Reinsurance News

Beazley announces the launch of Virtual Care

10th September 2019 - Author: Luke Gallin

Specialist insurer Beazley has announced the launch of Virtual Care, a new package of protection which provides comprehensive cover against the risks linked with providing technology-enabled healthcare and lifestyle management services in the UK.

Beazley logoBeazley explains that a variety of new technologies underpin the digital health market, from telehealth, which enables remote diagnosis and monitoring by professionals, and m-health, a service that enables self-monitoring of chronic conditions via apps and wearables, to various lifestyle and wellness tech that support healthy lifestyle choices.

As standard, Beazley’s new Virtual Care includes medical malpractice and professional indemnity cover, but the specialist insurer explains that it can be extended to include:

  • Technology products, technology E&O and media liability
  • Cyber cover and breach response services
  • Product liability
  • Public liability

“The UK market for digital health is expected to be worth around £23bn ($28.3bn) by 2025. New digital technologies are developing at speed, but the advance of these approaches comes with risks. These include risks that derive from shortcomings in the data and health advice provided, as well as error or malfunction in the technologies themselves, plus data privacy and security concerns.

“Building on our experience of the U.S. healthcare sector, we see a variety of common claims scenarios, in which, for example, patients’ medical records are not properly checked or documented resulting in inappropriate prescribing or diagnosis, apps fail to detect serious changes in a patient’s condition, or lifestyle and wellness apps offer inappropriate advice. These scenarios, combined with cyber and data privacy threats, can make this a challenging sector both for practitioners and underwriters,” said Chris Gamber, healthcare specialist underwriter.

Beazley notes that limits on covers are £10 million.

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