Data & Analytics (D&A) has been a central force driving the future of the insurance industry. As a KPMG report noted, “The potential of Data & Analytics is completely unlimited in the health (insurance) sector.” (p.18. KPMG Clarity on Data & Analytics, 2015). The coordination of D&A among insurers, health providers, and other organizations can enhance process efficiency, facilitate better underwriting and promote competitive pricing, all while bolstering client experiences and strengthening the collaborative networks of corporate wellness ecosystems.
MyVitalScan, a contactless vital scanning application has been successfully integrated with existing claims Management Solutions to offer an additional layer of health metrics that further refine health risk assessments and drive decisions at all levels of the claims process.
- Augmenting risk management with continuous, periodic data monitoring to get a real-time view of health-status, which can be used to track trends for better predictive analysis
- Offering dynamic underwriting that incentivizes healthy behaviors and lifestyle changes through premiums that are immediately responsive to wellness trends
- Reduce claims frauds by corroborating claims with current and historical health data
- Improve and accelerate Straight-Through-Processing models, drastically improving their accuracy with historical and up-to-date health metrics
- Enhancing client experiences by expediting onboarding and underwriting through a Digital Front Door
- Reduce the costs of legacy processes by offering a solution which your clients can use on a device they already have – their smartphone. There are significant costs associated with manual health checks that involve additional personnel, paperwork and costly dedicated equipment like blood pressure cuffs, heart monitors and wearables. Combined with the ensuing logistics involved in the administration and processing, a digital solution offers compelling benefit.
- A more networked corporate wellbeing ecosystem, adding value to wellness solutions through symbiotic relationships between incentives, rewards, wellness goals, and user analytics
- Supporting the elderly age in place, making home health monitoring easier than ever, and empowering them in more independent lifestyles
Insurance Fraud Costs the U.S. $308.6 Billion Annually.
The Impact of Insurance Fraud on the U.S. Economy, 2022, Coalition Against Insurance Fraud, CSU Global, 2022
A typical insurer that implemented these technologies “could increase its revenues by up to 28% within five years, reduce claims payouts by as much19% and cut policy administration costs by as much as 72%.
Digitalization in Insurance: The Multibillion Dollar Opportunity” By Henrik Naujoks, Florian Mueller and Nikos Kotalakidis, Bain & Company, 2020.
Approximately 7 out of 10 (69%) consumers would share significant data on their health, exercise and driving habits in exchange for lower prices from their insurers, an increase of 19% from two years ago.
Accenture Global Insurance Consumer Study, 2021
Doc Deficits: Half of Canadians either can’t find a doctor or can’t get a timely appointment with the one they have.
Angus Reid, Sept 2022
MyVitalScan’s extensive dataset, usability, and ease of integration allows for:
The CMA has highlighted the importance of scaling up virtual care and leveraging the promise of artificial intelligence, and in this respect, MyVitalScan offers some medicine for medicine.
As an entirely mobile-driven solution, MyVitalScan’s speed and ease of use empowers patients to take charge of their own wellness, registering health trends and generating baseline data with unrivaled granularity. Integration with other Health solutions allows for proactive flagging of potential issues, clearing the ground for personalized preventive care to truly work at scale.
At a time when efficient, accessible healthcare is a top priority for all Canadians, MyVitalSigns can lower administrative costs, reduce the burden on front-line staff, and redefine the provision of remote care.