dacadoo’s new whitepaper outlined the tangible outcomes it’s Health Scoring technology can bring to healthcare expenditure savings.
The whitepaper, which was developed in conjunction with its data science team, explores how new personalization efforts in life or health insurance can combine new technologies and correlative analysis techniques that leverage big data to deliver real-time customization of offerings, content, and customer experience at an individual level.
The new free whitepaper also analysed how leveraging big data can enable insurance products to become adaptive, lifestyle-based, geolocation driven and much more relevant to the consumers’ lives. It highlighted dacadoo’s offerings which help insurers empower their users through personalized and engaging technology and rise to the occasion of big data to improve their overall risk assessments.
Delving into the future of the sector, the whitepaper said that the convergence of the internet of things and AI are the cornerstone of a new digital and interconnected infrastructure for the digital society which continuously produces very large amounts of real-time data. Consequently, life and health insurers must evolve from pure risk protection towards prediction and prevention of risk and dacadoo’s future-facing technology might be the tool required, it added.
For instance, the whitepaper pointed out that by 2025, almost 30% of all data created, captured, or replicated by consumer devices will be created in real-time. These vast amounts of big data may dramatically reduce uncertainty and help insurers finely hone their risk assessments and personalize their insurance offerings, the whitepaper detailed.
With this emerging trend in mind, dacadoo created their Risk Engine, which enables accelerated underwriting and dynamic pricing based on a user’s real-time health data inputs, such as sleep, nutrition, or physical activity. In addition to reducing uncertainty for insurers, this dynamic scoring system affords customers a ‘pay as you live’ model where users can view their real-time Health Score and witness firsthand how various tweaks to their daily habits can alter their performance.
Furthermore, busting key myths in the insurance industry, the whitepaper highlighted that health and life insurance risks will continue to evolve as consumers’ lives are subject to change. In this instance, standard underwriting models and processes cannot fully take into account the variability of human behaviours, and health risk quantification suffers as a result. That’s where dacadoo’s Risk Engine comes in as it creates models based on 300 million person-years of scientific data to fill in the gaps.
For more information about how dacadoo’s technologies can help life and health insurers improve their digital health engagement efforts, implement health scoring technology, embrace real-time personalization of risk, and drive down future expenditures, download the free whitepaper here.
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