HealthyHealth connects to smartphone health apps of insurance applicants, and uses that data to determine their risk for over 800 health issues.
Applying for health insurance can often be a frustrating and time-consuming process with multiple questionnaires to fill out, communicating with the insurance provider, and in some cases visiting a doctor.
Many people use several health-related apps to track their lifestyle, which UK-based startup HealthyHealth is leveraging to simplify the health insurance application process. They offer a solution to insurance agents that help them gather accurate information on the applicant while speeding up the process.
A health insurance provider can ask applicants, whether online or in-person, to connect to the platform. Once the applicant accepts the sharing permissions, HealthyHealth will gain access to their health data that has been collected over time by their health-related apps and wearables. The permissions can be stopped at any time.
Information such as average steps walked and if they participate in physical activities are used by HealthyHealth when calculating a future disease’s likelihood. Within minutes, the platform can calculate the applicant’s risk of over 800 diseases – The underwriting service has, on average, 87% accuracy in predicting conditions. The risk profile is then translated to the insurance agent’s pricing mechanism for an almost instant quote.
Streamlining the customer application process saves time and money for the insurance company while improving the journey for new applicants.