What is HealthyHealth?
HealthyHealth provides health and life insurers underwriting services, enabling them to quantify risk by using digital data.
Why do insurers use your service?
Our approach to assessing health conditions of prospective customers is faster (much much faster), more accurate and cheaper compared to traditional underwriting methods.
What is the traditional approach?
Traditionally, there are two main ways (well, we are simplifying it a bit...) of assessing an applicants risks and hence underwriting him or her:
1.) Health Questionnaires
2.) Medical Exams
How does HealthyHealth assess health risks?
It's is a data-led approach. We leverage an individual’s basic demographics and digital health data from their digital devices (if they consent to share the data with us that is) and compare it with data sources containing health statistics on over a million people recorded over 22 years to predict the likelihood of diagnosis for over 800 IC10 coded health conditions and mortality.
Is my customers data safe and confidential?
How much faster are you?
Out of the traditional approaches onboarding via base questions can be done in around an hour however this covers only 14% of the applications. Manual underwriting takes 31 days and medical evidence 82 days on average. The weighted industry average is around 51 days. This data is taken from a Munich Re Study. HealthyHealth’s approach takes less than 3 minutes.
Any other benefits?
Insurance has one of the worst onboarding journeys. Application abandonment rates are amongst the highest, and the biggest reason for abandonment is the length of time. Our approach increases conversion rates and improves the customer experience. Personalisation and control put the customer at the centre.
Personalisation also allows for much more dynamic pricing allowing insurers to offer discounts and, due to your decrease in cost by using us, generally lower prices.
Are companies using this approach?
We are working with insurers across Europe, US and Asia Pacific on the full range of life and health insurance products.