Two of the world’s most well-known companies have teamed up to work on a breakthrough solution in digital health data.
Global reinsurance company Swiss Re which has a revenue of some $50 billion and more than 15,000 employees has partnered with Diameter Health. The latter is a global leader in the interoperability of health data. Together they aim to completely revolutionize the way electronic clinical and health-related data is stored, processed, and utilised.
Tech is revolutionising finance and health
This is another example of the way that automated solutions and advanced technology are transforming multiple sectors. We are witnessing the way that AI is making strides in client onboarding and combating AML, and we can also mention the way blockchain is providing unparalleled accountability to big-name finance firms.
The forex market, the world’s largest and most liquid market place is also embracing technology. Not only has a lot of trading shifted online via apps and web-based platforms, but automation such as AI trading and forecasting is also popular. Several sites have also embraced AI client onboarding and biometric authentication as well. This influx of people wanting to know what forex trading is, and also to trade remotely has driven forward this digital transformation at an accelerated speed. This market is one of currency trading using forex pairs, such as GBP/USD, and as such, any advancements in automation and technology will improve the experience for both customers and behind the scenes.
In terms of Swiss Re and Diameter Health, they will use so-called “Fusion data-refinement technology” to solve the issue of having masses of data, and not knowing what to do with it. They hope it will intelligently reorganise and summarise health data, providing a fully consolidated file for the underwriter.
Blockchain and AI
Other popular applications of emerging technology in healthcare include the use of VR in training medical staff. By setting up artificial but life-like environments, students can see medical procedures taking place more realistically. They also have the opportunity to try their hand at complex operations and processes through combined use with augmented reality.
Blockchain is also finding a niche in the healthcare sector. As a distributed database that is completely immutable and protected from fraud, it makes a great place to store patient records. When a patient checks into an emergency room or hospital anywhere, they can simply give their blockchain record to the medical staff which gives access to their entire medical history. Any subsequent treatments are recorded on the blockchain which automatically updates across every node, instantly. This can be potentially life-saving, as well as time and cost reducing.
But back to the insurance sector. This industry has long been plagued by sluggish technologies and a hesitant approach to embracing them. But this attitude cannot continue as such. In an increasingly globalized and digitized world, big players in the insurance and reinsurance sector need to move to stay ahead. Clients are demanding more automated processes, greater transparency and security, 24/7 service 365 days a year, and the ability to carry out all tasks relating to their insurance, remotely.
The message is, those who move with and ahead of the times will reap the results, those that hesitate, will find it difficult to keep up.
This article was produced in association with a brand, it contains affiliate links.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.