Global spending on health has reached USD 8.3 trillion, or 10% of global GDP, according to the World Health Organization (2018). A large portion of this is attributable to the way we manage chronic and age-related illnesses: in expensive, curative settings and in an episodic manner. A greater convergence of all levels of health and social care is needed to improve the care experience and health outcomes and address cost inflation.
Despite this confluence of issues related to health, elderly care and financial protection in old age, traditional life and health insurers continue to silo their solutions. Fortunately, changes are afoot. Bursts of innovation across the public and private sectors are paving the way for New Care Models (NCMs) that wrap services around the whole care continuum, with a focus on prevention, health promotion, proactive case management, and collaboration across health and social care; namely, seeking home and community-based alternatives to expensive hospitals or long-term residential care. The Geneva Association’s new report consolidates the early evidence on NCMs, options for operating models and practical insights that analyse the implications for life and health insurers.
This webinar explored the key findings of the report and engaged with leading academics and practitioners from the health and life insurance industry who have embarked on this journey with consumer well-being and financial sustainability in mind.
