Compared with other insurance lines and financial services[1], the InsurTech movement had been relatively slow in impacting LTCi. That inertia recently gave way to a bourgeoning group of companies targeting LTC insurers and providers, demanding a first-of-its-kind LTC Tech Summit (presented by the SOA and Maddock Douglas) on November 7, 2019. In anticipation of this year’s Virtual Elder Tech Summit next week, it is worthwhile to look back at some of the next generation vendors that presented last year.
- Ageing In Place Tech. Laurie Orlov presented on the myriad developments in ageing in place technology, and her blog is a great place for a deep-dive on the subject.
- Predictive Analytics. Several companies have developed ways to better understand longevity risks. For example, Assured Allies presented on how its models help predict and better understand morbidity and mortality risks of an insured population.
- Cognitive Impairment. Several companies featured new ways to address the increasing dementia and Alzheimer’s dilemma.[2] Neurotrack showed how its application tests for, monitors, and improves cognitive health. Neurocern discussed how it uses data analytics and its understanding of clinical guidelines and cognitive conditions to help assess claim eligibility decisions, including potential misdiagnoses (g., how delirium may present as dementia). And MemoryWell presented some very touching stories on how its professional writers help capture family histories for dementia patients, and how it improves the quality of care for such patients.
- Claims and Care Providers. Several companies seek to improve the claim and care provider experience. The Helper Bees discussed its digital platform to help streamline the claims process and another platform that matches insureds (and others seeking care) with care providers using personality traits. CareAcademy provides training to caregivers with a platform that helps caregivers understand and follow state-specific requirements. And Wellthy discussed a digital solution to tracking and coordinating the administrative tasks associated with a variety of life functions (g., navigating the ins-and-outs of government benefits programs and finding care providers).
- In-Home Smart Technology. Several companies presented technology that helps care providers better understand patients’ health risks and needs in real time. For example, CareValidate presented on in-home sensors that help track activity data to identify changing care needs and/or risks. K4Connect discussed an operating system that provides enterprise management of IoT devices, which helps residents use such devices and (g.) provides information on their movements and potential needs.
Come back for Part II for insights following next week’s Virtual Elder Tech Summit.
[1] See, e.g., NAIC & Center for Ins. Policy and Research, “InsurTech” (June 10, 2019), available at https://content.naic.org/cipr_topics/topic_insurtech.htm (describing InsurTech movement as “the innovative use of technology in insurance” and recognizing InsurTech is a subset of “FinTech” or financial technology); EY Global FinTech Adoption Index 2019 (Sept. 2019), available at https://www.ey.com/en_us/ey-global-fintech-adoption-index, at 3 (“FinTech has evolved in significant ways since we published our first global EY FinTech Adoption Index in 2015. That year we observed that FinTech, while nascent, was ‘clearly more than just hype.’ Our next report, in 2017, found that the industry had grown rapidly and had ‘achieved initial mass adoption.’”).
[2] For additional information on the issue, see Nolan Tully’s recent article on the Future of Dementia.
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
