Free the Data: Takeaways from Insurtech Insights
by Caroline Boyland May 31, 2022
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Innovative. Disruptive. Game-changing. These are just a few of the buzzwords you’ll hear as you stroll through the conference hall at Insurtech Insights America. The conference took the Javits Center in NYC by storm last week, as insurance and innovation leaders from across the country took to the floor to learn about the next best thing promising to shake up the industry.
Our CEO and Co-founder, Sina Chehrazi, joined a panel of experts to discuss “The Health Insurance Disruption Poised to Shake Up the U.S. Market,” but the conversation became so much more than just that. The panel evolved into a candid, fun, and even slightly controversial conversation around what consumers need, where the industry status quo is falling short, and what they hope for the future of insurance tech innovation. Didn’t get a chance to attend? Read on for our 2 major takeaways.
Takeaway 1: Consumers yearn for predictability
One of the most impactful points made in the panel session was centered around the unpredictability in the industry. In a world of constant internet access and unlimited data literally in our pockets, we are constantly informed, knowledgeable, and prepared with any information we may need. So why is it that when it comes to our benefits, health, and finances, arguably the most important aspects of our lives, we accept the unpredictable?
Marek Ciolko, CEO and Co-founder of Gravie, made a great analogy here. Imagine a world where you pay $15 dollars for your Netflix subscription each month, but each time you watch a movie you have to pay an additional fee. And you don’t find out what that fee is until after the movie. That’s how healthcare and benefits work in today’s environment. Employees are paying monthly for insurance, but still get hit with major medical bills after undergoing medical care, and most of the time consumers don’t know what that bill is until after the fact. This lack of predictability is costing Americans millions of dollars each year and is simply unacceptable.
With a lingering pandemic and potential recession on the horizon, consumers year for predictability—especially when it comes to their health and finances.
Takeaway 2: Data should be accessible and transparent
The second takeaway to highlight is that we need to, as Chehrazi put it, “Free the Data.” Right now, the healthcare industry is one of the only industries with an open consumer data loop. He made the comparison to internet providers—they have all of your information,where you live, what shoes you like to buy, what shows you typically watch, so on and so forth, and can make intelligent recommendations of what you may or may not like based on that information. Imagine if the healthcare industry functioned this way, and that your providers, pharmacies, and financial institutions could communicate and leverage your data to help you make the best decisions for your health and financial situation.
Jolee Crosby, Global Head of L&H Underwriting at Swiss Re, hopes to improve health data transparency and portability by leveraging developments in the Internet of Things, or IoT for short. Crosby referenced the use of wearable technology, like smart watches, as a key innovator in the transformation of the health ecosystem. These wearables represent the ability to pass data about your health and wellness to your personal devices, and in an ideal world, can provide your medical providers with critical information about your health. Crosby hopes that innovations in wearable tech will continue to empower individuals to take control over their healthcare and make better health and wellness decisions.
The panel covered these key takeaways and much, much more, but what it really boils down to is this: the healthcare industry is stressful, confusing, and complex. Consumers demand and deserve clarity and understanding so that they can take full control over their health and financial potential. The panelists each hope for a near-future in which healthcare is no longer synonymous with unpredictability, one in which our personal health data is both accessible and transparent.
Want to talk about how you can create a better benefits experience for your employees? Learn more about Nayya.
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