We are getting near that time when IE publishes the Predictions 2023 features – yep, there are two this year – so it’s also good to look ahead long term at growth markets for insurance brands. Healthcare, especially the private type that actually delivers quality results on demand, is definitely one of them. Here’s some info from Lexasure, who recognise that gathering data on lifestyles is the first step towards writing new business;
Half of the world’s population is expected to live in developing Asia by 2025 amid an increasingly aging demographic. Against this backdrop, Lexasure Financial Group, a leading insurtech provider in Southeast Asia, has launched Vivacity, a comprehensive mobile app designed to promote healthy lifestyles and improve engagement.
“Demand for healthcare already outstrips supply in the Asia-Pacific region,” explained Ian Lim, Founder & CEO of Lexasure Financial Group. “APAC med-tech is answering the call with tech-enabled, personalized solutions that are predictive, preventive, and cognitive. Using digital apps for preventative healthcare could save the region’s healthcare system billions annually thanks to fewer hospital admissions and readmissions.”
LIFESTYLE DATA CAN UNDERPIN HEALTH COVER
Primary insurers can use Vivacity to embrace a more efficient, self-service model for healthcare, thereby reducing administration costs while improving customer satisfaction. According to a 2017 IQVIA Institute for Human Data Science report, digital health apps and wearable devices could cut acute care spending by $7 billion per year across diabetes prevention, asthma, cardiac rehabilitation, and pulmonary rehabilitation.
By providing up-to-the-minute information on essential health benefits like primary care checkups, access to specialists, and prescription drug information, Vivacity mobile technologies empower patients and providers with greater control and management over healthcare needs. Vivacity enables primary insurers to migrate routine tasks to a self-service model leveraging machine learning so that customer interactions can be focused on more value-added services, creating a concierge environment that increases the satisfaction of the insured while driving down costs with a more scalable approach.
“As healthcare becomes increasingly fragmented and crowded with solutions that fail to gain traction, healthcare value will be gauged by personalization,” Lim added. “The Vivacity platform reduces the cost of distribution and allows our insurance company clients to grow more quickly and be more competitive in response to the massive unmet need in the region. Vivacity leverages technology and data to become uniquely effective at engaging members in their health management and directing them towards prevention strategies and affordable, higher-value care.”