U B S | D R J O N A T H A N B R O O M B E R G
C E O , V I T A L I T Y H E A L T H I N T E R N A T I O N A L
G L O B A L H E A D O F H E A L T H I N S U R A N C E , D I S C O V E R Y G R O U P 7 O C T O B E R 2 0 2 1
GLOBAL EMERGENCE OF DIGITAL ECOSYSTEMS
Global trends, which are transforming insurance markets, have been accelerated by COVID-19
Banking | "It's time to tie bank profits to |
customers financial health" | |
"We want revolutionary | |
Motor | actuaries" Tesla launching |
insurance company - premiums | |
based on data collected by cars' | |
internal sensors | |
Life | The nature of behaviour on |
mortality | |
Health | The nature of COVID- |
19 risk is behaviourial |
The nature of risk is behavioural
"Deep understanding of risk and how
to manage it"
• The rise of digital
• Ways of work
• Ecommerce
• | Telemedicine | |
NATURE | • | Contactless |
TECHNOLOGY | ||
OF RISK | ||
SOCIAL | Accelerated rush online |
RESPONSIBILITY | "Digitally enabled, customer centric |
and drive engagement" |
Social and environmental movements amplifying corporate responsibility
"Producing profitable solutions to the problems of people and planet, not profiting from
producing problems for people or planet" Colin Mayer
Significant increase in ecosystem strategies globally
Blurring of boundaries in these three trends
Insurtech and ecosystem | Many have invested substantially into |
strategies are increasing | health ecosystems2 |
Mortality | The rise of digital |
Morbidity | Ways of work |
Driving | Ecommerce |
Investing | Telemedicine |
Banking | Contactless |
ESG
Moral money
Climate change
Social movements
Record quarter for insurtech investment activity1
3 000
m | 2 500 |
USD | |
2 000 | |
1 500 |
1 000
500
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
Number of mentions of ecosystems in leading European insurers and medtech providers2
76%
p.a.
xx | Health funding in EUR m | Core business | Funded health start-ups |
Funded start-ups from other ecosystems (mobility, housing, education, B2B services)
Sample of 20 large insurers globally have strategically invested into
various ecosystems over the last few years, with health being a
prominent theme (32% of investments)
8x | 16x | 20x | 40x | 77x |
(of 2/20) | (of 4/20) | (of 5/20) | (of 10/20) | (of 11/20) |
1 CB Insights
2 McKinsey 2021
COVID-19 has led to a shift in consumer behaviour, adoption of technology and supporting regulations
From 11% of US consumers using
telehealth in 2019 to 46% of consumers
in 2020
Australia is using genomic sequencing to drive the COVID contact tracing strategy
and identify "super spreaders"
To date, Discovery Health has | |
1 | distributed over 3600 Pulse oximeters |
for home monitoring of high risk COVID |
patients
53
Germany has approved the Digital
4Supply Law for apps that can improve patient care
Alibaba's AI algorithm can diagnose
suspected cases within 20 seconds with
96% accuracy
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Discovery Limited published this content on 07 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 08:36:03 UTC.