Technology. Data Analytics. Artificial Intelligence. Machine Learning. Distribution Platforms. Consumer-centric. Personalized experience. The future of risk.
What do all of the above have in common?
They are elements of innovation driving change within the industry. And while many current products, services and capabilities offer some pieces and parts, solutions that can effectively meld multiple components are well poised to pave real and lasting change.
Enter the titans moving into healthcare.
Apple: Electronic Health Records at Your Fingertips
The management and integration of medical records has long been a significant pain point across the healthcare spectrum. The current system relies on the consumer to access data, often from multiple entities, and to manage the aggregation and sharing of information.
However, with Apple’s recent announcement bringing health records to iPhones, that pain point could be considerably eased. Immunizations, lab results, medications, vitals, procedures, allergies, and potentially more will all be available on a common and easy platform that touches a huge population of people.
By offering a digital home at consumers’ fingertips that integrates healthcare data from participating organizations by using FHIR (Fast Healthcare Interoperability Resources), an emerging standard for transferring electronic medical records, Apple is directly involving individuals, perhaps providing the nudge needed to create a more engaged and accountable, or consumer-driven, market.
The Amazon, Berkshire Hathaway, JP Morgan Partnership
While details are sparse, the intent…and capabilities…of these combined companies is powerful.
Amazon is a company driven by customer-centric innovation and obviously has the technology and data to support and lead revolutionary change. Berkshire Hathaway has the insurance industry expertise and experience and JP Morgan is a financing king. Put these three together and the change they could initiate, after using their 1.2 million employees as a testing ground, could show the power of the employer proxy in reducing healthcare costs. Only time will tell.
The buzz that has already swirled amid their announcement, albeit with very little explanation or shared detail, demonstrates the interest, excitement, maybe even anxiety from some traditional stakeholders. One thing is certain, consumers/patients and businesses alike are clamoring for a paradigm shift in healthcare cost and delivery, and non-traditional players are ready to take a stab at it.
Survey Results: How does your firm plan for innovation?
- 40% — An innovation Committee
- 20% — Innovation Officer, or dedicated role to driving innovation
- 20% — Bottom-up/Grassroots approach where everyone submits ideas
- 20% — We don’t feel we need to formally plan for innovation at this time
From Leader’s Edge
Technology Driven: Q&A with Ted Devine, CEO of Insureon
Ted Divine, CEO of Insureon, discusses why traditional insurance carriers should welcome insurtechs, disruption versus transformation, and how technology will influence the way brokers work in the future.
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