A digital health insurance product has been included in the Financial Conduct Authority (FCA) sandbox’s latest intake.
The regulator said it accepted 13 of the 58 applications it received for its seventh cohort of products and services to be tested.
Tests in the regulatory sandbox will be conducted on a short-term and small-scale basis with the regulator working closely with each firm to agree testing parameters and build in appropriate safeguards.
Five of the successful applicants were involved in know your customer (KYC), digital identification and other regulatory technology.
One of the other successful applicants was Hlthie, which the FCA described as a “digital-first health insurance product offering customisable plans to meet individual needs and wallets, and a mobile app for access to claims care anywhere”.
According to the insurer’s website, it offers products for individuals and businesses which includes immediate cover, with no medical forms or examinations required.
On both versions its core cover offers a 24/7 GP service, therapies, hospital care, and consultations and diagnostics, with optical and dental and mental health available as add-ons.
Pre-existing conditions are not covered unless the policyholder has been symptom and treatment free for three years before the start of the policy.
Becoming always open
The FCA noted that applications came from firms operating in the UK and overseas, with the majority coming from firms in the retail investment and retail lending sectors.
However, it noted that it was planning to change the operating approach of the sandbox.
“The regulatory sandbox is currently run on a cohort basis, with periodic application windows opened throughout the year,” it said.
“However, our intention is to move to always open later in 2021, making the regulatory sandbox available throughout the year.
“In doing so we will also expand and clarify the scope of qualifying propositions to ensure we support firms and sandbox tests which will lead to tangible benefits for consumers and markets.
