Offer a new insurance service that helps improve health by predicting the risk of developing disease in the future
HANOI, Vietnam, October 1, 2021 – (JCN Newswire) – Bao Viet Insurance, the largest non-life insurance company in the Socialist Republic of Vietnam, Hitachi, Ltd., and Hitachi Asia (Vietnam) Co, Ltd., Hitachi’s local subsidiary in Vietnam, have signed an agreement to collaborate and stimulate innovation in the field of insurance. The collaboration will integrate digital technologies such as AI and big data analytics into the enterprise to raise health awareness, prevent the development and worsening of diseases in Vietnam.
Under the agreement, Bao Viet Insurance will present Hitachi’s cutting-edge technologies for medical big data analysis to Bao Viet Direct, an application provided to policyholders of Bao Viet Insurance, and start providing a new insurance service for improve health, which allows users to easily measure the risk of developing lifestyle-related diseases and receive health advice. The new service will begin on October 1.
In recent years, the increasing prevalence of lifestyle-related diseases has been a problem in Vietnam. This growth reflects the changes in people’s lifestyles, including diet and exercise, which have resulted from rapid economic growth and the expansion of the middle income group in the country.
While there is a growing demand for high quality medical services due to increased income and improved living standards, the ideas of prevention and early treatment are not instilled in most Vietnamese. It is said that many people do not start treatment until they become seriously ill. For example, only about 30% of diabetic patients, estimated to exceed 3.5 million, receive treatment. In addition, the medical insurance market in the country has grown rapidly, with concerns about spiraling medical costs reflecting an increase in personnel costs at medical facilities.
Bao Viet Insurance is an operating company of Bao Viet Holdings, Vietnam’s largest financial group, whose Ministry of Finance owns over 65% of the outstanding shares. With more than one million insured medical insurance, Bao Viet Insurance is one of the leading non-life insurance companies in the country. In recent years, the company has been proactive in working on the development of high value added insurance services that apply new technologies. The partnership with Hitachi is one such initiative.
Continuing its tradition of providing high value insurance services, Bao Viet Insurance adopted Hitachi Insurance Risk Simulator, a Lumada (1) solution that analyzes big medical data using AI exclusive to Hitachi. The solution can predict future risk of hospitalization from eight major lifestyle-related illnesses using big medical data, which includes the results of user health checks and health insurance claims. The insurance risk simulator has been extended to Japan since its launch in 2018. For example, it is used for local government health boards in addition to life insurance companies.
The new service allows Bao Viet Insurance policyholders to easily check their future risks of the top eight lifestyle-related illnesses simply by entering their health check results and medical history into the mobile app. The app also displays risk factors and offers tips for improvement. This information can enable changes in behavior and specific lifestyle habits to promote improved health.
The solution will allow for further channel expansion and create opportunities when applying for insurance. For example, the risk prediction service will be linked to the remote medical care services provided by Bao Viet Insurance. In addition, these services will be combined with various health data management functions of the Bao Viet Direct application for personalized, centralized and integrated administration of health information that supports the management of the well-being and productivity of patients. companies. Bao Viet Insurance and Hitachi will continue to discuss the creation of new health promotion services using various technologies.
Bao Viet Insurance will continue to apply advanced technologies, help promote good health among Vietnamese, and provide insurance services that will help policyholders lead healthy lives.
Hitachi will further improve its services based on the achievements of joint initiatives with Bao Viet Insurance and expand them to countries in Southeast Asia and other countries where demand is expected. Hitachi will continue to drive innovation and convenience in expanding insurance services.
(1) Lumada is the name of Hitachi’s advanced digital solutions and services for transforming data into information that drive the digital transformation of social infrastructure.
About Bao Viet Assurance
With more than 50 years of development and a leader in the insurance market – in terms of turnover, market share and growth rate, BaoViet Insurance is proudly the industry pioneer in the application of latest technologies and achievements resulting from industrial revolution 4.0 in not only sales technique, operations management, claims management, customer data management, but also customer interaction process and customer relationship management , in order to bring the highest level of efficiency to commercial systems.
The company has a strong and extensive network of branches and offices, comprising 79 branches, over 3,000 employees, over 85,000 agents and nearly 700 regional insurance offices across Vietnam. As an industry pioneer, Bao Viet Insurance is always proactive in developing insurance services that apply advanced technologies to provide better services to clients.
About Hitachi Insurance Risk Simulator
Risk Simulator for Insurance is a simulation service that predicts the future risk of lifestyle diseases. Predictions are made using a model developed based on expertise in medical big data analysis, which was gained through the support of Hitachi Health Insurance Society in its health activities and joint research with a large life insurance company, among other means. Specifically, it predicts the likelihood of future hospitalization and the amount of medical costs with respect to eight major lifestyle-related diseases, namely diabetes, cerebrovascular disease, kidney disease, cardiovascular disease, hypertensive disease. , pancreatic diseases, liver diseases and malignant tumors.
It can be provided in two ways, i.e. in the form of a SaaS which allows online use or in the provision of the risk prediction model through the API. Thus, it can be used flexibly depending on the operation, the constraints of the system and the purpose of use.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, focuses on its social innovation business that combines information technology (IT), operational technology (OT) and products. The company’s consolidated revenue for fiscal 2020 (ended March 31, 2021) was 8,729.1 billion yen ($ 78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide . Hitachi strives to increase social, environmental and economic value for its customers in six areas; IT, energy, industry, mobility, smart life and automotive systems via Lumada, Hitachi’s advanced digital solutions, services and technologies to transform data into information to drive digital innovation. For more information about Hitachi, please visit the company’s website at https://www.hitachi.com.
Source: Hitachi, Ltd.
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