Advances in bioelectronic technology – and the resulting influx of data – promise to reshape the underwriting process. Preparing today can help insurers capitalize on the opportunities of tomorrow. Contact us to learn more about wearables, wellness, digital health data and underwriting.
In August 2016, pharmaceutical giant GlaxoSmithKline teamed with tech colossus Google to launch Galvani Bioelectronics, a company dedicated to developing implantable devices to monitor and modify electrical nerve signals for the treatment of illnesses.
The concept of bioelectronics is nothing new. Pacemakers, hearing aids, and medical imaging are just a few examples of electronics technology applied to medicine that have been with us for years. Advanced electronic health monitoring devices in development, however, seek to take medical treatment adherence and effectiveness to a whole new level.
Ingestion Event Marker (IEM), for example, is a sand particle-sized microchip that can be embedded in drugs to monitor patients' adherence and response to treatments. In 2012 it became the first digestible electronic device approved by the U.S. Food and Drug Administration. The IEM sensor communicates with a patch worn on the skin that marks the precise time the drug has been taken. Additional metrics collected include heart rate, body position, and activity. The patch relays information to a mobile phone application, and with the patient’s consent, the information is accessible by caregivers and clinicians.
Medical device implants offer another viable means to monitor health care. A new generation of these implants, measuring everything from blood glucose levels to chemotherapy effectiveness, could open up an array of monitoring options. BioStamp, for example, is an “electronic tattoo” equipped with sensors that could potentially allow for continuous monitoring of vital signs and transmit them via wireless technology.
Whether ingested, implanted, or injected, bioelectronic devices promise to transform modern medicine – and the information utilized in the underwriting of life and health insurance. Key considerations include:
Technology, by its very nature, accelerates at ever-increasing speed, and this is certainly no different with med tech. We already see game-changing advances in bioelectronics on the horizon, and breakthroughs we cannot yet envision will surely follow close behind. For insurers, the key will be to not only expect these advances but to embrace them, which will require built-in flexibility and adaptability in underwriting practices. While the full impact of bioelectronics in underwriting might be a few years off, RGA continues to research and monitor developments and their potential influence on how to best select and manage risk.