Improving accessibility to integrated fintech for health solutions for aging populations in China

solve health financing challenges, and developing the multilayeredmedicalsecuritysysteminChina.

Author:

Ms Yue Xu, Assistant Director for Strategic Partnership and ImpactPrograms,ASKHealth

Improving accessibility to integrated fintech for health solutions for aging populations in China

China’s population has been aging rapidly over the last two decades. Swift economic development and improvements in healthcare have led to an increase in life expectancy and a decreaseinmortality.TheUnitedNationsprojectsthattherewill be 366 million older Chinese adults by 2050 which represents an increaseof adultsaged65yearsandolderfrom12%of the populationtoanestimated26%.Anagingdemographicshifton this scale is unprecedented and raises dire concerns about the healthandwell-beingofolderadultsinChina.Furthermore,the elderly population in China is facing an increased chance of developing health issues. These include higher rates of depression, difficulty with activities of daily living, body pain, andhypertension. With a rise in aging populations, combined with the onset of chronic diseases and other aging-related illnesses, comes an increase in demand for medical care solutions, creating considerable challenges for the health system. The weight extends to families, as they are usually the primary source of caregiving for older adults in China. At the same time, China’s rapid economic growth and urbanization have also led to a growingnumberofyoungadultsinChinamovingfromruralto

urban areas for employment opportunities. The share of the populationlivinginurbanareasincreasedfrom19%in1980to 60%in2019.Thistrendhasseparatedmillionsofolderadults from their adult children, leaving many older family members alone,unattended,anduncaredfor.

The growing prevalence of age-related health issues, if unmanaged,willresultinanincreasedneedforcareandcostly treatments. As a result, the need for accessible and affordable elder care and healthy aging solutions has become significant. Thisisespeciallycriticalfortheelderlylivingathomewiththeir adultchildren,aswellasoneswholiveontheirown.Theneed forsolutionsisobservednotjustinChina,butacrosstheglobe, astheworldisfacinganacceleratingagingsociety. Digitalfinancialandhealthsolutions To address the rise in the need for healthcare solutions, emerging efforts and innovations have been observed through financial technology across various regions. Through fintechenabled healthcare solutions such as health management via telemedicine,digitalpaymentsforhealthservices,andaging-inplace, the elderly population can access affordable healthcare services. The solutions ultimately allow them to receive appropriate care while remaining independent and feeling empoweredtomaketheirownhealthdecisions. Shenzhen, an insurtech company based in China, focuses on offeringsolutionsfortheagingpopulation.Itsmissionistohelp olderadultsseekcare,andempoweryoungeradultstotakecare of their parents’ health. Its main aim is to provide fee-based health services such as customized medical check-up products and family health consultants for the middle-aged and elderly population.

Utilizing its nationwide health service network, Shenzhen providescustomizedhealthmanagementsolutionsandsystem operation support for enterprises. It offers third-party administrative services to provide insurance companies with medical and behavioral data on middle-aged and elderly customers and assess risk control measures to empower insuranceproductdesigns.Italsooffersriskreportsforelderly policyholders and embeds more tailored and targeted health management services into insurance products. Ultimately, Shenzhen focuses on two parts, health management services, and insurance payments, establishing a closed-loop of “customizedmedicalexamination–healthmanagement–health insurance”.

Conclusion

With the growing aging population, the need for solutions to enableearlyprevention,healthmanagement,andaginginplace isimminent.Fintech-enabledhealthcaresolutionsarebecoming increasingly more integrated, accessible, and financially viable for the elderly, crossing regional and cultural barriers. Moreover,thesolutionsprovidesecurity,allowingelderstofeel more independence, and at the same time, stay connected to theirlovedones.

Author:

Ms Tina Ja, Director for Strategic Partnership and Impact Programs,ASKHealth

Fintech for Health: People with Chronic disease

Innovationsintechnologyanditsintersectionwiththefinancial sector have driven fintech growth into a global industry. Innovations such as mobile money, blockchain, and artificial intelligence within the financial sector have drastically improved convenience, inclusiveness, and access. The applications of fintech have steeped into various sectors, particularly healthcare. In earlier publications, the Fintech for Health China team focused on fintech empowering healthcare forhealthyandunderservedpopulations,includinglow-income, elderly,andpatientswithrarediseases.Inthisarticle,wehone inonthegrowingpopulationlivingwithchronicillness. AswithmanycountriesinAsia,wheretheagingpopulationhas caused a societal change, China has reached a tipping point where the burden of health conditions has transitioned from infectious diseases to chronic diseases. Research published in Frontiers in Public Health that focuses on chronic illness, and agingreportsthatalmost80%ofdeathsinChinainpeopleaged 60 years and above are from chronic diseases, with the most burdensome being Ischemic Heart Disease, Stroke, Chronic ObstructivePulmonaryDisease(COPD),andType2Diabetes.44 Behavioral risks, including smoking, alcohol consumption, sedentary behavior, and poor dietary intake contribute significantly to these conditions. Chronic disease, if left unchecked, requires expensive and frequent treatments, increasing the financial burden for the patient. There is an increasing need for better management and treatment of chronic diseases, starting with prevention, early intervention, andmonitoring.

Fintech and health tech-based solutions have proven to help alleviatevarioushealthcaremanagementneeds,particularlyin chronic disease management, telemedicine, and purchasing drugs, as well as self-management for maintaining independence and quality of life. The following are a few examples of chronic disease management solutions that arise from the integration of digital therapeutics (DTx), health management,andinsurtech. Improving medical adherence for chronic diseases with digital therapeutics and InsurTech – Miao Health, China and Wellthy Therapeutics,Singapore MiaoHealthisoneofChina’slargestdigitalhealthplatformsthat utilizesbehaviordataandartificialintelligence.Itisasubsidiary of China Pacific Insurance Company, (CPIC), one of the largest insurance companies in China. With a digitalized health management platform, Miao Health uses artificial intelligence andbigdatatoofferservicesthathelpmanagehealth,provide medical treatment and medicine, alert users, and healthcare providerstopotentialfutureissues,andcollectdatatoimprove health risk assessments. The platform has incorporated over 7,000scientificdocuments,thatenabletherecognitionofmore than 3,000 unusual indicators. It compiles guidance that helps usersmitigateover100keyriskfactors,andsendspre-emptive health alerts for over 1300 diseases. Since its launch in 2015, over100millionusershaveregisteredforMiaoHealth. MiaoHealthoffersaseriesofsolutionsforbothcorporationsand individuals. It works with insurance partners to build joint digital platforms, designing tailored solutions for different populationgroups.Italsodesignspersonalizedgroupinsurance for corporations, as well as offershealth management services

for the employees. Lastly, Miao collaborates with pharmaceutical companies for better chronic disease management.Ultimately,throughthecombinationofAI,online + offline service models, lifestyle management, and chronic diseasemedicationpurchases,MiaoHealthcanofferafullrange ofhealthmanagementsolutions. WellthyTherapeuticsisaleadingdigitaltherapeuticscompany that operates in Mumbai and Singapore and caters to populationsinEuropeandAsia.Itsmissionistobridgethegap of episodic care — patient interactions only during physician visits or hospital stays — and enable continual care for better health outcomes, by enabling digital care for complex clinical conditions. Wellthy collaborates with insurance partners, creating a tool that allows users to better engage and manage patients,improvehealthoutcomes,providingvalue-basedcare. ThisintegrationbetweenWellthy’sdigitaltherapeuticssolution and insurtech allows insurers to measure the risk behavior of the users more accurately by collecting patient data using wearabledevicesandsensors,andmonitoringelementssuchas lifestyle habits, treatment receptiveness, and medical adherence. Studies have shown that therapeutic interventions mediated by artificial intelligence technology result in positive outcomesforpatientsandpolicyholderswithchronicdiseases. Thiscombinationfurtherreducesthefrequencyanddurationof hospitalizationandminimizesclaimcostsforinsurerswhohave partneredwithdigitaltherapeuticscompanies.

Building a Health Management Ecosystem – JD Health, China

JDHealthisanonlinepharmacy,medicalappointmentbooking platform, and provider of telemedicine and other healthcare

services. It is a subsidiary company of JD.com, China’s secondbiggest e-commerce company following Alibaba. JD Health has launched its first health insurance product, “Family Doctor Insurance” which integrates health management services with insurance and relevant services, from claims settlement to disease management and prevention. This solution offers insuredfamilymembersagedbetween28daysto70yearsold fullaccesstoJDHealth’s“FamilyDoctor”telemedicineservices for timely health advice and management support. Patients’ medical expenses will be covered according to the insurance plansdesignedbyJDHealthanditsinsurancepartners,suchas AllianzJDandFosunHealth. The Family Doctors team covers five main areas including internal medicine, surgery, gynecology, pediatrics, and traditionalChinesemedicinewithmoreexpertsupportfrom18 special medical centers which specialize in cardiovascular, psychosocial, diabetes, nephropathy, tumor-related diseases, andmore.

Conclusion

The intersection between fintech and health tech has become commonplace to broaden and bridge the accessibility and affordabilitygapsinhealthcare Integrating fintech solutions can perfect this approach and improve patient health and quality of life. Fintech and health tech integration has allowed healthcare to become more personalized, by integrating insurance, medicine, and health management into a solution and those affected by chronic disease,tohaveabettersenseofsecurityandcontrolovertheir wellbeing.

Author:

Ms Tina Ja, Director for Strategic Partnership and Impact Programs,ASKHealth

Figure 15. Case study 6: Jianyibao, a Provider that Provides Disease Specific Insurance Plans and Medical Assurance Products

Figure 16. Case study 7: Weibao, a provider that provides personalized insurance products