As the healthcare landscape rapidly evolves, health insurance companies face the dual challenge of integrating new technologies while shifting their focus toward preventive care. In this context, Stuart Leatherby, Chief Commercial Officer at Daman, shares his insights during HRSE 2024 on how the insurance industry can adapt to these changes, enhance employee benefits, and improve the overall member experience.

“The main factors that are truly transforming our industry are the advancements in healthcare technologies,” Stuart explains.

Precision tools, robotics, and developments in genomics are revolutionising treatment accessibility and effectiveness. These innovations compel insurance providers to reassess how they structure and manage health insurance policies.

“If I can get better, more precise treatment, does that lead to better health outcomes? Does that mean lower readmission rates?” Leatherby remarked during an interview at HRSE 2024.

Understanding these technologies is critical for insurers. They need to assess the long-term implications for health risks and, consequently, for pricing and benefit structures. “It’s about incorporating them,” Leatherby explains, “and also about our ability to understand the potential benefits for the industry in the long term.”

Innovations in employee benefits and member experience

Leatherby believes that health insurance companies need to innovate in employee benefits to support a broader continuum of care. “We need to go back to the basics. How do we maintain health? How do we encourage healthy lifestyles?”

He highlights the importance of identifying risks before they develop into significant health issues and effectively managing diseases with the help of technology. “We’ve seen a lot of gamifications aimed at encouraging healthier behaviors,” he adds, explaining further that wearable devices and digital therapeutics play a crucial role in this process.

Moreover, improving the member experience is a priority. Stuart notes that “the UAE is highly digitised” in healthcare administration, which helps streamline processes for members.

As the insurance industry evolves, companies like Daman are rethinking their approach to health insurance by focusing on prevention, accessibility, and the integration of technology.

“We’re working to expand that scope and ensure that people don’t need to pay out of pocket in order to access care.”

A shift that will not only enhances the member experience but also aims to create a healthier workforce that aligns the interests of insurers, businesses, and individuals.