Emergency Prevention: 3 Ways Insurtech is Leading the Way

Shefali Vasave | July 20, 2022 | 646 views | Read Time : 05:00 min

3 Ways Insurtech is Leading the Way
The COVID-19 pandemic demonstrated the pressures on emergency medical services and healthcare professionals as well as insurance platforms. Insurtech has proved to be a robust area of technology that needs further investments to ensure that we are able to leverage it even in times when there’s little global turmoil.

The Efma-Accenture Innovations in Insurance award winners have validated the exponential expansion of insurtech. Here are three insurtech innovations driving emergency prevention in healthcare.

1 bAIby – Interpreting Baby Cries

bAIby is a next-gen baby monitoring device powered by AI. Labelled as a “cry translator,” the BabyT device uses AI to interpret what a baby’s cries mean. The bAIby solution is based on the understanding that the first six months of a baby’s cries universally communicate the following:
  • sleepiness
  • hunger
  • discomfort
  • stomach issues

The developer of the BabyT AI, Zoundream, collaborated with insurance company Generali to enroll young parents and test BabyT. This allowed Zoundream to collect the massive amounts of data sets required to train the AI. The AI is able to detect pathologies like hyperthyroidism, autism and even hearing impairment.
Furthermore, it will enable Generali to provide new parents with assistance, prevention, and insurance services, thus providing the peace of mind that insurance services should provide. This innovation won the gold in the Efma-Accenture Innovations in Insurance award.

2 Air Doctor – Finding a Doctor Overseas

Silver winner Air Doctor is a cutting edge solution to help individuals find general practitioners in unfamiliar places. The solution is aimed at travellers and expatriates whose first instinct when sick overseas may be to visit a hospital, leading to high medical costs and burdening the local healthcare system.
The Air Doctor platform provides access to a network of physicians in six continents and 70 countries. The information includes the doctor’s location, specialization, as well as online appointment booking and virtual care options. Insurance providers can integrate with the platform to connect with their customers by offering a digital link for quick verification and approval. The platform has made managing basic medical attention easier for both consumers and insurance providers.

3 bolttech – Boosting Insurance Penetration

Bronze winner bolttech was recognized for its smart insurance exchange ecosystem that enables non-insurers to integrate insurance solutions into their purchase journey. For instance, smartphone vendors can use bolttech to provide insurance as an option during the purchase of a new phone, leveraging the most effective purchase touchpoints to provide coverage. This is especially crucial in markets that have a low penetration of insurance. bolttech’s platform has medical plans with self-declared underwriting, delivering instant cover and reducing the onboarding time to just 90 seconds.

4 The Way Forward

Digitalization of insurance is the future of the industry. The above solutions have proven use cases that enable both consumers and providers to leverage digital network to create secure and stress-free access to insurance.

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Are you an Insurance professional looking to join our ever-growing team? Find out why we are the reigning 2-time Consumer Choice Award Winner for Insurance Brokerages in Nova Scotia. Email us confidentially at manderson@abcinsurance.ca and let’s have a chat. As an independent insurance brokerage, our insurance experts work for you. We have an array of insurance companies and products that enable us to tailor each policy to suit your INDIVIDUAL needs and budget.

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