Empowered Patient Podcast Unique Insurance Needs of Digital Health and Telemedicine Companies with Cristina Varner Newfront
Cristina Varner is the life science Practice Leader at Newfront, a technology-focused insurance broker. While digital health and telemedicine companies have robust technology infrastructure, they tend to be less medically focused and unaware of insurance requirements to cover bodily injury, financial injury, data breaches, cyber liability, and state regulatory requirements. Wearables and data collected by them are adding issues of privacy, security, and data accuracy.
Cristina elaborates, "I'm not going to say I'm surprised because a lot of the founders of these companies come from technology backgrounds, from tech companies. And so insurance just is not, and risk management is just not top of mind for many of them. And so we're not surprised. They're moving very quickly. I think when COVID came to be, digital health definitely exploded. And during the COVID period is when we started to recognize where some companies were lacking in risk management infrastructure. And I think that many of the companies we see now are much better positioned from a risk management perspective and also are more aware."
"There are more customers and patients with wearables that are recognizing that their privacy and their security are important. I don't think historically, a lot of owners of wearables ever really considered those types of concerns. But now there's a lot more scrutiny in this area. And the other issue that comes up in tandem with privacy and security is data accuracy. If your data is not accurate on your wearable, for example, and it allows a patient to make a decision based on inaccurate data, which can result again in potential bodily injury to the patient."
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