEALTHCARE TRANSFORMATION
“We will all have health data passports by 2030.
Our personal health data will be more important than our financial data.
Data is the change agent for the healthcare industry”
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Trend 4:
Labour shortages in healthcare are not permanent
Technology is the optimists’ solution to forecast labour shortages in
healthcare – and one of the “cures” for health inflation
Opportunity
• Home testing
• Virtual consultations
• Uberisation of care in the home
• Increased medical specialisation
• AI in healthcare
(2013)
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“a healthcare data exchange will be the enabling custodian and
exchange centre of healthcare data for all stakeholders.
The healthcare
consumer
My Health Passport
Health care
delivery
Integrated healthcare delivery
Clinics &
Doctors
Hospitals
Personalised
medicine
Med & Well
ness tech
Fin Tech /
InsurTech
Financiers &
Risk managers
A network of risk managers and healthcare financiers
Insurance
companies
State i.e. tax
Family & Out
of Pocket
NGO Gift aid
My health
data
My financial
cover
My “doc bot”
My
specialist
health team
My wellness
team
Healthcare Data
Exchange
Data Store
Analytics
Algorithms
Insights
Entire healthcare value change will be radically
altered by digital (and coronavirus)
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Integrated digital health – partnerships needed
Integrated digital health
Will any life insurer be able to ignore health ecosystems?
Health and wellness
rewards & knowledge
Health scoring &
AI Symptom checker
Electronic health records
(including data from
wearables)
Virtual consult & online
drug ordering
Doctor / hospital panels
Self- administered
schemes
Agile / Modular
insurance products
Core admin for
health insurance
(including claims &
payments)
Digital therapeutics
(chronic disease and
more)
Concierge services
(including medical tourism)
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1. Enormous change is underway
2. Insurers have little choice but to move from payer to partner models
3. Customer engagement is key – relationships and influence
4. Insurers will need and want to provide services for the “not so well” – this could be a
breakthrough
5. “Life only” insurers will also be fundamentally impacted
6. Partnership models likely to dominate
7. Covid has accelerated existing trends
8. Data management & sharing will be critical – and will depend on govt. decisions
Health & Wellness – How to thrive in a digital age
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Agenda
1. The acceleration of digital in a Covid-19 world
2. Health insurance in the digital age
3. TDI updates
4. Q&A
Working together to accelerate the digital transformation of insurance
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3 Areas of focus
TDI CONNECT
TDI ACADEMY
TDI TECH
Insurance Learning for
the Digital Age
Accelerating global
InsurTech adoption
Be part of the world’s
largest community &
knowledgebase
Working together to
accelerate the digital
transformation of
insurance
Working together to accelerate the digital transformation of insurance
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Working together to accelerate the digital transformation of insurance
TDI Connect App
Our goals from TDI Connect
• Showcasing great content – ours and that of our
members
• LinkedIn / Facebook type experience for easy
engagement
• Building engaged digital communities for the
insurance industry
• Gateway to TDI & partner services
• Co-building communities with & for partners to
achieve their objectives
A modern platform for this digital age
Free for life : join
via the QR code
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https://www.the-digital-insurer.com/search-insurtech-directory/#
Working Together to Accelerate the Digital Transformation of Insurance
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Dynamic InsurTech Maps
Many now live – more launching soon!
https://www.the-digital-insurer.com/dynamic-insurtech-maps/
Working Together to Accelerate the Digital Transformation of Insurance
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Users are able to click through map logos to access digital booths on ITD
https://www.the-digital-insurer.com/dynamic-insurtech-maps/
Working Together to Accelerate the Digital Transformation of Insurance
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Learn more about the TDI Academy Programmes here
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Learn more about the TDI Academy Programmes here
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Agenda
1. The acceleration of digital in a Covid-19 world
2. Health insurance in the digital age
3. TDI updates
4. Q&A
Working together to accelerate the digital transformation of insurance
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Q&A
Working together to accelerate the digital transformation of insurance
Andrew de Kock
South Africa
The Digital Insurer
Hugh Terry
Singapore
The Digital Insurer
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