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Wealth Management

Redefining health care:

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BY Dr.Amitoj Singh – founder & Ceo kare healthcare

Streamlining healthcare services and driving operational efficiency

Over the last decade, multiple changes have occurred in the healthcare industry in India. First, there has been a shift in health priorities from communicable to non-communicable disease. Second, there has been growth in the healthcare industry, coupled with economic growth and fiscal capacity. Third, there has been an increase in the incidence of catastrophic expenditure due to the rising healthcare costs. Medical inflation is outpacing the general consumer price index.

Healthcare is going through unprecedented changes both from a delivery system operations and disruptive technology perspective. The most notable trend is the emergence of digital health startups that are disrupting the marketplace. Healthcare providers are sitting on a wealth of data that has been collected for patients, and which could be used to improve the patient’s experience and clinical outcomes. Organizations that leverage data effectively to optimize patient experience will have a distinct competitive advantage. Focusing on data and technology exclusively is not the answer. What is required is a non-linear approach that incorporates culture, technology, and people in a value-enabling model.

Indian health insurance industry is also currently experiencing multiple challenges. There is a huge trust deficit between the health insurance companies and the healthcare providers (hospitals). It has been observed that the customer’s (insured patient) awareness about the health insurance policy terms and conditions is very poor, leading to poor customer experience. A lack of trained workforce and poor infrastructure poses a threat to the promise of healthcare access and affordability

 

Opportunities for Improvement in Healthcare

Patient-centered care

Against this disturbing background, there have been some reassuring prospects which have provided opportunities for the healthcare sector to make reforms. Firstly, in the face of the myriad of challenges confronting the healthcare sector, in a much-publicized landmark report, the Institute of Medicine suggested an approach for improvement and “crossing the quality chasm” by outlining six aims for healthcare to be safe, effective, patient-centered, timely, efficient and equitable Among the principles that had been proposed, the one that garnered most attention was the aim for health care to be “patient-centered by providing care that is respectful of and responsive to individual patient preferences, needs and values and ensuring that patient values guide all clinical decisions”

 

Technology Advancements     

Today, technological advancements have made digital tools widely accessible and handy to the masses Owing to this accessibility to the digital world, people have now become introduced to a boundless sphere of information, effortless communication, and endless opportunities by literally a click of the finger. Harnessing upon this massive penetration, technology has been deployed in healthcare which was advocated by the Institute of Medicine as a vital means to accomplish the aforementioned six aims to improve quality in healthcare More particularly, the use of technology in healthcare upholds the tenets of patient-centered care by channeling new approaches to promote patient engagement and improve the communication between the patient and the healthcare professionals and consequently enhanced care

 

e-Patients, e-Physicians and smart hospitals

In accordance with patient-centered care, a partnership has developed between the patient and provider and a patient is encouraged to proactively participate in disease management as well as being engaged in the decision-making process. Moreover, a patient now increasingly resorts to the internet to seek health information. As a result, a patient today is “empowered, engaged, equipped, and enabled” besides being digital health-savvy leading to the birth of an e-Patient

E-Physicians are increasingly leveraging from the opportunities conveyed through smartphones in clinical decision making and better care coordination through smarter scheduling and organization of their tasks

Hospital facilities too are progressing in parallel by utilizing technological innovations to enhance the care and safety of the patient during their stay at the hospital, for instance, by installing automation systems in the building to regulate temperature, ventilation, and fixing smart locks. Interconnected clinical information systems such as Laboratory Information Systems ensure smart patient care processes. Moreover, identification systems enable authentication and tracking of patients, staff, and hospital equipment

 

Teleconsultation and remote patient monitoring

A more robust form of teleconsultation is remote patient monitoring (RPM) which deploys the latest IT tools to provide diagnostic and treatment services to the patients located in remote and rural areas Additionally, teleconsultations with the health provider have been found to enrich patient satisfaction due to improved outcomes, ease of use, low cost, better communication and reduced travel time

As excessive waiting time at the hospital continues to be a pressing problem faced by patients the efficiency of e-consultations to provide convenient access to healthcare professionals may be considered.

 

Wearables

Miniaturized, sensor-enabled wearable devices have made it plausible for patients with chronic diseases such as cardiovascular disease [and diabetes to monitor their vital signs such as blood pressure and blood glucose level and thus indulge in self-care. Moreover, the data obtained from the wearable sensors alert the patient and the healthcare team regarding adverse events and prompts timely remedial action & many more groundbreaking changes in healthcare industry to name of Like :

·        Personalized and precision medicine

·        3D Printing

·        Artificial intelligence in healthcare

·        The human genome projects

·        Health portals

·        Electronic Medical Records (EMR)

·        Health apps

Undoubtedly, the road to achieving quality, equitable, accessible and affordable healthcare for all sections of the populations is laid with numerous hurdles, even so, not all is lost. The paradigm shift in healthcare delivery towards patient-centered care has restructured the dynamics of the relationship between the patient and the provider and is allowing patients to play a vigorous role in safeguarding their own health. Although this area of health care is in its nascent stages given that embracing it has been snail-paced and has a long way to go in its implementation, building up its evidence base and developing a regulatory framework, an enthusiasm is brewing in view of its unprecedented potential in disease treatment, disease prevention and promotion of health and may thus prove to be a silver lining in the healthcare system. By bringing patient-centered health care to the forefront, the patient is no longer a passive recipient of healthcare services and the concepts of patient engagement and empowerment have gained ground since they embolden the role of patients to proactively participate in self-care practices especially in this age of chronic disease upsurge

 

Wealth Management

Keeping Cyber Insurance Premiums Down with Deep Observability

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By Mark Coates, VP EMEA, Gigamon

There is no doubt that the cyber insurance industry has experienced something of an evolution in the last five years. As the threat landscape has changed beyond recognition, so have the risk management strategies aimed at staying ahead of cybercriminals. The result is an exponential rise in premiums: 85% of cybersecurity business decision makers saw an increase in their cyber insurance premiums over the past 12 months, and 82% of insurers are expecting these rises to continue. Given that cyber insurance makes up a key component of many cybersecurity and business continuity plans, what can organisations do to keep premiums down while maximising coverage?

The key is to improve proactive protection and to embrace deep observability – employing real-time, network-level intelligence to track activity across a network. Deep observability provides IT and security teams with the ability to amplify the power of their current log and trace-based monitoring tools, rapidly detect suspicious activity and act accordingly. Achieving this ‘single source of truth’ also helps to reduce complexity and cost – a crucial benefit as premiums continue to rise and we enter a tougher economic climate.

Where it began

Against the backdrop of increasing cybercrime, the ‘NotPetya’ attack was a landmark cyber-threat for various reason. Perhaps most significantly it signalled the beginning of cyber insurance premium rises. Launched in 2017, NotPetya was a malware launched as part of a Russian state-sponsored cyberattack campaign targeting Ukrainian IT infrastructure. Beyond financial setbacks for global organisations, NotPetya’s proliferation caused the drastic rise of premiums and lowering of coverage limits, as insurers adjusted their policies to reflect the changing cyberthreat landscape.

Since then, a global pandemic and the subsequent shift to home or hybrid working created a perfect storm for the rise of ransomware. This form of cybercrime can cause such large-scale and financially destructive consequences that insurers have had no option other than hike up prices for more vulnerable businesses in order to stay profitable.

Zero Trust is an essential

With challenges comes opportunity. This upending of the cyberthreat landscape serves as a potential catalyst for organisations across verticals to optimise their cybersecurity.

According to the recent Gigamon State of Ransomware report, phishing and malware were the top routes for ransomware attacks in 2022. Cloud applications were also cited as a common ransomware attack vector, particularly by those in the UK. Protecting against a misconfigured cloud or human error isn’t the job of cyber insurance – this should be reserved to cushion the financial blowback in the event of a breach. Instead, enterprises must proactively take steps to bolster their security posture.

This includes ensuring all access across digital infrastructure is authenticated. Trust is earned, not freely given in this threat landscape. A Zero Trust architecture – which requires authentication of all users regardless of their position in an organisation – helps prevent unauthorised access and works to restrict suspicious lateral movement across a network. Fortunately, it’s now a topic regularly discussed in Boardrooms. Across EMEA in particular there is growing confidence that organisations will be able to implement this architecture in the next few years (51% agreed in 2020, compared to 83% in 2022). To get there, however, deep observability is a critical foundation; you simply cannot manage and grant access to what you cannot see.

A single source of truth

Threat actors can bypass SIEMs and endpoint detection and response tools, yet they will always leave a metadata trail. This is why deep observability is so crucial to cybersecurity. It grants security operations (SecOps) teams the ability to analyse this metadata, spot suspicious behaviour and take the appropriate steps to mitigate an intrusion before it escalates. Such enhanced visibility and control are crucial for maximising the efficacy of Zero Trust architecture and fostering a security-first approach within an enterprise.

With premiums so high, organisations also undoubtedly want to turn to solutions that provide ROI as well as better security. As more tools come into play, cost and complexity rises. Many enterprises will not have the budget to keep adding more solutions to their technology stack in hope they will improve their cybersecurity and reduce their insurance prices. Instead, they need a single source of truth and a complete view across the entire IT infrastructure – cloud included. From here, teams can identify network bottlenecks and eliminate irrelevant, duplicate or low risk traffic. Deep observability is therefore not only a must for security, but also for making budgets go further.

Organisations need to brace themselves for a challenging economic down-turn and continued rises in cyber insurance premiums by implementing a strategy based on Zero Trust, deep observability and network-to-cloud visibility. In turn, security teams can be far more confident in their security posture, business leaders are satisfied by a lower spend and insurers become more confident when taking on their customer’s risk.

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Banking

How banks can increase customer acquisition and user engagement with sustainability

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By Karolina Szweda, Head of Growth Marketing at Connect Earth

Young people are demanding more innovation from traditional financial institutions, and are primarily in favour of lower costs and more flexible digital customer experience promised by challenger banks and other FinTech providers. The future of banking is digital, and traditional financial institutions are well aware that they need to embrace innovation to remain competitive in the digitalised market.

In order to win over the younger generations, especially Millennials and Gen Z, banks need to invest in their digital transformation and deliver more customer-centric solutions. One of the affordable low-hanging fruits is sustainability.

As the public’s attention to the climate crisis grows, consumers and businesses are increasingly interested in reducing their negative impact on the planet. BCG reports that as much as 73% of consumers are altering spending habits because of climate change, and, according to PwC, 88% of consumers want brands to help them live more sustainably. As far as businesses are concerned, they are increasingly aware of the mandatory disclosure regulations set to take effect within the next years in major economies, and the need for carbon emissions reporting.

The problem is that the vast majority of consumers and businesses do not have access to actionable data on their carbon emissions. We believe that this is where banks can step in.

Increasing customer acquisition and retention

According to Deloitte, 71% of customers are more likely to choose a bank with a positive environmental impact. In addition, Global Risk Regulator reports that 93% of people expect sustainable financial services to become the norm, and according to Tink, 62% of consumers want their bank to show them an overview of their carbon footprint.

Banks are in a unique position to respond to this increasing demand by embedding climate data in their financial services offerings, which can help attract new customers and improve brand loyalty on a large scale.

With a carbon tracking API solution integrated into a digital banking app, financial institutions can be a catalyst for change and enable their customers to understand how they can reduce their emissions. By providing carbon emissions data for each financial transaction, banks can support and encourage their retail banking clients, corporate clients and/or retail investors to act more sustainably, while also increasing customer acquisition and digital engagement.

Most importantly, banks can also measure how their customers’ spending behaviours are changing as a result of being exposed to climate-related information, which they can use to segment and understand their customers better.

Increasing digital engagement

According to EY, 61% of consumers want to access more information that can help them make better sustainable choices. Banks are in a position to empower customers to do exactly that, whilst increasing user engagement with their digital banking apps.

Educating consumers on how to make more sustainable choices can be achieved through gamification, personalised recommendations and rewards to encourage behavioural change. The analysis of spending data along with tailored educational content can enable consumers to analyse, learn and improve their consumption habits and empower them to act on this knowledge.

Before accessing their carbon emissions insights, users can enter their custom information about their lifestyle habits, such as diet (meat-based vs. plant-based), daily means of transportation (car vs. bus) and more. Machine learning models improve as users input data over time, making carbon emissions estimates more granular. The model is trained to support thousands of different user types based on their profile and enables the bank to customise the experience and gamify the emissions reduction process for users.

How banks’ customers can benefit from accessing carbon emissions data

As far as climate action is concerned, having a real-life overview of one’s carbon footprint can be a true game changer for millions of consumers worldwide. Access to carbon data increases climate change awareness and empowers people to make a real difference.

Earlier this year, our team at Connect Earth confirmed the partnership with KBC Bank in Bulgaria to help them drive customer engagement and provide their retail banking clients with climate insights into their spending. We aimed to bolster KBC Bank’s corporate sustainability strategy, whilst meeting increasing demand from climate-conscious clients.

The financial sector has historically lacked the infrastructure to support sustainable finance in a tangible way. We are happy to report that the green transition has begun.

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