Tech mahindra
Tech mahindra

Wellness-as-a-Service

Today, the insurance industry is under tremendous pressure to reduce cost and increase investments in Digital processes like the Internet of Things (IoT) to adapt to new products like Wearable technology (wristband, smartwatches etc.) which have taken the life industry by storm. Above all, the existence of Big Data has forced insurers to revamp their vision in order to transform the way data is handled to derive actionable insights.

Insurers today face:

  • New sources of data that will fuel the need for big data in the future
  • Running loyalty programmes for its customers in order to increase customer centricity.
  • Monitoring its customers and incentivizing customers for healthy habits
  • Getting an End to End implementation of a wearable solution

Tech Mahindra’s health based telematics solution is an end to end platform for Life/Health insurers to enable Wellness as a service that can support multiple devices. It performs cloud based integration of raw data from various wearable devices for processing, analytics and visualization. Proprietary Algorithms to calculate stress, agility index and medical age details through ECG, BP inputs. Outcomes include wellness alerts (individuals, emergency room/services), context based recommendations (gym, pharmacies, medical plans etc.)

Insurers will be able to reap the following benefits:

  • Better customer engagement – On time notification
  • Have more specific & customized products for each customer segment based on wearable data.
  • Have new pricing model based on continuous data analysis from wearable devices
  • Launch wellness benefits program and flexible premium based on real-time data analysis.
  • Create a new underwriting limit where you don't call for medical reports yet get relevant data for underwriting
  • Increase the proportion of cases that can by underwritten using Straight Through Processing
  • Potentially reduced claims cost and better turn- around claims time
  • Pilot ready and customizable framework
  • Easy to understand dashboards dedicated to each user
  • Easy to derive fitness related trends from multiple health data and get alerts based on the trends
  • Secured access of wearable data stored on cloud
  • Supports both Android and IOS platform
  • Insurance is a major focus area for Tech Mahindra. Tech Mahindra serves 1 of top 3 insurers in US, Europe, Australia and India and alliances with leading Product and Leading Technology leaders.
  • Domain Strength
    • Digital Enterprise Solutions and
    • Core product implementation experience
    • Regulatory and compliance solutions
    • Ready Frameworks and solutions for accelerated project Implementations
    • Customer, marketing and Policy Administration
    • Product Lifecycle Management
  • Technology Competency
    • Integrated IT + BPO Services to customers
    • Enterprise solutions (SAP, Oracle, IBM)
    • Next generation Infrastructure Services and solutions
    • Global application support Centres
    • Unique capabilities in application of emerging technologies - Analytics, Mobility, BPM & Cloud

Downloads

Cost of ownership on Data Management

Cost of ownership on Data Management

Case Studies

For further information please write to connect@techmahindra.com

For further information please write to connect@techmahindra.com