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Swiss Re backs health-tech launch in India

Health insurer Max Bupa in India using Swiss Re risk tools for app reaching new customer segments.



Appointed as director of insurtech at Swiss Reinsurance in Hong Kong last summer, Yannick Even’s goal was to help primary insurance companies adopt digitalization to improve risk management. The company’s first major pilot got off the ground last month.

In February, Indian health insurer Max Bupa and insurtech Goqii introduced a wearable called Go Active. It’s a fitness band to get customers to record their physical activity. Crunching the data, Max Bupa intends to offer discounted premiums to people demonstrating a commitment to exercise.

“The key role for us is to help to leverage data and technology,” said Even. Swiss Re is working with Max Bupa to customize how it engages with its policyholders. Understanding customer activity can not just impact pricing, but try to prevent risks through nudging changes in how people behave.

Goqii’s Go Active app has been around for two years, but this arrangement ties it directly to an insurance company’s customers. The app is designed to provide a range of insurance needs, from covering inpatient hospitalization to outpatient service. It influences user behavior through facilitating second opinions and wellness/lifestyle ideas. Users are encouraged to set targets and win premium discounts when these are reached.

For Max Bupa, the goal is to grow its customer base in India to include more people who pay for health insurance with cash on the spot and wouldn’t become traditional insurance policyholders.

The product is only available in India so far, but Even says he is exploring whether similar offers can be provided in other Asian countries. “But to work with regulators always takes time,” he said.

Regulators are focused on data protection, mis-selling and fair pricing.

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