Revolutionising healthcare through innovation
InsurTech dacadoo has been leveraging technology for better healthcare outcomes. We spoke to the InsurTech’s Mr Peter Ohnemus about how innovation is transforming health insurance.
By Jimmy John
Predict and prevent risk
The major trends noticed by dacadoo entering 2022 is what it calls predict and prevent. Dacadoo president and CEO Peter Ohnemus feels that the life and health insurance industry , over the last 150 years, basically assumed risk – not trying to predict and prevent risk, which he believes will be a big change for the global industry.
“We call this #WECARE and the integrated insurance operators will be the big winners as they will have better margins, be closer to the consumer’s life and at the end of the day. If you live longer, you pay premium longer and as a client you are happy if you’re insurance operator is looking after your health,” he said.
In this situation, he feels that everybody is a winner. “You have a longer life, meaning you pay more premium, and the insurance operator have less cost, but longer premium from you,” he said.
Focus on digital health engagement
Mr Ohnemus is a big believer in the concept of something for something economy. Research done by his company show that insurance companies that are having a health score and point system have over 30 to 42% more health engagement.
Moreover, global research shows that average insurance operators have 2-4% engagement with their clients and most insurance operators only have one or two communications per year with their clients.
“This is not good, and we believe that the consumer is willing to share data, which was also confirmed by the latest Accenture study, which confirmed that close to 70% of all consumers are willing to engage with their insurance operator if they get something in return. One should not underestimate the power of this something for something economy,” he said.
Digital living is the future
The biggest challenge today is the increasing cost of healthcare, which he believes the consumer cannot keep paying.
“The big opportunity is to have more assisted living, meaning bringing digital home to where you are at any time,” he said. According to him, digital living is the future and is about mobile first and cloud native, which means that the insurance operator needs to provide real-time assisted living to individuals, wherever they are and ensure their good health.
“I know that most people believe assisted living is something for old people, but I believe there is a serious growth opportunity for insurance operators that will provide me with lifestyle navigation 24/7 and thereby helping me staying healthy and living my full health potential. I win as I have less cost and the insurance win as well as they have to cover less bills for me,” he said.
Get platform strategies right
Mr Ohnemus feels that the big challenge with insurance operators both in India and abroad is that they are very conservative.
“This is not serving well in a digital world, where you have to move faster and the winner takes it all,” he said. He advises insurance operators to get their platform strategy in place, build it around an open API, which will help them integrate any digital services such as health scoring, telemedicine, blood testing at home, symptom checker and mental wellbeing.
“It’s very important that the insurance operators are choosing a platform that is giving them investment protection over the next 10 to 15 years and is providing a growth opportunity, where they have the basic digital health engagement in place, but are completely flexible when it comes to IoT devices, software trackers, point system, retailers, telemedicine and underwriting,“ he said.
dacadoo calls this the digital health switchboard, that enabled it to have its whole Easy API, which Gartner Group made Cool Vendor 2021 as it can offer any service, any time on its API combined with the risk engine and wheel of life.
“The real power for digital transformation is the flexibility of the cloud and the consumer mobile first drive,” he said.