In the last couple of years, the willingness to share data for life and health purposes has increased – accelerated by the pandemic. More governments are building data infrastructures that enable open health data API initiatives. These initiatives enable people to own, manage and provide access to their health data to trusted third parties leading to brand new sources of intelligence that insurers can use for operations. What is less known is that the health data contained in these APIs, also have higher predictive power than traditional wellness data (i.e., step-count, sleep), giving insurers the ability to create more diverse and inclusive insurance products that serve evolving customer health needs. Knowtions Research is a Canadian, applied AI company on a mission to insure the next billion people. We asked them about the changes, opportunities and their vision regarding open health data. Knowtions harnesses open health data sources and uses Lydia AI, its proprietary deep learning risk scoring engine trained on global health data, to generate precise health benchmarks that can accelerate underwriting and be used to develop new products.
Empowering people with open health data
Giving people the ability to access, control and share their health data will enable better health outcomes by empowering people to make more informed choices and giving healthcare ecosystems smart insights to serve its people better. For example during the pandemic, open health data enabled Taiwan to effectively distribute masks and vaccinations to its citizens. Another example would be Singapore, where their government helped using open APIs to establish contact tracing that controlled the spread of Covid-19.
Insurers can now predict health risks accurately at any given time
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