HealthTech meets InsurTech: Trust in an automated world
Editorial by Hugh Terry
Health is a subject close to most of us. It’s personal. And there is no doubt we want the best healthcare we can get – as long as it is affordable.
And here is the rub. the western system of healthcare has broadly evolved to be producer led and based on managing adverse health outcomes. In some countries, such as the UK, systems have evolved to deliver ‘free’ universal healthcare – where taxation is used to provide finance, and queues are used to moderate demand. At the other end we have markets, such as the US, which have limited universal coverage and sky high healthcare costs. It seems that irrespective of healthcare system, we have major problems in achieving cost effective delivery that leads to better health outcomes – and it is a global challenge.
But the really good news is that digital has the potential to reduce costs, at the same time as getting better medical outcomes – by using data insights for preventative medicine, by allowing more and more triage to be done on an automated basis, and by allowing the value chain around healthcare delivery to be completely transformed. Would you bet against having a healthcare data ‘passport’ in 10 years, and having the majority of routine monitoring and diagnosis done from your home?
Dr Rebecca Pope is a senior data scientist at KPMG in the UK and while in her article she provides clear examples of how AI and machine learning are already bringing immediate benefits, she also raises the data privacy and regulatory challenges that need to be considered. I have also been thinking a lot about data privacy and who owns data led insights in healthcare – is it IP that should be protected, or is its distribution a public good? See this article for more thoughts on this thorny subject.
Rick in his article also leads with the power of AI and machine learning to transform healthcare and articulates the concept of the ‘semantic’ insurer of the future, that will provide services to ensure its customers’ wellbeing. Rick does a deep dive on two HealthTech companies and also adds a timely footnote on the Amazon, JP Morgan, Berkshire Hathaway healthcare announcement. Will these three corporate giants figure out how to deliver a consumer centric and lower cost value chain for the delivery of quality healthcare?
Hope you enjoy this HealthTech focused issue of InsurTech Insights.
The doctor’s surgery and the insurance underwriting office have a lot in common, and both use human effort for tasks that can now be better done using HealthTech and InsurTech.
There is no doubt that HealthTech applications using machine learning have huge potential to improve healthcare, as KPMG’s Dr Rebecca Pope explores.