• mHealth is a widely appreciated and accepted concept among people with the number of healthcare apps published in 2014 crossing 100,000:
–– The market revenue of mHealth apps is estimated to reach around $26 billion in 20179
–– The U.S. tops the mHealth market with a greater number of apps being developed for Apple App Store and Google Play Store
–– All the countries with good Internet connection are expected to witness a wide adoption of mHealth apps
• For insurers, mHealth will be of great use, as a patient’s risk profile can be judged easily at an earlier stage:
–– If consumers are healthy, the claims from them will be greatly reduced
–– If spreading of diseases is monitored and controlled, insurance companies will be directly benefited due to reduction in claims
• mHealth can also reduce administrative costs of health insurers to a great extent:
–– As they have all the data about their customers with them, pulling data during policy renewals or new policy acquisitions is easier
• The companies can cross-sell specific insurance policies to their customers based on their health data
• Insurers are concentrating more on mHealth, as they can reduce the healthcare spend of their customers
• Many insurance players have launched their own mHealth apps, with some companies launching multiple apps:
–– For example, Humana has released four apps, each for a specialized purpose