Bridging the Health Protection Gap in Europe: How Binah.ai Can Help

European countries are grappling with a significant health protection gap that demands urgent solutions. Many individuals across Europe lack adequate healthcare coverage and frequently face high out-of-pocket medical expenses. According to Insurance Europe, the global health protection gap is valued at $0.8 trillion to $4 trillion annually, with 5% of it attributed to Europe. This gap presents serious financial difficulties for both people and governments, as government budgets are becoming increasingly strained due to growing reliance on public healthcare services. At the same time, demographic shifts and aging populations, marked by a rise in chronic diseases, necessitate prolonged access to affordable healthcare.

A recent Insurance Europe report highlighting the insurance industry’s priorities and recommendations for the EU, suggests that insurance can be instrumental in easing these mounting pressures by making health systems more sustainable. This would require insurers to enhance public awareness of health risks and modifiable risk factors, encourage self-monitoring and ongoing wellness check-ups, and shift from a reactive to proactive role by making a primary focus of healthcare prevention. Binah.ai can play a pivotal role in helping insurers achieve these goals.

Binah.ai: An Innovative Solution

Binah.ai leverages cutting-edge software that transforms everyday camera-equipped devices like smartphones and tablets, or even health kiosks, into health monitoring tools. Binah.ai’s software also integrates with devices such as the Polar Verity Sense™ optical heart rate sensor for continuous monitoring. 

Binah.ai’s software enables end users to measure a comprehensive range of health indicators, ranging from vital signs and stress levels to even bloodless blood tests like hemoglobin and hba1c in under 60 seconds. It also enables risk detection of chronic diseases like diabetes, hypertension and tuberculosis. Binah.ai’s innovative technology can help tackle the widening health protection gap in Europe, providing an effortlessly scalable solution that addresses several key areas.

Promoting Prevention and Wellness Check-Ups 

With the cost of chronic diseases estimated to reach $47 trillion worldwide by 2030, prevention is a key priority for healthcare payers and providers. Insurance companies can leverage Binah.ai’s technology to promote ongoing wellness check-ups, making customers aware of their health conditions and advising them to seek medical attention. This proactive approach aligns with the growing need for more accessible preventative care, offering numerous benefits:

• Early Intervention – Identifying health issues early can prevent complications and reduce the need for costly treatments.
• Cost Savings – Dealing with health problems as early as possible lowers the amount of claims, benefiting insurers and policyholders and easing financial strains on governments.
• Enhanced Customer Engagement – Promoting regular health check-ups encourages policyholders to take an active role in managing their health.

Real-Time Health Checks During Underwriting

By enabling real-time health checks during the underwriting process, Binah.ai’s technology can help uncover potentially hidden health risks, including hypertension and diabetes. Diseases like hypertension and diabetes often present no symptoms or take time for symptoms to develop leaving about half of those who suffer from them unaware of their condition. This is not to mention the prevalence of chronic diseases among younger individuals in their 20s and 30s, who often mistakenly believe they are too young to be affected. Early detection through Binah.ai’s innovative solutions allows insurers to:

• Identify High-Risk Individuals – By recognizing health issues early, insurers can offer tailored coverage that addresses specific needs.
• Go Beyond Self-Reported Data – Use objective, real-time data to make smarter health assessments and reduce reliance on self-reported data, which can often be biased or incorrect.
• Offer Better Policy Pricing – Smarter health assessments lead to better policy pricing and reduced risk for insurers.

Supporting Insurability and Closing the Gap

By using Binah.ais’s technology to promote preventive care and frequent health monitoring, insurers can increase insurability and help bridge the protection gap. Our solutions help insurers:

• Expand Coverage Opportunities – Early risk detection and management allow insurers to offer more comprehensive and affordable coverage.
• Mitigate Risk – Proactively managing health risks helps insurers better predict and manage their risk pools, leading to more stable insurance offerings.

Addressing the health protection gap is a significant challenge that requires innovative solutions. Binah.ai’s health and wellness monitoring software empowers insurers to enhance preventative measures, reduce risks, lower claims, support healthier populations, and ultimately offer more coverage and better premium pricing. With increased insurability, insurers can help healthcare systems become more sustainable and ensure that more people have access to the care they deserve.

To learn more about how Binah.ai’s software can help insurers bridge the protection gap, schedule a live demo now.