InsureXpress

About Genetic Testing and Its Use in Insurance The use of genetic testing in insurance has long been a controversial subject, raising a variety of concerns: 1. Privacy Concerns Many people view genetic testing as sensitive personal data, comparable to health screening reports, raising issues about data protection and misuse. 2. False Alarms Genetic testing can sometimes trigger unnecessary concern, as not all genetic predispositions result in actual diseases. To mitigate this, professional medical consultations are essential to accurately interpret genetic testing results and provide appropriate guidance. 3. Cost Implications Genetic testing may introduce additional costs for insurers who choose to implement it as part of the underwriting process. Interestingly, this trend is gaining traction in two of the world's largest developing economies, China and India. China's Trend in Genetic Testing for Insurance (https://lnkd.in/gwtV8udj) India's Trend in Genetic Testing for Insurance (https://lnkd.in/gdpFxUF2) Despite these challenges, if addressed effectively, genetic testing has the potential to create a mutually beneficial scenario for both insurers and policyholders. Benefits of Genetic Testing in Insurance For Insurers: Combating Anti-Selection Insurers currently rely heavily on applicants’ self-disclosure to determine premiums, operating under the assumption that the information provided is accurate. Genetic testing can help reduce information asymmetry, enabling insurers to make more informed underwriting decisions. For Policyholders: Enhancing Health Management When coupled with expert consultation, genetic testing empowers individuals to take proactive measures to prevent or manage potential health conditions, leading to better long-term outcomes. By navigating these considerations responsibly, genetic testing could pave the way for a more efficient and transparent insurance ecosystem.

Malaysia Health Insurance Premium Hike About five days ago, Asia Insurance Review published an article mentioning that medical insurance premiums in Malaysia are expected to rise by 40–70% next year. https://lnkd.in/g7twZVBU A 40–70% increase is no small number. As an insurance policyholder myself, I started thinking about why there is such a premium hike and whether there is any way to mitigate it. Four ideas came to mind one after another: 1. It is known that Malaysia is a popular medical tourism destination for many Southeast Asian (SEA) patients. Could the visits of medical tourists to private hospitals have indirectly caused a rise in healthcare costs? 2. If this is the case, what kinds of treatments are these patients seeking? Based on an article published by Alvarez & Marsal, medical tourists come to Malaysia primarily for the “Big 3” specialties – oncology, cardiology, and neurology/pain management. https://lnkd.in/gYYjtUnf 3. Could it be possible to introduce disease-specific insurance products (focused on these three specialties) as a supplement to existing insurance products to reduce the financial burden on policyholders? It seems uncommon to have disease-specific insurance products in Malaysia. However, in Singapore, it is common to have insurance products covering only specific conditions, such as cancer. 4. Would it be possible for Malaysian government to subsidize some of these premium hikes using the earnings from medical tourism?

I just came back from #SFF this Friday and met a fellow AI company founder. We shared and exchanged experiences as founders. He asked me about the initiative and the reason I wanted to set up my company, which I thought was a good question. I believe what drives me is bringing the latest, relevant technology closer to insurance companies to automate their processes and address their business needs. For each technology provider onboarding, we aim to categorize them effectively by business and technology to facilitate their searchability. A vendor dashboard is given to every technology provider, where they can specify their own company profile, set up their products, choose their company/product categories, specify the pricing of their products (if applicable), set up bank account of their company for online payout, upload their product brochures and even demo videos. https://lnkd.in/gDv36tVY #insurance #pointofsales #productconfigurator #underwriting #claims #health #policyadmin https://lnkd.in/gXBD3pzS #ai #iot #blockchain #saas #API #paas #analytics #businessinsight #BI

I am pleased to announce the launch of InsureXpress website - https://insurexpress.site - If you are from an insurance company, you can register an account at zero cost and receive the latest news about the insurance technology related products, services and demos happening on the platform. Click on the link below to register: (remember to check the box - 'Add me to the mailing list' in the Register section on the page which this link directs you to and confirm your email address in the account activation email sent upon successful registration) https://lnkd.in/gTtmzCkv (User registration link) - If you are a technology provider, you need to "Become a vendor" (link provided below) after successful user registration above. A detailed vendor user guide will be given to you on how to set up your company profile, product or service information and even demo sessions on the platform. https://lnkd.in/g2M9KK_H (Become a vendor link) We have 2 membership subscription plans available for you to choose, depending on your needs and budget. https://lnkd.in/gxQmHtvh (Subscription plans link) More details can be found from 'Get Started' page: https://lnkd.in/gKnSnZ9a (Get Started link)

Why you shall choose DigitalOwl to process medical records over ChatGPT? - Unlimited context limit - Fine-tuned by medical experts, underwriters and claims adjusters - Equipped with explanation of output by "Click-to-evidence" functionality https://lnkd.in/eqKUWpq5

Do you know dacadoo is collaborating with University Hospital Basel to conduct a trial to investigate whether using wearables with real-time continuous glucose monitoring can help to improve cardiovascular risk in patients after cardiac rehabilitation? #insurance #healthprevention https://lnkd.in/gXuxMa_F

"Parametric insurance is based on an index that captures the risk of a trigger event and provides prespecified payouts based on the event’s level of intensity." And it can leverage on blockchain(smart contracts) and IoT (internet of things) for auto claims payout. https://lnkd.in/gp9xUhCr #parametricinsurance

Do you know Cortical.io provides 20,000 free Natural Language Processing API requests per month and these APIs allow you to - extract keywords from a URL/website or text document - compare similarity between 2 text documents - detect language of a given text document https://lnkd.in/gfvtUi-g

Do you know CoverGo | Insurtech has a visual product builder which enables you configure a product via drag-and-drop? #insurance #productconfiguration https://lnkd.in/gaz4XQcJ