Latest released the research study on Global Digital Innovation in Insurance Market, offers a detailed overview of the factors influencing the global business scope. Digital Innovation in Insurance Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Digital Innovation in Insurance. The study covers emerging player’s data, including: competitive landscape, sales, revenue and global market share of top manufacturers are AXA (France), Zurich (Switzerland), China Life Insurance Company (China), Berkshire Hathaway Inc. (United States), Prudential Financial Inc. (India), United Health group (United States), Munich Re group (Germany) and ASSICURAZIONI GENERALI S.P.A. (Italy).

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Definition:

Insurance companies have started adopting digital technologies to help and strengthen customer relationship by providing new offers and services. This transformation will lead to new revenue opportunities also. However, many Insurance companies are yet to capitalize and develop business strategies. Digital platforms allow personalization and strengthen connections with customers by providing new offers and services. This platform also provides customers with access to deeper insights from data analytics, and applies it to new business models to reduce risk and fraud, and improve segmentation and reduce fraud. There is a demand to fix traditional business models, cost reduction, increased efficiency, and a rise in profit margin which is driving the global digital innovation in the insurance market.

Market Drivers

  • Insurers Investing in Building Digital Infrastructure
  • Need to Overhaul Traditional Business Model

Market Trend

  • Implementation of Smart Watches and Wearables
  • Deployment of Telematics and Speech Recognition
  • Block Chain Technology and Robotic Process Automation in Digital Insurance

Restraints

  • Formidable Cultural Barriers May Hamper the Market Growth
  • Cost Factor Associated with

KEY POINTS

  • Two blockchain bills were introduced and incorporated into the Consumer Safety Technology Act
  • The bills aim to study the use of blockchain to fight fraud
  • The bills also instruct relevant departments to ensure that the United States remains as a key leader in the blockchain space

Two blockchain-related bills introduced by Rep. Darren Sotto, D-FL, were rolled into another bill called the Consumer Safety Technology Act, which sets out the rules, instructions and guidelines on how to use blockchain technology to combat fraud while at the same time ensuring that the United States remains a leader in the blockchain space.

The two acts — the Digital Taxonomy Act and Blockchain Innovation Act — filed by Rep. Sotto was incorporated into the Consumer Safety Technology Act which, according to news outlet Decrypt. It is concerned about protecting the public against digital asset-related scam and the fighting of fraud through the use of blockchain.

As a standalone bill, the Digital Taxonomy Act requires the Federal Trade Commission (FTC) to train and allocate resources to identify and guard against deceptive practices involving digital tokens. It also instructs the commission to produce a report to the House Committee on Energy and Commerce and the Senate Committee on Commerce, Science and Transportation discussing the efforts it took to combat digital assets-related fraud.

Citing that blockchain is important to American innovation, it instructs the FTC to provide recommendations so that the United States will remain competitive in the field.

The second bill called the Blockchain Innovation Act requires the Secretary of Commerce to produce, in collaboration with FTC and other departments, a report on how to use blockchain to fight fraud.

According to Rep. Sotto, blockchain has an incredible potential for innovation and economic growth.

“I believe our government needs to support that growth,

Report shows insurance coverage of biomarker testing has not kept up with innovation

PR Newswire

WASHINGTON, Sept. 29, 2020

LUNGevity Foundation and American Cancer Society Cancer Action Network report indicates some improvement but substantial gaps still exist for many patients

WASHINGTON, Sept. 29, 2020 /PRNewswire/ — LUNGevity Foundation, the nation’s premier lung cancer-focused nonprofit organization, in partnership with the American Cancer Society Cancer Action Network (ACS CAN), issued a report today analyzing private payer health insurance coverage of biomarker testing for non-small cell lung, colorectal, breast, and prostate cancers. The study serves as an update to a similar review of health care coverage issued by both organizations in 2018.

LUNGevity Foundation logo (PRNewsfoto/LUNGevity Foundation)
LUNGevity Foundation logo (PRNewsfoto/LUNGevity Foundation)

Since 2015, LUNGevity has been working to ensure that all advanced-stage non-small cell lung cancer patients have access to comprehensive biomarker testing at diagnosis, progression, and recurrence, and have the results before making treatment decisions. LUNGevity defines comprehensive biomarker testing as a multiplex panel (also referred to as a multi-gene panel in the report, such as a Next Generation Sequencing panel) to detect multiple mutations including, at a minimum, EGFR, ALK, ROS-1, BRAF, NTRK, RET, MET, HER-2, KRAS, and an immunohistochemistry test to measure levels of the protein PDL1.

Limitations in health care insurance coverage often affect access to these vital advances, which leads to disparities in treatment. The report found that private payer health care coverage is more prominent for single-gene tests. However, health insurance companies are still slow to cover targeted multiplex panels and other forms of testing, such as minimally invasive liquid biopsies, also known as blood-based biomarker testing.

“LUNGevity is proud to partner with ACS CAN on this study as part of our ongoing commitment to improving the lives of cancer patients,” explained LUNGevity Senior Director of Public Policy Initiatives Kristen