Intuitive insurance for healthcare innovators

As we progress through 2023, insurtechs servicing the digital healthcare economy must sustain their sensitivity to the technologies that are changing the landscape of healthcare globally. CFC’s 2022 Digital Healthcare Report stated that the global digital healthcare market was worth $175.6 billion in 2021. It is then set to grow at a compound annual growth rate of 27.7% from 2022 to 2030 (CFC DHR 2022). It’s not surprising then that $250 billion of the US healthcare spend could be virtualised. With healthcare reforming at a global scale and innovation continuing, the insurance industry must keep up.

The companies we source insurance for are pioneering in healthcare and it’s amazing to see the kinds of innovative work they undertake in the space. As an example, at the beginning of this month Sifted reported on Neko as they prepare to launch an AI machine used for early detection of ailments in the bid to reform preventative healthcare. This kind of game-changing innovation is exactly the sort of transformational work we see day-to-day in the insurtech world.

Where does SuperscriptQ fit in?

In a piece covering the direction of insurtechs in 2023, Sifted drew light on how insurtechs “serve the underserved’, making insurance “easy, fast and digital”. At SuperscriptQ, we optimise processes to deliver a quicker service to traditional companies. Despite this, however, the reputation of long-winded application processes often deters high-growth digital companies from transferring their insurance accounts to a broker with more specialist capabilities.

As high-growth companies approach the renewal of their insurance, they simply can’t afford to spend the extra time needed to transfer to a new broker. We are aware of this frustration for digital businesses and consequently speed of service is integral to our infrastructure.

While speed is a large benefit of our service, we offer something more bespoke to digital businesses. In sourcing insurance for digital healthcare businesses, our largest asset is the fact that we are one digital business working with another. This is the golden centre that underpins the industry’s indispensable value. Simpler processes with in-house tech teams, market-specialist-brokers and advantageous market capacity.

In light of this, here are three intuitive benchmarks to be mindful of when you come to renew your insurance:

Feel understood

Your broker needs to understand your business. It’s essential that when communicating with your broker you feel that they completely get where you’re coming from and where your business sits, that you leave each conversation feeling understood.

Feel confident

It’s vital that your broker has given you a full review of your potential risks as a business. In the digital age, having a market-specialist broker is a huge asset to your company, and it’s a relationship that can add great value to your understanding of the claims risk.

Feel lighter

There are times in any business-broker relationship when harsh truths have to be delivered and your premium costs increase. It’s vital to have a broker who can cut to the chase with you, explain polices with clarity and answer all of your questions and any stage of the process.

If you dread the insurance conversation each year, we’re here to say that it doesn’t have to be that way. There are incredible insurtechs out there that are pioneering in the space, just like you are in yours, trying to improve the landscape for the people who use it. Your insurance journey should always be a help, not a hindrance.