Reinsurance giant Swiss Re is to partner with Indian digital therapeutics firm, Wellthy Therapeutics, in order to develop more accessible, affordable and effective insurance solutions for people with Type 2 Diabetes.
Based in Mumbai, India, Wellthy Therapeutics is one of five companies selected as part of Swiss Re’s InsurTech Accelerator programme for this year, and is the only healthcare company to enrol.
The collaboration aims to develop new solutions for people in India with Type 2 Diabetes, and will see Wellthy’s artificial intelligence (AI) powered mobile intervention tool, which the firm says focuses on “reversing and controlling diabetes through integrated care,” with Swiss Re’s global insurance and reinsurance industry expertise to create “clinically validated digital health solutions for health and life-insurers.”
Kalpana Sampat, Chief Executive Officer (CEO) of Swiss Re’s India division, said; “Chronic diseases like diabetes are a massive risk factor for various complications that lead to hospitalization, disability and reduced longevity. We are constantly working to empower our clients and their policyholders with the tools to live happier, healthier and longer lives.
“We are excited to work with Wellthy Therapeutics to facilitate prevention, control and reversal of policyholder chronic conditions like diabetes through their clinically validated intervention, and explore ways to provide this tool to our clients to achieve a common goal.”
Indians are reportedly getting diabetes at a much younger age than before, and insurance for those with the disease is often extremely costly, if available at all. While for insurers in the region the disease can be difficult to insure, owing to its links to other issues, such as heart disease.
It’s estimated that by the year 2025 some 100 million Indians will have diabetes, underlining the need for affordable and effective insurance solutions.
Wellthy’s AI platform offers an integrated care platform for managing and reversing diabetes, which the firm says has positive side effects, such as improved weight management, increased physical activity, and an overall better quality of life.
Yannick Even, Head of InsurTech Solutions, Life & Health Asia, Swiss Re, said; “Innovations in insurance, such as Wellthy’s AI-enabled diabetes management platform, can help insurance customers better self-manage their condition and reduce risk significantly. Leveraging on the increase in the adoption of digitalization, Swiss Re is currently piloting innovative solutions in partnerships with insurers and tech companies to validate the positive risk outcome and bring value back to the customers.
“We are looking forward to explore the co-creation of clinically validated digital solutions for the health and life insurance industry with Wellthy Therapeutics.”
CEO and Co-founder of Wellthy Therapeutics, Abhishek Shah, added; “We were ecstatic to hear about our selection for this year’s InsurTech Accelerator. Swiss Re is a global leader in reinsurance, with deep insights and incredible learnings about life and health insurance across the world. This partnership would help us significantly in making our product more scalable, affordable and relevant for the entire Diabetes Insurance ecosystem.”