What are we going to do to change the scenario in health care?
Till date it’s the individual with medical insurance support the overall health care sector. Idea for us is to build a mechanism through which we distribute the risk & minimize the same for the end use for commercial gains.
How we are thinking
Creating a pool of risks based on the last 15 years health data. Basis of this accumulated data we use predictive modelling & bring the same to the market. Premium / investment would be basis the industry data collected from various hospitals, research, studies & new treatments.
Why would someone invest into the healthcare fund?
Let’s consider a scenario where predictive models calculate rise of certain heart disease for future. With the help of *Preventive care* this could be restricted to below the expected level. This drop in total expense of healthcare will bring dividends to the investor.
This should raise awareness as the same person who is anonymously at risk of heart disease is also invested in preventing the disease with Preventive care & detection.
Family insurance. Employer-based health care is not a practical alternative for many who make their living in
the nation’s giant, informal economy. Moreover, paying for hospitalization coverage alone is not a sustainable
strategy for most companies that consider entering the health insurance market.
One strategy to “de-risk” the health insurance pool and develop a deeper base of customers is to insure an
entire extended family, from infant children to aunts and uncles, a tactic the insurer Max Bupa has initiated.
An extended Indian family can encompass 40 or 50 people, and by offering coverage to an entire family clan,
insurers can significantly grow the customer base and also guarantee they are covering healthy younger patients
rather than just the elderly who tend to suffer from chronic or other life-threatening diseases.
Linking coverage with “wellness.” A number of new players in the health insurance market are linking
health insurance programs to smartphone applications that monitor physical activity or visits to the gym.
Aditya Birla’s new insurance program offers a 30% monthly premium reimbursement to clients who work out
regularly or who record a certain number of steps in their daily activity. Like many others, it is trying to use digital
technologies to boost customer engagement and education to drive cost savings by rewarding healthy behaviors.
Creating networks that link coverage to care. Apollo Munich has created a network of pharmacies, clinics
and hospitals, and even a call center, to help prospective customers manage their diabetes risk. By linking a smart
app on a phone to covered patients, Apollo believes it will cut the hospitalization required of diabetes patients and
engage patients in preventive steps that keep them out of the hospital in the first place. Through comprehensive
management, Apollo is hoping to prove that its insured customers can spend less money overall as outpatients
and enjoy a better quality of life.