Trustworthy data is at the core of a new technology stack in the Middle East that looks to create a major new benefit across the healthcare and insurance industries.
The amount of data generated through the healthcare and insurance industries can seem as vast as the grains of sands from which the city of Dubai rises in the Arabian Desert.
From that same locale has come a new standard in data technology infrastructure. Aspire is a healthcare technology platform and TPA in the United Arab Emirates (UAE) that increases data transparency and empowers real-time pricing decisions while ensuring the strictest cybersecurity standards.
Launched in November through an 69É«ÇéƬ-led partnership with Carepay, Aspire is a technology platform built to accomplish a mission that goes beyond a win-win for the insurance companies and their partners. Rather, it lays the foundation for advancements that also benefit distribution networks, healthcare providers, and customers.
To understand the importance of Aspire, it is first necessary to recognize that existing third-party administrators (TPAs) dominate the Middle East market, particularly in the UAE. So dominant is their position that many, if not most, customers identify the TPA, not their actual insurer, as the entity providing their coverage.
Making the pricing landscape for insurers and reinsurers more challenging is an historical lack of data transparency from those TPAs, particularly with claims and claims discounts. The dearth of consistent, quality data has left 69É«ÇéƬ and other reinsurers in the region less than confident in reinsuring certain blocks of business.
Amid this environment, insurers began to reassert their identity as the entity providing the financial and health protection so many rely on. Discussions on how to accomplish this have been ongoing for some time, but it became clear in recent years that the only way to ensure success was to develop a TPA on whose data all could rely.
Enter Aspire.
Aspire is not a product; rather, it is a technology ecosystem that connects stakeholders along the healthcare journey to provide access to accurate, trustworthy data while ensuring strict security is in place to prevent data leakage. Put another way, no one entity – neither the insurer, nor the broker, nor the customer – has access to more data than what is necessary at that step of the process. This cybersecurity stance was the top priority as Aspire was built.
From that stance has come one ecosystem that unifies the healthcare journey for the benefit of all.
The recipe for a winning solution is one that addresses the target audience’s pain points. With multiple target audiences, each with distinct pain points, Aspire is a combined business-to-business (B2B) and business-to-consumer (B2C) platform. Its state-of-the-art technology stack provides a cloud solution with security standards in line with Global Data Privacy Regulations (GDPR) and the potential to move the Middle East healthcare journey to the forefront of the industry.
Here are the winners created through Aspire:
Aspire includes a mobile app and an artificial intelligence-driven symptom checker. It provides fast, accurate information to help customers make on-the-go decisions about their health. Aspire also serves as a platform for online video consultations with physicians and offers a chronic-disease management tool through its mobile app. In addition, it enables customers to manage the entire claims journey in one centralized location, from applying for pre-authorization in real time to submitting a claim, inquiring about it, and receiving payment status notifications.
As customers use Aspire, aggregated data helps insurance companies (and reinsurers) make better pricing decisions, ideally in real or near-real time. The policyholder benefits through tighter and more accurate cost controls, more personalized pricing, and quicker claim settlements.
Aspire makes laborious administrative tasks much easier for healthcare providers. The platform streamlines the entire claims journey, from pre-authorization to final payment, ensuring providers are paid more quickly and more reliably.
The Aspire platform gives agents and brokers an advanced underwriting and pricing front-end solution. It generates multiple policy options instantly and can convert the selected option into an actual policy at the click of a button.
Insurers benefit from a sophisticated engine for pre-authorizations and claims adjudication. It connects with an advanced pharmacy benefits management (PBM) system that increases cost-effectiveness and medication accuracy — all in just seconds.
Again, the heart of this system is the secure, accurate, trustworthy, plentiful data that allows insurers to make better pricing decisions that control costs, a benefit that transfers back to the customer.
Ultimately, Aspire restores insurers' identity as the true risk carrier.
Reinsurers must have confidence in the data from the insurer to make quality risk management decisions. Because the entire Aspire healthcare journey exists in one self-contained system and creates secure, accurate, trustworthy data points at each step, the reinsurer has a simpler task in assessing the risk of anything coming though the platform. That ultimately delivers better value to the insurer and to the reinsurer’s stakeholders.
One of Aspire’s main goals is to enable insurers to reclaim their identity as the customer’s advocate and lifelong health partner. Empowered by trustworthy and well-protected data as a tool, they now have the ability to generate more accurate pricing quicker and with more confidence. That confidence extends from the customer to the reinsurer and all stakeholders along the way.
Aspire is more than a TPA. It is a comprehensive risk management solution, a disruptive technology that can be either a white-labelled standalone digital platform or a licensed service. At its core is data that is secure, accurate, and trustworthy, making Aspire a potentially game-changing technology in the UAE, the Middle East, and beyond.
Explore the future of Aspire. Reach out to us today.
