Health and wellness will be prioritised in new integrated digital products.
Insurtech is thriving – evidenced by the $8.5 billion insurtech investment raised in the last five years. But as the insurtech market becomes more saturated, players are diversifying into niche areas to gain a footing.
In the healthcare space, consumers are taking a more active role in managing their health and wellness. Yet the healthcare industry has been behind other industries in terms of uptake of consumer technology – we predict that this gap will narrow in the coming year.
In 2020, we expect significant growth in collaboration between insurers and healthcare providers to develop digital products that will integrate their offerings. As a result, traditional health insurance offerings that have been sold purely on coverage for financial loss will evolve into cohesive one-stop shops that also cater to health needs, with technology-enabled features (such as online appointment scheduling and telehealth consultation) becoming increasingly commonplace in health plans.
Along with a more holistic insurance offering will be a shift in the function of insurance from risk protection to risk prevention, where we will see insurers playing a greater role in assisting insureds to manage their health risks. In the coming year, customers can look forward to a more streamlined and overall improved healthcare experience that comes with such value-added health insurance products.
Read the rest of our insurance predictions here.