The number of healthcare insurances is growing

The Nordic Accident & Health insurance market

The market for healthcare insurances is expanding. It is primarily employers who are taking bigger responsibility for their employees. Now we see that many associations also want to strengthen their relations with members by offering insurances. But the need of a risk assessment basis from health declarations creates confusing and unnecessary high costs that bring down profits.

The number of private healthcare insurances is continuing to increase. At the end of 2011 almost 465,000 perons had private healthcare insurance. It is primarily employers who take out healthcare insurance for their employees. Group insurances are also increasing and this is interesting from a distribution perspective. It is often the union who has the offering, but it could equally be any association who wants to offer its members an extra benefit, e.g. federations of unions, Friskis & Svettis, Jägarförbundet or Vi i villa. It is clear that there must be someone who is responsible for the distributors and a strategy for the integration of them. When volumes are also now increasing, more and more demands for efficient processes are made on order to take out insurances as well as an efficient administration for handling cases of loss when they arise.

Today there are up to 60 per cent of applicants who need some form of supplementary information – usually on paper. After the checks, there are 40 per cent who need additional information from the customer or from a doctor. This is a time-consuming, resource-demanding and costly process. The time is ripe for a more rapid and more cost-effective risk assessment process we think.

What happens if you integrate the health declaration with relevant issues that affect the risk assessment basis? Our investigations show that up to 80 per cent of applicants could be risk assessed and signed by the customer directly via internet on the computer, notepad or in the smartphone.  Simplicity will give more satisfied customers at a fraction of the previous cost. Interested in knowing more? Contact Itello’s sales manager Jan Paju directly