Insurance technology is evolving every day, and possibly some of the biggest strides forward have been made in the health space – something which has resulted in insurance companies stepping back and completely re-evaluating their point of focus.
Wendy Lenton, group executive people and culture at health insurer Nib says that Nib’s focus has changed significantly over the past few years, and advances in technology have largely fuelled the switch from financial protection to prevention and wellness. She says the introduction of technology into homes can provide vital information about a client’s health and habits, and can be a crucial part of maintaining day to day wellness.
“I really love the technology space, and for us at Nib, our whole purpose has really changed,” Lenton explained.
“It used to be about financial health insurance, and insurance is just about protecting our members from financial loss. But now we are moving to digital platforms, artificial intelligence and genetics to help pre-empt and understand people’s health profiles, and how we can support them.”
“This support can be through various degrees of practice around mental health, or looking at how technology in their home can help them with their health,” she continued. “One great example of how technology can be integrated into people’s lives is with something like Alexa, Amazon’s AI assistant. You can say, “Good morning, Alexa,” and she’ll say to you “Wendy, it’s a high pollen count today. Have you taken hay fever tablets?” Or, another example – you can come home and say “Alexa, I had a glass of wine at lunch today,” and if you’re a diabetic, she’ll tell you, “OK, you’ll need to recalibrate your dinner. Here’s what you can have.”
Lenton says that as an insurer, keeping your finger on the pulse of technological developments is vital, as it will shape how your organisation looks after its clients over the coming years. With things like home blood pressure machines, virtual doctors and nursing assistants, she says technology has the power to place insurers on to a whole new level of client care.
“There is so much technology out there now, and there’s so much range to what it can do,” Lenton explained.
“The flexibility that that’s created is enormous for us in this industry, and it’s so exciting to be on the edge of driving all of these. What we do today is going to impact where we are in three, four or five years, and it’s going to be something quite different.”
