Read full white paper: https://openinsuranceobs.com/reports/report-creating-shared-value-in-digital-health-ecosystems/
Open & Embedded Insurance Observatory have collaborated with Generali to explore why insurers now have the perfect opportunity to harness the benefits of being part of the digital health revolution.
Being part of people’s digital health and wellness journeys puts insurers in the perfect position to help deliver real health benefits for customers, and control costs through personalised case management. Offering lower priced virtual health services, in line with reducing claims payouts through better disease prevention, all have a positive impact on insurers’ bottom line.
And people are looking to insurers to provide them with health-related services. According to the 2022 World Life and Health Insurance Report, published by Capgemini and Qorus, 37% of policyholders rate insurers as their top potential partners for physical wellness. However, the same report shows that only 8% of insurers have established effective wellness-centric value propositions.
This is backed up by the 2022 Embedded Health Report, which estimates that less than 10% of the potential value of Embedded Health is being realized by insurers today. With some of this value likely to come from digital health ecosystems, it’s worth noting that McKinsey & Company predicts that ecosystems will generate $60 trillion in revenue by 2025 – which will constitute 30% of global sales in that year.
Whatever platforms or partnerships insurers form to embed their protection products, the healthcare arena is the one in which many innovative insurers are focussed, thanks to the ever evolving digitization of healthcare and the ease at which insurance can now be embedded into customer journeys.
The affordability, friction-free access, and speed with which insurance cover can be obtained through embedded channels, make this model extremely attractive to customers. And it’s why the Observatory estimates that up to 20% of global insurance GWP will migrate to embedded in the mid- term. By the next decade, the market value of embedded insurance is predicted to be worth around $3 trillion.
Read full white paper: https://openinsuranceobs.com/reports/report-creating-shared-value-in-digital-health-ecosystems/
