MGA / TPA
“ Regulations and preexisting systems can both play a role in how fast [ healthtech ] innovation will spread across geographies ”
CHAITALI SINGHE HEALTHCARE AND CLINICAL DEVELOPER , WYSA
underwriting , pricing and claims management ( which are all critical to the financial stability of the insurance industry ) are also pervasive . These changes are heavily driven from the healthtech and parts of the insurtech world .”
Yet despite the capabilities being opened in health insurance by technology , Wysa ’ s Singh feels there is space for the industry to become more customer-centric , chiefly because the healthtech being employed , and subsequent partnerships struck are in their early stages industry-wide .
Some significant partnerships have already been established , however , namely partnerships between Aetna and Apple , along with Oscar Health and Cigna . These partnerships have helped drive early innovations in telehealth specifically .
Just look at Aetna ’ s Attain product . Designed specifically for Apple , the app takes your unique health history and combines it with wearable device activity – maximised by offering personalised goals and motivational awards .
Such partnerships are fuelling the telemedicine industry , but as Singh previously noted , these partnerships are still in their early stages . With this in mind , what is holding the industry back ? “ Regulations and pre-existing systems can both play a role in how fast this innovation will spread across geographies ,” notes Singh . It would seem then , that regulations may be slowing down growth in the sector .
The Brainy Insights backs this up , citing stricter regulations on the insurtech industry as the primary caveat that could affect its estimation of an US $ 82.3bn insurtech market by 2032 .
118 December 2023