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COVID-19 stimulates insurers' health innovation




This year's Efma-Accenture Innovation in Insurance Awards showed that healthcare is a key sector for insurance companies that want to strengthen their business after the COVID-19 pandemic.

The rapid response from insurers to the COVID-19 pandemic has shown that they are much more flexible and innovative than many industry observers expected. Insurance providers quickly launched a variety of solutions that were tailored to meet the rapid changes in their employees and customers.

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Now insurers must maintain this momentum. They should accelerate their digital transformation initiatives. In addition, they should develop products and services designed specifically for the new post-pandemic market. The COVID-19 crisis, which I mentioned in a recent blog post, has forever changed our experience of being a customer, employee, citizen and human being.

Healthcare has not surprisingly emerged as one of the critical sectors that insurers need to pay more attention to and serve in new ways. Many insurance providers are already strengthening their investments in healthcare solutions. Research company CB Insights estimates that $ 14.6 billion in capital funding was provided to start-up healthcare companies during the first quarter of this year. Artificial intelligence (AI) applications for healthcare, solutions for managing infectious diseases, life support units and mental health services attract significant investments, says the researcher. Efma -Accenture Innovation in Insurance Awards a lot of impressive healthcare solutions went out. "Health-at-Hand" offers, together with innovations developed in response to the COVID-19 pandemic, were the largest group of entries at this year's awards. A text analysis of the submission reports shows how much health care has been at the forefront of insurance innovation in the past year (see illustration below).

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Participants submitted many COVID-19 solutions for this year's awards. They often developed the solutions at short notice in just a few weeks. Especially three, I thought, stood out as impressive innovations.

  • COVID-19 Lifeband : This portable device developed by PZU in Poland, reduces the risk of hospital patients transmission COVID-19 virus to medical staff . The device constantly monitors patients' oxygen levels and heart rate and warns medical personnel when they need to intervene. Lifeband enables physicians to monitor the health of their patients without having to come into close physical contact with them.
  • COVID-19 Alert Service : AIA in Hong Kong added a COVID- 19 alert service to its AIA Connect mobile app. The service, developed with Accenture within two weeks, enables registered users in Hong Kong or Macau to quickly receive government alerts about the virus.
  • Online Doctor & # 39 ;s Visit : Argentine Insurer San Crist ó Bal rolled out a telemedicine service across its web and app platforms in less than two weeks. The service went into operation just before the country went into a mandatory lockdown. The online Doctor & # 39 ;s Visit service gives the insurer's customers access to medical help via a video call at no extra cost.

Many healthcare solutions use AI to assess customer needs.

There were plenty of prominent "Health-at-Hand" solutions that impressed me at this year's awards. Many of them were connected to the service provider's network and provided teleconsultation opportunities. They often use AI to assess customer needs or circumstances. Here are three innovations that I think are particularly good.

  • Emma : This virtual health assistant developed by AXA Asia in Hong Kong is both intelligent and empathetic. It guides customers and prospects, who use the company's website, mobile app or chat service, across AXA's integrated health, prosperity and lifestyle platform and answers a wide range of questions about product offerings and general health problems. This innovative solution, which works seamlessly across different communication channels, will soon be available on Tencent WeChat social media services in China.
  • Healthcare Ecosystem : Generali Welion has launched a comprehensive digital ecosystem to provide its customers with affordable, high quality healthcare services. It left no less than four different components of the ecosystem at in this year's award. They consisted of a teleconsultation service that gives customers access to doctors around the clock; a telemedicine facility that handles healthcare provided by medical specialists; a scheduling service that alerts patients to upcoming appointments and treatments; and a pharmaceutical home delivery facility.
  • Multicare : Developed by Fidelidade in Portugal uses Multicare telecommunications voice and video technology to provide corporate customers with remote consultations with doctors as well as advice and guidance that encourages a healthy lifestyle and prevents chronic diseases. The Multicare service also offers customers a remote control of symptoms that uses artificial intelligence to identify a range of medical conditions, including COVID-19.

In my next blog post, I will discuss some of the impressive real-time solutions featured at Efma -Accenture Innovation in Insurance Awards. I will also highlight some of the interesting partnerships that help carriers expand their business beyond the boundaries of traditional insurance. For more information about the prices click on the link below. Don't forget, now is the time to get your insurance innovations ready for next year's awards.

Efma -Accenture Innovation in Insurance Awards

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