This is a great example to illustrate the future dilemma of the insurance industry.
As technology risk manages people’s health, the number of events and resulting claims diminish. As the reason for having insurance reduces, so will the premiums. Insurers make less money.
If insurers do not insert themselves into this equation and start developing the very best risk management services to provide to their policyholders, someone else will. There will be a Risk management (Risk Management as a Service – RMaaS) market backed up by a separate Insurance as a product market.
Guess which one will be viewed as most value and therefore, take the lion’s share of the revenue?
These are the technologies that insurers should be considering when thinking about their future
Your eyes, they say, are the windows to your soul — and according to a new study funded by Google, your eyes may also be the windows to an impending heart attack. In the study, Google researchers used retinal-scan data from nearly 300,000 patients to "train" a neural network — an intricate series of algorithms — to detect heart-health risks just by looking at images of a patient's eyes. The algorithm was able to predict which patients would go on to experience a major adverse cardiac event (such as a heart attack or stroke) with about 70-percent accuracy, according to the study, which was published online yesterday (Feb. 19) in the journal Nature Biomedical Engineering.