(Image source: dacadoo homepage.)
dacadoo, a Zurich-based global digital health engagement platform, has undertaken a relationship with Oracle Insurance (Redwood Shores, Calif.), a global provider Life and Health applications. The companies will jointly offer a new Health and Wellness Administration Cloud Solution that includes a digital frontend (dacadoo digital Health Score Platform) integrated with a core administrative processing solution for Life and Health insurers (Oracle Health Insurance and Oracle Insurance Policy Administration).
Together, dacadoo, a Gold level member of Oracle PartnerNetwork (OPN), and Oracle will jointly offer a new Health and Wellness Administration Cloud Solution that includes a digital frontend (dacadoo digital Health Score Platform) integrated with a core administrative processing solution for Life and Health insurers (Oracle Health Insurance and Oracle Insurance Policy Administration).
A joint statement from the vendors couches the announcement of the partnership within the context of challenges the health insurance industry faces today, such as an unprecedented increase in non-communicable diseases, treatment costs, ever-changing government regulations and a highly competitive marketplace. As a result of these challenges, healthcare payers are driven to optimize their core operations reducing administrative costs and containing healthcare costs, while adapting to the digital economy, according to the statement.
The companies also allude to the potential effects of a global shortfall in pensions on the life insurance industry as it struggles to become relevant to the millennial market segment—the volume business for the future. The vendors note that these challenges are exacerbated by ever-increasing costs to maintain existing books of business.
dacadoo contribution to the partnership is its digital, mobile health engagement platform designed to help users actively manage their health in an easy and fun way. To encourage users to remain active and healthy, the company applies motivational techniques from online games, collaborative features from social networks, and personalized feedback and the patented dacadoo Health Score to better understand and improve their health.
Reducing Claims Costs through Targeted Wellness Management
The combined Oracle Health Insurance core administration and dacadoo digital health engagement solutions aim to help improve selection of members for enrollment purposes and reduce claims costs through targeted wellness management. This approach addresses the effect of non-communicable diseases on the claims portfolio, and rewards members for being healthier, thereby creating a symbiotic relationship between the member and health insurer.
With regard to life insurance, the ability to foster better health on the part of the policyholder has a fundamental impact on the financial stability of the product portfolio and allows for real-time underwriting during the new business process, which ultimately leads to full digital enablement for life and annuity insurance products, according to the vendors. For insurers with both health and life product portfolios there is the added advantage to leverage the platform to manage the benefits and rewards across the entire product portfolio, they note.
“Oracle has globally gained momentum for its health, life and annuity platforms,” comments Srini Venkatasanthanam, VP Oracle Insurance Solutions. “However, with the addition of dacadoo, we are able to provide our customers with a differentiated cloud platform to run their businesses optimally, enabling them to stay at the forefront of market developments—specifically with the inclusion of dacadoo’s digital Health Score platform and artificial intelligence infused applications for underwriting processes and wellness management.”
“Over the last 24 months, dacadoo has taken global leadership in digital life and health solutions for digital health and risk scoring,” comments Peter Ohnemus, founder and CEO, dacadoo. “We are very excited to now offer a fully integrated end-to-end solution based on Oracle’s leadership and massive investment in this important industry.”