CFC, a specialist insurance provider and pioneer in emerging risk, today announced that its market-leading eHealth insurance product is now available to digital healthcare organizations worldwide including the UK.
Launched initially in the United States, CFC’s eHealth insurance policy is tailored to the unique risk profile of businesses operating in the digital health sector – where traditional policies can often leave gaps in cover. On the market for just over a year, CFC’s eHealth policy now serves more than 220 digital healthcare US businesses with services in over 70 countries.
“We’re seeing incredible uptake in the United States from both traditional healthcare providers who are adopting technology as part of day-to-day patient care, as well as from the technology platforms themselves,” commented Timothy Boyce, Healthcare Team Leader at CFC. “But demand isn’t limited to the US, so it only makes sense for us to make this cover broadly available in other regions.”
The digital healthcare market is expected to reach over $220 billion by 2023.
Three of the most prominent sectors of digital health include telemedicine, artificial intelligence tools like chatbots and mobile health apps. Government-backed digital health initiatives are also gaining steam around the world – for example, in the UK the NHS recently pledged to make digital healthcare ‘mainstream’ within ten years as part of its Long Term Plan.
“Digital healthcare companies have found themselves in a grey area where affirmative cover is foggy – malpractice policy triggers are fairly static and cyber policies exclude bodily injury,” commented Boyce. “So, where do they go? What’s needed is a bespoke product that addresses the overlap of technology and healthcare risks these businesses experience.”
CFC’s eHealth insurance product provides affirmative cover for bodily injury arising from both the advice provided by companies and practitioners as well as bodily injury arising from technology failures and cyber events. CFC’s market-leading cyber and privacy cover is included as standard, and the policy also provides cover for technology E&O, breach of contract, and for wearables and self-monitoring healthcare devices, cover for failure to perform.