August 1, 2024
In this episode of the Insurance AUM podcast, Stuart Foley speaks with the CEO of The Helper Bees, Ph.D. Char Hu. They discuss the shifts and growth occurring in insurtech and the long-term aging experience and the role THB plays in improving the experience.
Covid-19: A Time to Improve
The COVID-19 pandemic made it difficult for many people to adequately assess their long-term care needs. Many lost their expected access to regular doctor’s appointments and experienced increased difficulty moving into assisted living homes due to safety concerns. These issues made it imperative that this unprecedented time be used to improve the home care experience and make medical help resources more accessible. In recent years it has been made clear there should be a scalable solution to match the ever-growing aging population’s needs. 2020 further highlighted this need.
Data Collection for Aging-In-Place
Insurance companies collect about twelve data points from each customer for each visit to the home in order to monitor their health and personal capabilities. This data collection creates an abundance of information with thousands of clients and twelve data points from each. However, this information was not being used to its highest potential. These data points can paint a picture of the claimant’s health, progress, or decline over time. If digitized in a scalable way, this data could allow healthcare professionals to understand the claimant’s actual health status and implement preventative measures to better their quality of life.
Assessing Needs in the Aging Population
An essential step in tracking progress and claimant’s changes in health is determining their baseline health. To address that, The Helper Bees came up with one simple question: “Do they need the same, more, or less care?” This question allows professionals to understand if the claimant’s condition is improving or deteriorating. Correctly assessing the answer creates the opportunity for more accurate interventions in enhancing their quality of life. These interventions can range from occupational therapists, virtual physical therapy, and even classes for increased social interaction.
The Helper Bee’s mission is to improve the aging in place experience for older adults and help keep them at home longer. Through technology, data collection, and personalized intervention, this mission is possible. Using data to improve care where possible is not only in line with the claimant’s needs but also the requirements of an insurance company. By relying on scalable technology and data collection, we can reduce costs for insurers and claimants while continuously improving intervention techniques and quality of life.