Artificial intelligence (AI), weight loss treatments and their side effects, genetic profiling and flexible benefits all rank among the biggest drivers of change over the next five years within the international private medical insurance (IPMI) industry.
This was according to attendees following a woorkshop session at Health & Protection’s IPMI Summit.
AI is biggest challenge
Unsurprisingly, one workshop group noted the biggest driver of change will be AI over the next five years, but highlighted some key concerns with it.
“The biggest challenge is data transparency and the data sharing among all stakeholders,” the workshop leader continued.
“So AI is going to be big for healthcare and insurance. However, not all data is shared. It’s a big challenge.
“Also, another driver will be weight loss treatments and all the side effects.
“The geopolitical situation. Are we having a war? It’s also going to shape and change IPMI.”
Engaging with young people
Another workshop leader agreed, adding AI was essential for all parties to succeed in terms of streamlining costs and simplicity.
But they also maintained that the IPMI industry needs to think about how it engages with young people as their needs differ greatly from generations that have come before them.
“Fifteen and sixteen-year-olds are so digitally switched on, that’s how they operate, and we need to cater for that so much more,” they continued.
“The things we were talking about is identification, integration and alternative reward because that’s what makes them tick.
“Flexible benefits as well – people want choice.”
A third workshop leader pointed to AI’s use in communications and also within symptom checkers such as mole checkers.
Cancer costs
And the final workshop group leader agreed, adding these checkers had the potential to save millions of dollars down the line – particularly when it came to cancer.
“Prevention and health awareness has to come through as cost containment for insurers so that the client is better educated, that they are more aware of their bodies, what’s going on,” they said.
“If we can catch that cancer very early on, then it’s a few hundred dollars to treat, but down the line you are looking there are million dollar claims.”
Genetic profiling
But genetic profiling would also be a key issue, they added.
“We have seen insurers already that had the option of genetic testing. If you could do a profile, would you?” they continued,
“For peace of mind, I know I would, but where does it end in terms of insurance.
“I think we are getting very, very close to that.”
