Health and insurance worlds are in the path that is definitely changing the way the sector works. As tech innovation gets its seat in business processes, health and insurance are transforming deeply. Medical underwriting is one example of the points that are in the path of transformation in the sector. Our spotlight guest this week is HealthyHealth, which brings its personalized solution to medical underwriting processes. Salman Mohammad, Head of Partnerships at HealthyHealth, told us about their journey.
Enterprise SaaS, HealthTech and BioTech
We leverage digital health data (steps, activity, heart rate) from smartphones and wearables for medical underwriting.
Luca Schnettler | Co-Founder & CEOEtienne Bourdon | Co-Founder & COO
Existing medical underwriting approaches are tedious for the customer and ask for a lot of personal information. They depend on disclosure and are prone to misrepresentation and subjectivity leading to poor accuracy. This leads to a lot of application abandonment and poor pricing resulting in a huge protection gap. At the same time all of us generate and carry digital health data in smartphones and wearables. We leverage this data to assess health risks instantly and a lot more accurately so a lot more people can avail insurance protection.
We provide instant and accurate health assessment for underwriting life and health insurance products. Other approaches to easy and quick underwriting exclude a lot of people and are more expensive for the customers.
Growth is exponential from tens of thousands of policies last year to hundreds of thousands this year
Our underwriting approach takes 3 minutes, it is 10 to 20% more accurate and a fraction of the cost
We have lived with clients in the US, Europe, and the Asia Pacific and the product is available globally. Our plan is to continue to partner with major life and health insurers to improve and innovate medical underwriting.