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Over the past few years, we have read and engaged with opinions, articles and predictions on Apple’s role as a financial institution. Banking mainly, as both the traction of fintech operations, and the anticipated release of Apple’s own credit card pushed towards that direction (we must not forget Apple wallet which allowed the use of third party credit cards for contactless and “material-less” payments).

But for me, the point that Apple has excelled, without many noticing, is in health insurance. You see the Apple managed to create a lifestyle of its own that most of us (including myself) adopted, associating powerful user interfaces, trendy wearables (apple watch) and amazing gamification. Something that became even greater with the recent release of the iOS 13 version.    

Everything is there, from your daily routines, your activity levels, cardio and other medical details and information that I haven’t activated and above all a “ready-to-use” Medical Record (ID) application. That latter is a panacea that less than 7% of global healthcare providers have already adopted as part of their operations. For us at Interfima, that work on digitizing operations with the use of digital tools and software, this is a great development and an event of great importance.

This takes us to the next point; if 93% is not utilized yet who will seize this opportunity if not Apple itself. If I were apple this would be what I do. A global aggregator of medical information between the world’s life insurers and the various medical services (inpatient and outpatient) providers.

Apple in comparison to major insurers

According to Statista (https://www.statista.com/statistics/376359/largest-life-insurance-companies-by-market-cap/) these are the world’s largest life insurers for 2019. We will investigate the top five (5) of them in comparison to Apple’s levels.

AIA (Hong Kong) – 29 million individual insurance policies across Asia

China Life Insurance (China) – 129 individuals and group life insurance policies in China

Prudential (United Kingdom) – 26 million life insurance clients 

China Pacific Insurance Company (China) – 124 million life insurance clients

iPhone users – 728 million 

In a quick comparative analysis, we reflect the top insurers’ client base as a percentage of total global apple iPhone users. Results are astonishing of the penetration Apple has in global marketplaces and the prospect of its insurance appetite (to move towards the health insurance direction) could bring.

note: the comparison is based only on client basis; premium levels or policy terms are not taken into account for this analysis.