AgeTech meets InsurTech
In today’s ever-evolving world, InsurTech is revolutionizing the insurance industry! While it may have taken a bit longer for insurance to catch up with other segments of Fintech, it’s clear that technology is now defining the Next Gen of insurance. These changes are not only impacting processes and software packages, but they’re also making waves in other fields and industries.
One field that is experiencing a significant impact is AgeTech. Until recently, AgeTech was primarily associated with Healthcare, with limited technological support. However, as things progress, people are starting to analyze how technologies, especially AI and Gen AI, can make a positive impact in this field too.
Now, let’s talk about why insurance is heavily influenced by demographic trends and statistics. Over the past few decades, there has been a global increase in life expectancy. Thanks to advances in healthcare, better living conditions, and improved nutrition, most of the population is enjoying longer lives. In fact, between 2000 and 2019, longevity increased by more than 6 years, from 66.8 years to 73.4 years. Imagine, it was only 46.5 years in 1950! And it’s projected to rise even further to 77.3 years by 2050.
But it’s not just about living longer; it’s about living healthier too! Healthy life expectancy (HALE) has increased by 8% from 58.3 in 2000 to 63.7 in 2019. These statistics, among many others, are shaping the way elderly individuals and their families think about the “Golden Age.” Research shows that more seniors prefer and will continue to live in their own homes, which means that remote assisted senior care systems need to step up and support them.
Technology will be and is already the game-changer!
With technology advancing at lightning speed, new elements, tools, and methodologies are being developed to cater to the needs of the aging population. That’s where InsurTech companies come into play and they are popping up like mushrooms after the rain! These companies are here to support insurance carriers in dealing with increased longevity, improving operational efficiency, reducing claims, but more importantly price accurately while meeting the growing demands of their long standing customers.
