We, insurers, must actively participate in the upcoming healthcare revolution

After I took over as CEO of AXA, one of my first decisions was to make health one of our top priorities. Why? Because I am deeply convinced that healthcare is, more than any other sector, at the dawn of profound changes. 

Major trends are transforming the healthcare industry: 

• Ageing of populations will increase the demand for care and its cost. However, if living longer is a victory, aging in good health remains a challenge. 45% of today’s global population is expected to suffer from chronic diseases.
• The demand for health services will also explode in emerging economies, driven by growing middle classes in search of better life standards. In many developing countries, healthcare provision is often non-existent or prohibitively expensive. The share of uncovered expenses frequently exceeds 50%, excluding the most destitute among us.
• Lastly, new technologies will radically transform medicine and the way we treat ourselves. This is already the case: 5 million remote operations have been performed last year using the Da Vinci surgical robot, developed in the United States.  

Insurance can actively participate in this revolution. By reimbursing nearly €1400 billion in medical expenses worldwide, close to 20% of total expenses, insurers play a fundamental role in health systems. Their expertise goes far beyond invoice payment. Thanks to their deep knowledge of healthcare journeys, they can play an active role in ensuring equal access to quality health solutions.

I am convinced AXA has everything it takes to succeed in health. With gross revenues of 13 billion euros, we have built a strong leadership position in major health markets.

I am convinced AXA has everything it takes to succeed in health. With gross revenues of 13 billion euros, we have built a strong leadership position in major health markets. Healthcare is also a segment in which we can best fulfil our ambition to become a partner for our customers, not just an invoice payer. Finally, our expertise in health and our history as a responsible company make us a legitimate player to assist societies in the transformation of their healthcare system.

However, I am convinced that we will not succeed if we miss the technological revolution at work. That is why we made health one of the top priorities of our innovation investment strategy. Of course, there is still a long way to go, but I am proud of the services we already provide to our customers.

Telemedicine is one of the most striking examples. It is already available to no fewer than 8 million of our customers and responding to their everyday needs with simple and effective solutions.

Telemedicine is one of the most striking examples. It is already available to no fewer than 8 million of our customers and responding to their everyday needs with simple and effective solutions. As a father, I know the stress of having a sick child on a Sunday, on the eve of a busy work day. Thanks to telemedicine, 70% of users immediately find a solution and do not require physical appointment. It is also an opportunity to improve access to health in areas offering fewer medical services. The telemedicine network we are developing in the Hauts-de-France Region provides a concrete and effective solution for citizens living in medical deserts and lacking access to doctors. This successful collaboration with a local government illustrates the necessary cooperation between public and private actors in solving public health challenges. I am sure this is only the first of many such partnerships.

Telemedicine is a demonstration of what technology can do to improve everyone's health, but it is only one example. The potential is immense. It requires investments, entrepreneurial spirit and alignment with our customers’ interests. This is why we are leveraging our innovation ecosystem to build a better future for healthcare. We are excited to participate in Vivatech this week to share some of the most promising innovations we are working on to improve our customers experience and empower them on their health journey.