Health Insurance of the Future - Embracing IOT2017-03-23
IOT and its potential to help reduce healthcare costs and keep insurance affordable will be a topic of hot debate at the 12th Asia Conference on Healthcare and Health Insurance this week. I am looking forward to a panel discussion on this issue tomorrow and debating the potential for interconnected devices to be game changing for our industry.
But what real opportunities does IOT bring, and how can the health insurance industry effectively harness these for the future?
It’s clear that IOT presents endless possibilities, not just in the way that insurers interact with customers, but also in the way medical providers deliver treatment, and patients manage their own healthcare. IOT is already transforming the healthcare industry, with interconnected devices helping to improve diagnoses and monitor patients in real time to prevent problems from becoming acute.
One of the key healthcare challenges of the 21st century is the need to control costs against the backdrop of an ageing population and new advances in medicine. This is an area where IOT has the most promise. IOT opens up greater possibilities for proactive and preventative intervention by physicians, and telemedicine and virtual care services are already enhancing patient care management, ultimately helping to keep costs down.
New advancements in personalised and precision medicine will also enable treatments to be tailored for each individual, helping to reduce costs by minimising the amount of ‘test and learn’ required when physicians are devising treatment plans. This is good news for patients in terms of improved outcomes, but also for insurers who ultimately foot the bill.
For health insurers, this increase in the available data about existing and potential customers will enable us to better customise products to each and every individual, while improving risk modeling and loss ratios. We are already starting to see this in its most basic form, with some insurers tracking customer behaviour via wearable devices and rewarding those that live healthier lifestyles.
However, even now many of these smart watches and health Apps are becoming outdated. The wearables of the future will be even more integrated with our daily lives, from sensors in the clothes we wear to augmented reality implants that were previously only the realm of science fiction. These will no doubt present new opportunities for insurers in ways we can’t yet imagine.
Advancements in blockchain technology will also open new doors, helping insurers better make sense of the vast amounts of data that IOT offers. Whilst this technology is still in its infancy, it’s possible the super computers of the future will be able to construct ‘Smart Insurance Contracts’ based on real time underwriting, rather than basing premiums on a snapshot of information that is outdated before the contract is even signed.
But with these opportunities also comes risk. It’s possible we may become overloaded with too much data to effectively make sense of it, not to mention the data privacy minefield that surrounds insurers and other commercial entities holding sensitive health data. At what point will the insured’s duty of disclosure outweigh their right to data privacy? Moving forward the industry will need to work together to set clear parameters to ensure we make the most of this new technology, while protecting the rights of the individual.
One thing is clear, all insurers will need to up their game and identify new partnerships and technology platforms that enable us to deliver a more comprehensive service for our customers. In future the industry will have to do more than offer health cover, but provide integrated health solutions that support our customer’s overall health and wellbeing.
If insurers can embrace IOT and other technologies to support people to stay healthy, we will not only save costs and ensure health insurance remains affordable, but most importantly, we will be able to better serve our customers.
Damian Delaney, Chief Commercial Officer, Now Health International
Best Doctors Insurance bolsters global customer services2017-03-02
Eighteen months on from the acquisition, solid progress has been made to leverage the strengths of our combined business to create a truly global service for customers. Together Now Health International and Best Doctors Insurance serve 112,000 members located across more than 200 countries.
Our bolstered global service means that Best Doctors Insurance members now have access to our combined provider network of over 1 million medical facilities and physicians worldwide. In-house service teams located around the world will also offer 24/7 customer support in multiple languages, including English, Chinese and Spanish.
Now Health International customers that opt to access USA elective treatment will also benefit from additional access to a range of the USA’s medical centres of excellence. Plans are also underway to shortly offer Now Health International customers access to secondary medical opinion services, which are currently only available to customers of Best Doctors Insurance.
“The combination of our two companies creates a top tier specialist international health insurance proposition with complementary products, distribution and geographies. Our vision is to create the best of both worlds for our customers, ensuring access to the fast and efficient service that Now Health International is renowned for, while offering the best quality healthcare that is the heritage of Best Doctors Insurance” said Martin Garcia, CEO of Now Health International/Best Doctors Insurance.
“Work is ongoing as we continue to integrate both businesses, but we’re already making significant progress in offering enhanced global services for our customers to showcase the best that the combined business has to offer”, added Elizabet Narciandi, Managing Director Americas, Now Health International/Best Doctors Insurance.
Download our Corporate Brochure HERE to find out more about the great benefits our combined business has to offer.
Appointment of New SVP of Sales and Marketing for LATAM2016-09-26
I am delighted to announce that David Capote has joined the Now Health/Best Doctors Insurance team as Americas SVP of Sales and Marketing from 26 September.
David brings nearly 20 years insurance experience to us, during which time he has focused on various commercial development roles working with distribution channels throughout the LATAM region. He will be responsible for driving strategic business development in Latin America, Canada and the Caribbean.
David began his career in 1997 with Amedex Insurance Company and then spent six years with Bupa International. He has spent the past five years with Pan-American Life Insurance Company as Vice President of Sales for International Major Medical products and was responsible for local individual health sales. During his career, David has also served on various Board of Directors positions in the USA and Latin America.
Please join me in welcoming David to the team. We wish him all the very best of success in his new role. Please get in touch if you have any questions about this new appointment - we're happy to hear from you.
Chief Executive Officer
Appointment – Director of Medical Underwriting2016-09-20
I wanted to take this opportunity to update you on a key appointment within the Underwriting function of our organization.
I am pleased to share that Dr. Hector O. Rojas, who has previously served as Director of Sales, an area where he has made important contributions to the achievement of our strategic goals, has been promoted to Director of Medical Underwriting for Best Doctors Insurance/ Now Health International.
In addition to a long career in the field of medicine, Dr. Rojas has over 15 years of executive experience in the area of insurance underwriting and vast knowledge of the Latin American market . In his professional career, he has also participated in designing insurance policies; developing and executing underwriting guidelines as well as processes improvement.
This extensive background of professional achievements and expertise ensures that Dr. Rojas in his new position will continue to contribute in the evolution and growth of Best Doctors Insurance and Now Health International. With his leadership, we will enhance our Underwriting department and develop best practices that will increase our standards to continue offering medical excellence in the market and the most perzonalized service to our agents and members.
I am certain that Dr. Rojas will count on your support and cooperation in carrying out his new responsibilities.
Managing Director Americas
Release of Corporate Video of Now Health International and Best Doctors Insurance2016-03-28
OFFICIAL COMMUNICATION: 2014 Best Doctors Insurance Limited Financial Reports2015-06-09
It is with great pleasure we write to you after returning from another successful Best Doctors Convention in Dubai, a place known for its luxury and innovative architecture. This year we were joined by an extraordinary group of almost 400 guests; a convention record in our industry and without a doubt, an unforgettable experience. This was an appropriate setting conducive to presenting our plans for expansion.
Now Health International and Best Doctors Insurance2015-04-27
As we celebrate our 25 year anniversary and unprecedented success as a marketleader, it is with admiration and respect that I commend all of you for your loyalty as a most valued member of the Best Doctors family. Your hard work resulted in helping us become the Latin American and Caribbean leader in major medical international benefits. As testimony to this, almost 400 agents will be joining us in Dubai next month as a result of producing close to US$40 million in new sales last year. And the growth continues as we are projecting close to US$50 million in new sales for 2015. We should recognize that our success, supported by a unified team, started with building a great culture and by promoting the values of truth, integrity, and a passion to serve others on a daily basis.
As we grow to reach US$200 million in premiums this year, we must focus our attentions to continue to do things well and to protect everyone’s interests. Part of this includes investments in new systems and products to support growth and to prepare us to become a much more effective and sophisticated organization.
I write to you with the pleasure of sharing that Best Doctors has agreed to join forces with Now Health International (http://www.now-health.com) with the intention of creating a global leader, diversified in product and geographic coverage and forecast to generate in excess of US$1 billion in premium globally over the next three years. Now Health International is backed by the Primary Group, an insurance focused investor. Now Health, like Best Doctors Insurance, is domiciled in Bermuda, headquartered in Hong Kong, and has built operations throughout Asia Pacific, the Middle East and Europe. We are pleased that our new partner shares our commitment to deliver an excellent customer experience, with a vision to provide access to the best benefits and medical care worldwide.
Martin Garcia, CEO of Now Health International, together with his team has vast experience in intermediary driven insurance businesses. With the addition of Best Doctors Insurance, they now have a unique opportunity to create a combined global platform that will support 12 offices, 100,000+ members, 300+ staff and 5,000+ distribution partners. Per Bay Jorgensen, a Now Health International Non-Executive Director and ex-CEO of IHI Danmark, was instrumental in bringing together this transaction, and I am pleased the combination of our two innovative and entrepreneurial businesses will have his blessing. Best Doctors Insurance will continue uninterrupted under the local direction of Pia Malem-Christoffersen and Elizabet Narciandi. Martin and his leadership team have committed to provide global oversight with high levels of local autonomy and empowerment. I ask that we all remain loyal and support Pia and Elizabet with a smooth integration, ensuring our focus remains on delivering great customer service.
The Best Doctors Insurance brand will continue for the time being, as will the provision of our key distinction: the Best Doctors InterConsultation service. Our staff, agents and ultimately our members will benefit from increased investment in worldclass technology, governance structures and competitive products to ensure continued growth and sustainability across your regions.
Through passion and hard work, we have realized our dreams to build a leading growth company in Latin America, the Caribbean and Canada. You should all be proud of this great accomplishment and embrace the opportunities that lie ahead of you.
I personally thank you for making Best Doctors Insurance a special place for agents, employees, and customers and for your tireless support to make us a world class leader in global benefits.
With my sincere regards,
Chairman & CEO
Best Doctors Inc.