FrailSafe’s Cypriot partner Materia Group conducted an interview with two insurance brokers about their perception of FrailSafe.
Michalis Mavrides, global insurance broker and financial architect remarked that insurance companies would be interested in the FrailSafe system when it comes to danger and risk evaluation of vulnerable patients. He estimates that over the next one to two years there will be sufficient data to present to insurance companies to see the benefit of the product and invest in it.
Odysseas Michaelides, Sales Manager at the Prime Insurance Company, highlighted that insurance companies’ priority is to profit – the more information they have from the evaluation, the more precisely they can estimate pricing of their services based on the needs of the customer – so both sides will benefit, as long as the FrailSafe system is used consistently. Insurance companies will be better prepared and more accurate in the plans they offer - the coverages, the exceptions, the charges etc. – and can stick with a plan over the years.
Mr. Mavrides highlighted another key-point: prevention. When a doctor analyses data from the FrailSafe system and identifies a health problem early, that saves an insurance company cost. Summing up, he suggested that FrailSafe as a prevention measure for existing customers would be a good start!