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TMCNet:  Diabetes Insurance Gets a Big Boost as Global Reinsurance Leader Swiss Re Engages With Wellthy Therapeutics for its 2017 InsurTech Accelerator

[August 09, 2017]

Diabetes Insurance Gets a Big Boost as Global Reinsurance Leader Swiss Re Engages With Wellthy Therapeutics for its 2017 InsurTech Accelerator

MUMBAI, August 10, 2017 /PRNewswire/ --

- Wellthy Therapeutics and Swiss Re to collaborate on creating clinically validated digital health solutions for health and life-insurers

- Swiss Re will work with Wellthy Therapeutics in making insurance more affordable and accessible for people with Type 2 Diabetes

Wellthy Therapeutics, a Digital Therapeutics company based out of Mumbai, is one of the five companies selected, and the only Healthcare company to enrol into Swiss Re InsurTech Accelerator programme this year. Wellthy's artificial intelligence powered mobile intervention focuses on reversing and controlling diabetes through integrated care. Wellthy facilitates behavioural change and enables on demand care to improve health through a clinically proven policyholder centric tool, while reducing risk for health and life insurers.

Indians are getting diabetes at a younger age, and complications are arising faster. More importantly, diabetics are largely ineligible for insurance. When eligible, that insurance comes at a very high premium. Insurers on the other hand find it difficult to insure diabetics, especially when the average diabetic's blood sugar remains uncontrolled, and is at high risk of complications such as heart diseases. While the number of diabetics over the last 20 years having tripled to over 70m, alongside an estimated 80m prediabetics, the state of diabetes in India is only getting worse. With an estimated 100m diabetics in India by 2025, access to affordable insurance and clinically proven tools to control and reverse the condition, is the need of the hour.

"Chronic diseases like diabetes are a massive risk factor for various complications that lead to hospitalization, disability and reduced longevity. We are constantly working to empower our clients and their policyholders with the tools to live happier, healthier and longer lives. We are excited to work with Wellthy Therapeutics to facilitate prevention, control and reversal of policyholder chronic conditions like diabetes through their clinically validated  intervention, and explore ways to provide this tool to our clients to achieve a common goal," said Kalpana Sampat, CEO of Swiss Re India Branch.

As the insurance industry aims to take an active role in helping chronic disease sufferers improve their health, technology enables insurers to help customers in a clinically significant, scalable manner. For instance, a 1% reduction in average blood sugar leels (HbA1c) can reduce the threat of cardiovascular disorders by 12%, heart failure by 16%, amputation caused due to peripheral vascular disease by 43% and cataract extraction surgery by 19%(1). Wellthy's Artificial intelligence-powered intervention provides an integrated care platform managing and reversing diabetes, while coming with great side effects like improved weight management, increased physical activity, and better quality of life. 

"Innovations in insurance, such as Wellthy's AI-enabled diabetes management platform, can help insurance customers better self-manage their condition and reduce risk significantly. Leveraging on the increase in the adoption of digitalization, Swiss Re is currently piloting innovative solutions in partnerships with insurers and tech companies to validate the positive risk outcome and bring value back to the customers. We are looking forward to explore the co-creation of clinically validated digital solutions for the health and life insurance industry with Wellthy Therapeutics," said Yannick Even, Head of InsurTech Solutions, Life & Health Asia, Swiss Re.

As part of the accelerator, Wellthy aims to utilize Swiss Re's global expertise to co-create a better diabetes prevention and reversal product for insurers. "We were ecstatic to hear about our selection for this year's InsurTech Accelerator. Swiss Re is a global leader in reinsurance, with deep insights and incredible learnings about life and health insurance across the world. This partnership would help us significantly in making our product more scalable, affordable and relevant for the entire Diabetes Insurance ecosystem," said Abhishek Shah, CEO and Co-founder of Wellthy Therapeutics.

About Wellthy Therapeutics: 

Wellthy Therapeutics is a digital therapeutics company that uses artificial intelligence (AI) and patient centric design to improve patient outcomes for all stakeholders in diabetes care. Its goal is to facilitate behaviour change and self-management for patients, while helping physicians to enable continual care using technology and solve for the 8750+ hours that patients don't have access to healthcare. Wellthy Therapeutics has commercialized a digital therapeutic for patients with type 2 diabetes, that is the first endorsed digital diabetes intervention by Asia's largest Diabetes Association (RSSDI) as a prescription grade intervention that can be prescribed by doctors to patients with type 2 diabetes.

Wellthy's clinical pilots and early data have proven better diabetes outcomes than any entry level prescription diabetes drug in the world, and it has a proven record of publishing clinical evidence. It recently published real world data at the RSSDI 44th Annual conference in Hyderabad, India, at the AACE 26th Annual Congress in Austin, TX, and at ADA 77th Scientific Sessions in San Diego, CA. For more information, visit www.wellthy.care.

About Swiss Re InsurTech Accelerator 2017: 

The Swiss Re InsurTech Accelerator is a 20-week intensive program to provide mentorship and help curate startups with the potential of disrupting insurance practices. Started in July 2016, it is the first-ever initiative by a reinsurance company to foster technology innovation amongst startups in the insurance tech area in India. Through this program, startups have received the opportunity to engage with global Swiss Re leaders, found new business connects, and gained access to the expertise from the Swiss Re team and mentors from the industry. This year, the selected companies include startups from India, Europe, the United States and Singapore. They are: CarlQ, Ignitia, Tyche, Wellthy, and Vouch. The selected startups will present their learnings and achievements at the InsurTech Accelerator 'Demo Day' to Swiss Re's global leadership, industry stalwarts, ecosystem partners and potential investors later this year.

  1. I.M. Stratton et al; Association of glycaemia with macrovascular and microvascular complications of type 2 diabetes (UKPDS 35): prospective observational study; BMJ 2000;321:405-12)

Media Contact:
Adwait Dandekar
Marketing Manager, Wellthy Therapeutics
adwait.dandekar@bwellthy.com
+91-9819523576



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