In this episode, Michael Waitze speaks to Abhishek Shah, the Co-Founder and CEO of Wellthy Therapeutics. Wellthy designs clinically validated behavioral interventions to help people change their behaviors and reduce their risk of chronic disease. This concept is enabled through the intersection of technology and clinical outcomes helping users to actively manage their health risks.
Abhishek explains the journey of insurance companies from providing health insurance at a static price, to dynamic pricing, to integrated personalized services. This is a stage many insurers are heading towards, catalyzed by recent HealthTech developments. Instead of only pricing risk, incumbents are starting to influence risk by taking customer needs and behavior into account and offering products that help people live a healthier life. Partnering with InsurTech and HealthTech startups is often the key in offering those new services as insurers are struggling to develop these concepts in-house.
Michael and Abhishek further discuss health literacy. This is an important topic in this region as chronic disease resulting from lifestyle, such as type II diabetes, are on the rise in Asia and are developinging into an epidemic. Health literacy is often neglected and the two discuss how people can be educated at scale about their health. In order to enable people to better manage their health, they need to be educated first. This is where tech comes into play. Using scoring and gamification to motivate users and use data to offer personalized insight and advice.