Telehealth platforms have seen dominant market momentum and strong industry leader activity in the underwriting data space — making them a technology worth prioritizing.
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Life insurance leaders are shifting more of their R&D budgets toward transformational innovation, focusing on novel technologies that can improve the efficiency and efficacy of underwriting processes.
Using CB Insights data, we examined tech markets across underwriting data solutions for life insurers and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.
Telehealth platforms earned a recommendation to prioritize based on the market’s high market momentum and industry leader activity.
Telehealth platforms support HIPAA-compliant communications between healthcare providers and patients via video, audio, or text — in synchronous and asynchronous modes. Life insurers can utilize this technology to gather and validate health characteristics for underwriting purposes without a physical visit.
Typical features in telehealth platforms include:
- Text-based, bi-directional patient communications channels
- Symptom checking
- Self-service appointment scheduling
- Virtual waiting rooms
- Synchronous and asynchronous video visits
- Automated clinical documentation workflows
- Multi-party video calls
From an underwriting standpoint, telehealth consultations could serve as an alternative to in-person paramedical exams for some customer groups. For more complex cases, telehealth consultations could be used to gather information more efficiently than agent interviews.
Life insurers that utilize in-person healthcare services for the underwriting process should consider partnering with telehealth providers, particularly when it comes to long-term care and disability policies that involve health consultations.
Facts & figures: Telehealth Platforms
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- Market size: The global telehealth market is worth an estimated $74.6B.
- Funding: Broader telehealth funding has boomed recently, reaching a record $17.6B in 2021.
- Top-funded companies: Top-funded telehealth platforms in the underwriting data space include Eden Health ($99M in disclosed equity funding), Dialogue ($67M), and Buoy Health ($66M).
- Earnings transcripts: Recent earnings transcripts mentions of telehealth have been made by executives at Humana, UnitedHealth Group, Acadia Healthcare, and others.
Clients can dive into telehealth platforms and more in our complete MVP Technology Framework: Underwriting Data Solutions for Life Insurers report.
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