HOSPITALS

How do things differ in the UK ? In the UK , the life and health market is moving . The individual life market has been stuck for a while on systems that started to get bedded in 15-20 years ago , and the itch to move again is becoming apparent .

Thinking of the new consumer duty regulation that will be in place for insurers from 31 July 2023 , making changes to meet new requirements is challenging and can be costly . Those more daring in the market are starting to use wearable devices as a way to differentiate but , getting this right is not simple .

The proposition is complex and usually involves an ecosystem approach to make it work , with insuretech that can plug and play . This will be an area that continues to emerge and will be more of the norm in the coming years but , insurers need to be working with the right tech now to benefit from this in the future .

The Health market has a flood of new technology from lots of different parts of the value chain . This market has probably seen some of the biggest movement when looking at platform replacements across private medical insurance and cash plans .

I think a lot of this has to do with COVID , which has placed pressure on the NHS , and there is a great deal of demand for these products , But private medical insurance can be too expensive for some , and cash plans don ’ t always have all of the benefits people are looking for .

This inevitably means new propositions . EquipsMe was ahead of the curve here and is providing something a bit different to traditional products .

New and existing business platforms that can provide operational efficiencies and the ability to provide distribution and user portals will continue to become more important . With claims , no-code platforms such as 360Globalnet will digitally transform insurers in the same way Instanda does .

The global health insurance market was valued at

in 2023 and is expected to grow to

COMPANY : INSTANDA INDUSTRY : INSURANCE

Will works with carriers , brokers and managing general agent across 13 countries to help address their legacy transformation issues , giving them the freedom and flexibility to innovate rapidly and address new markets in weeks instead of months .

72 September 2024