"Let’s start with Digital Health as the health sector is one of the three main areas of the insurance industry alongside with Life, and Property & Casualty (P&C). This is a huge market with $1,400Bn of gross-written-premium in 2017 according to McKinsey. Public spending on health and long-term care in OECD countries is to increase to 14% by 2060 (vs. ~6% today) according to OECD predictions. But as life is extending and diseases are becoming costlier, insurance players are increasingly looking for ways to prevent customers from being ill and to make it more cost-effective to cure diseases. This is where technology should help."
Florian Graillot Coverager March 15th 2018
He goes on to survey the partner landscape, the power of the GAFA conglomerates and potential ecosystems emphasising that no "one-size-fits-all" model applies.
The path leads to the critical success factor- personal data. Customers need to perceive and value the benefits of sharing data and the ecosystems that most effectively win the hearts and minds of customers and patients stand to be the winners.
Then there is the question of security, cyber-safety and which groups will master that challenge. Plenty to occupy the minds of leaders in healthcare, Technology, Cyber-Security, Governments, the myriad start-ups and investors stimulating innovation.
This raises the first challenge for both insurers and startups: make people agree to share their personal data. Customers really need to perceive benefits to allow companies access such sensitive data. It’s even tougher with the GDPR (European regulation on use of personal data) coming as companies will need a proper consent from their clients to collect any data and leverage them. Only startups or corporates with great products and UX will manage to get access to those personal data