Deloitte’s latest Life and Health Insurance POV explores how imminent shifts in the health-care system will vastly alter the group benefits landscape—compelling Canadian insurers to prepare for the coming changes.
Canada’s health-care model sits on the cusp of a major transformation from the provision of standardized services towards an era of personalization. Underpinning this transition is the adoption of new technologies, online offerings, and pharmacological breakthroughs that are laying the foundation for predictive diagnostics and preventative care.
While this brings unprecedented opportunity for Canada’s group benefits providers, obstacles may prevent insurers from fully leveraging the growing stores of individualized health data. To help organizations prepare, this paper sets out four plausible scenarios for the future.
Here’s a breakdown of what the POV covers:
With a focus on flexibility, plan designs use fitness tracking and behavioural data to drive relationships between plan members and wellness and lifestyle brands.
Governments welcome private industry into health care delivery as data is openly shared, while sophisticated analytics capabilities allow carriers to provide cutting-edge offerings.
Industry consolidation accelerates as carriers invest heavily in technology and automation. As plan cost becomes the focus, innovation is stifled.
In a data-rich world, governments and private entrants collaborate to improve public health, and carriers become curators of health-care services.
To help group benefits providers respond, this paper also sets out several recommendations insurers can follow to secure a competitive advantage—regardless of what the future holds.
Read the paper to discover how group benefits carriers can prepare for an uncertain tomorrow.
Contacts
Derek Last
Senior Consultant, Consulting
delast@deloitte.ca
416-867-8152