The Changing Face of Health Insurance


Health insurance. Not exactly the sexiest of businesses.

In part, that's because the large incumbents refuse to move with the times.  The process of getting insured (even if through your employer) is opaque and largely confusing.  Then there's the business of claiming.  An event that appears to be made as deliberately complicated as possible. As for pricing.. far from clear and racked with mile-long T&Cs nobody can be bothered to read,

And where you find out-dated corporate giants, you'll find hungry innovators.

In the USA where 100% of medical interactions require private health care, some exciting businesses are emerging.  Take Oscar.  A start up valued at an estimated $3bn who recognise that simplicity + better data = market leading product.

Here in the UK, the incumbents (Bupa, AXA, Nuffield etc) are innovating with impressive speed too.  We've personally met with the heads of innovation at all three companies and they have deeply ambitious goals.  They understand that for their customers, it's better to know about a problem early.  Healthcare needs to be supplanted by wellness.


All of the innovators in this space share one key understanding:  The cost of prevention is exponentially less than the cost of 'cure' once things go south.  As a consequence, they're looking to boost the amount of data they have about customers so they can try to affect a change in behaviour and reduce the likelihood of illness in the long term.