Reimagining aged care - June 2017
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Reimagining aged care.
What we will cover today
• Dynamics of elderly care
• Importance of care delivery at-home
• Quick intro to Curo and behavioural monitoring
• How to make an insurance pilot work
• InsurTech and the challenges of startups working
with insurers
Scalemodel – Privileged and Confidential Page 2
Demographic shifts placing extraordinary pressure Australian
Market
on already strained Aged Care services sector
Baby boomers growing at nearly twice the …and are the most expensive age group to
rate… treat
Population growth by age group Healthcare spend per person
(2015-2021) (%) (A$K)
Scalemodel – Privileged and Confidential Page 3
Note: Healthcare spends includes expenditure by governments, individuals and non-governments sources (e.g. private health insurers)
Source: ABS; AIHW
The Aged Care market is large, and evolving, both in
Australia, and around the world
Home & EOL Hospital &
Care Type Home Care Residential Care
Community Care Hospice Care
Description Home support Services to help Accommodation and Purpose built facility
services to promote seniors remain at comprehensive day for complex healthcare
independent living home when in poor support, spanning only
for longer health (medical, medical & non-medical
domestic & services
community)
Annual Gvnt. Spend $1.9B $1.3B $10.6B ~$3B
($B)
Annual Total Spend $2.1B $1.4B $16.1B ~$3B
($B)
CAGR (‘12-’15) 11% 8% 5% ~3%
Scalemodel – Privileged and Confidential Page 4
Note: Non-gov. funding includes private and other sources
Source: Deloitte access economics; ACFA 2013-16; IBISWorld; Palliative Care Australia
Receiving Aged Care in your own home is a universally
better outcome
1. 2.
Physical Health Mental Wellbeing
3. 4.
Personal
System Costs
Preference
Scalemodel – Privileged and Confidential Page 5
Note: Non-gov. funding includes private and other sources
Source: Deloitte access economics; ACFA 2013-16; IBISWorld; Palliative Care Australia
Two major trends are redefining the provision of
Aged Care, in Australia (and other global markets)
Residential Care & Hospitals Time & Materials
Care & Wellness @ Outcome-Focused
Home Care
Scalemodel – Privileged and Confidential Page 6
These changes present a range of opportunities to
health insurers among their older member cohorts
• Increased opportunity to take a more direct, ’hands
on’ role in care delivery
• Ability to build outcome-delivery into product design
• New [insurance] products designed to support older
cohorts with independent living at home
• Greater adoption of new technology to support the
wellbeing of members
Scalemodel – Privileged and Confidential Page 7
Curo is re-imagining the way in which technology is
used in the Aged Care industry
Under-invested
Lack of Excessive, Radical shift in
in technology as
outcome- wasted cost care delivery
tool for
focused across the Care (CDC regulation,
efficiency and Feb 2017)
decision making Ecosystem
cost-reduction
Technology that delivers care outcomes,
rather than simply supporting operations
Scalemodel – Privileged and Confidential Page 8
Curo’s puts in-home sensors in the homes of aged adults to passively monitor their behaviour Scalemodel – Privileged and Confidential Page 9
Curo measures behavioural data, and adherence of an individual to a predictable pattern of activity Curo collects 1000’s of pieces of data from a single home in a day. We visualize data in an intuitive way that relates to behavior, not technology. Behavioural tasks are customised to every senior, and their current level of independence Scalemodel – Privileged and Confidential Page 10
We share this information in the form of actionable
insights, with family members and professional carers
Providers
Carers
Cloud platform
Family
Scalemodel – Privileged and Confidential Page 11Curo is a data and analytics business; we share
actionable insights that provoke reaction
Changes in wellness score are the best
indicator that something is wrong.
Scalemodel – Privileged and Confidential Page 12Curo’s rich behavioural data set delivers benefits for
every participant in the Care Ecosystem
For Care Workers For Providers
• Real time insight into what • Efficiently prioritize and
happens when you can’t manage client care
be there • Reduction in individual
• Prioritise visits and care care costs, through insight
needs through Wellness
Score
For Families For Insurers
• Peace of mind from • Directly impact health
understanding of what is outcomes for senior
happening at home members
• Personalised alerts to • Lower disbursement
provide guidance when costs through reduced
something has changed hospitalisation rates
Scalemodel – Privileged and Confidential Page 13We are currently piloting our monitoring product with
providers, insurers & health systems in US & Australia
Outcomes Commercial Models Satisfaction levels
(health & wellness, system-wide cost (Provider subsidised, MBS funded, (Aged adult, families, care giver, HF
reduction, time spent at home) private pay, member benefit, etc) member)
Scalemodel – Privileged and Confidential Page 14Australian
Insurer
CASE STUDY: Insurance Co. Pilot Program
Pilot Program Dynamics Key Outcome Measurement
• 500+ pilot participants reduction in hospitalisation
% (rate, cost)
• Range of age cohorts,
starting at 65 reduction in overall member
% claim costs
• Engaged family members to
engage with data and insights increased rates of member
satisfaction
• Curo managing recruitment,
installation and execution increased level of family
engagement in care giving
Scalemodel – Privileged and Confidential Page 15Australian
Insurer
PROGRAM CONCEPT: Operational Alignment
Insurer Curo
• Scaled membership adoption • Designed for home; intuitive functionality
• High level of member utilization • Passive technology (no user interaction)
• Ease of launch & maintenance • Simple deployment; low-touch utilization
• Multiple use-cases • Diverse insight capabilities
Scalemodel – Privileged and Confidential Page 16“InsureTech” investment is growing, but seriously
lagging “Fintech” by deal volume and magnitude
$9.9B
Deal value ($M) No. deals
$1,000 90
78
$900 80
$800
70
$700
60
52
$600
$496 50
$483
$500
40
$400 30
24 30
$300
$161 20
$200
$109
$100 10
$0 0
2013 2014 2015 2016 2016
FinTech
$ #
>80% investment into classic
business models with new edge
Scalemodel – Privileged and Confidential Page 17
Source: CBInsights, September 2016; ”Pulse of Fintech”, KPMG, September 2016The insurance industry is ripe for massive disruption
over the coming three years
Approx. Global
market share
(disruptors) 0% 25% 50% 75% 100%
Scalemodel – Privileged and Confidential Page 18
Source: Leading Edge Forum, 2016 (http://www.computerweekly.com/opinion/The-pace-of-digital-disruption-varies-widely-by-industry)Close to half of insurance executives don’t anticipate
digital disruption in 2017/18
Scalemodel – Privileged and Confidential Page 19
Source: “Digital Pulse 2015”, by Russell Reynolds & AssociatesEngaging with early stage businesses can help
insurers in a range of ways
Support
§ Create PR/brand halo
Innovation PR
§ “Innovative” work place – tool for employee recruitment/engagement
agenda
§ Insight on key trends & emerging technologies to inform strategy
Learning +
§ Identify and recruit scarce talent
education
§ Exposure to new ways of working & structures
Scale
§ Actively participate in the disruption of insurance industry through sponsorship of new
development &
products, services & business models
commercialisation
Support growth & § Support material future growth plays
diversification § Proactive management of economic outcomes through the cycle
Pure financial § Deliver material ($$), above average returns (>25% IRR) on capital deployed
returns § Invest into categories/deals where insurer brings unique capability
Scalemodel – Privileged and Confidential Page 20
Source: “Digital Pulse 2015”, by Russell Reynolds & AssociatesStart-ups working with larger corporates is fraught with
challenges
For Insurers For Start-ups
• Feels unstructured, and high- • Feels slow and cumbersome
risk
• Challenging to get to the right
• Hard to engage a large internal people
team
• Large scale projects can
• Requires deep self-reflection consume lots of critical
(to sponsor cannibalisation) resources
• Internal processes typically
cannot accommodate new
ways of working
Scalemodel – Privileged and Confidential Page 21
Source: “Digital Pulse 2015”, by Russell Reynolds & AssociatesA [potential] recipe for success
• Start with a clear, agreed understanding of objectives and
measures of success for innovation
• Align activity (internal, external) to these objectives
• Choose activities carefully, but commit to them hard
• Recognise the barriers that start-ups face when working
with larger companies, and work to address them
Scalemodel – Privileged and Confidential Page 22
Source: “Digital Pulse 2015”, by Russell Reynolds & AssociatesBasic Copyright Notice & Disclaimer ©2017 This presentation is copyright protected. All rights reserved. You may download or print out a hard copy for your private or internal use. You are not permitted to create any modifications or derivatives of this presentation without the prior written permission of the copyright owner. This presentation is for information purposes only and contains non-binding indications. Any opinions or views expressed are of the author and do not necessarily represent those of Swiss Re. Swiss Re makes no warranties or representations as to the accuracy, comprehensiveness, timeliness or suitability of this presentation for a particular purpose. Anyone shall at its own risk interpret and employ this presentation without relying on it in isolation. In no event will Swiss Re be liable for any loss or damages of any kind, including any direct, indirect or consequential damages, arising out of or in connection with the use of this presentation.
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