For those of you who weren’t aware that telemedicine uptake had surged in the last few months, ITIJ’s most recent news analysis gives a comprehensive overview of that particular matter. But in Asia specifically, where the number of telehealth users rose drastically, a new product has been launched for telehealth providers – Beazley’s Virtual Care insurance cover.
Beazley’s Virtual Care offers ‘four pillars of cover’ to health and technology policyholders, including medical malpractice and professional indemnity cover, tech and media liability cover, public and products liability cover and cyber cover (such as protection against cyber extortion and data recovery loss).
Virtual Care is available through brokers in Singapore and Hong Kong and is available to organisations, such as those providing telehealth and mHealth services, as well as IT platforms used in health management.
“Covid-19 has driven a mass uptake of digital health services globally,” said Evan Smith, Beazley’s Global Head of Miscellaneous Medical & Life Sciences. “The adoption of such technologies comes with a wide range of interconnected risks that are distinct from traditional healthcare exposures, such as data privacy and security concerns, and technology failure. Beazley Virtual Care addresses the complexity of these risks by offering no-gap cover in one policy for healthcare and tech providers.”
It’s high time a product designed to protect these companies against the risks associated with digital health offerings became available, especially considering the sizeable uptake in telemedicine and other digital health services that the industry has witnessed since the Covid-19 pandemic took hold. Asia usually has a knack for leading the way when it comes to innovative technological solutions, but it will be interesting to see whether similar products become available in other regions of the world.