Company Announcements

NEW YORK , Nov. 12, 2024 /PRNewswire/ -- QBE North America today announced the release of its 2024 Digital Health Insurance Report, which shares insights from insurance brokers on the risks associated with using digital health services like telehealth and telemedicine and how their clients are contemplating insurance coverage for these exposures. 

"Our goal was to learn more about the level of concern clients have regarding digital health services, the types of risks impacting their businesses, and what type of insurance coverage they have in place," said Chris Dunlavy, VP, Underwriting Leader, Miscellaneous Medical. "The survey findings show clients are concerned about the risks and they are looking for information to better understand the coverages that are available."

Digital health creates exposures for a variety of medical, health and wellness businesses, from the healthcare providers consulting patients to the technology companies and platforms that enable these services. A survey of insurance brokers who specialize in healthcare liability, with a focus on medical malpractice and allied healthcare liability, revealed the following:

• Navigating an evolving risk landscape: Digital health services are increasingly adopted for their accessibility, cost-effectiveness and efficiency in healthcare delivery. However, these services also carry inherent risks, as 63% of brokers say their clients are "extremely concerned" or "very concerned" about these exposures. Businesses that use digital health services face familiar risks around diagnosis and treatment of patients combined with increased risks around standard of care, compliance, and data privacy.
  
  
• Innovation is creating coverage gaps: As healthcare organizations innovate and adopt digital health services, a potential gap in insurance coverage emerges. Eighty-four percent of brokers are "at least somewhat concerned" that some clients may be operating their business without suitable insurance for digital health services. In the last 12 months, 39% of healthcare providers, on average, sought confirmation from brokers that their policies addressed their digital consultation exposure.
  
  
• Interest in additional coverage: When brokers inform clients that they may need to update their policies to ensure they're covered for digital health services, 50% say clients are interested but need more information, 27% say clients want to purchase additional coverage, and 23% say clients decline to pursue additional coverage. More than two-thirds (68%) of brokers expect to see an increase in the uptake of coverage for digital health services in the next twelve months.
  
  
• Opportunity to educate clients: Sixty-nine percent of brokers report that they are "at least somewhat confident" in their clients' understanding of what type of services are covered by a digital health policy form, however, 31% of brokers say they are not confident, highlighting a need for more engagement.

"It's become increasingly common for traditional brick and mortar healthcare clients to migrate some of their services to digital platforms." said Drew Fekete, AVP, Underwriting – Miscellaneous Medical. "It's crucial that clients communicate the full scope of their business model and service offerings with their brokers and insurers so that coverage is tailored to their specific needs." 

For more information about QBE's Healthcare Liability practice visit https://www.qbe.com/us/healthcare-liability.

Survey Methodology
The survey was conducted by Wakefield Research among 300 insurance brokers who specialize in healthcare liability, with a focus on medical malpractice and allied healthcare liability, between September 11 and September 24, 2024, using an email invitation and an online survey.

Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 5.7 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.         

About QBE
QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2023 of $7.6 billion. QBE Insurance Group's results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 26 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn, Facebook and Instagram.

QBE makes no warranty, representation, or guarantee regarding the information herein or the suitability of these suggestions or information for any particular purpose. QBE hereby disclaims any and all liability concerning the information contained herein and the suggestions herein made. Moreover, it cannot be assumed that every acceptable risk transfer procedure is contained herein or that unusual or abnormal circumstances may not warrant or require further or additional risk transfer policies and/or procedures. The use of any of the information or suggestions described herein does not amend, modify, or supplement any insurance policy. Consult the actual policy or your agent for details about your coverage. QBE and the links logo are registered service marks of QBE Insurance Group Limited. © 2024 QBE Holdings, Inc.

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SOURCE QBE North America