Use Case: Unlocking Health-Driven Wealth Outcomes

Financial ServicesHealth
Written By Margery McConnell

How ethical, permissioned health data sharing can increase retirement income and accelerate care decisions

Overview

What if your health data could directly improve your financial future?

Today, individuals generate rich, detailed health data across NHS records, wearables, and private providers—yet it remains fragmented and underutilised. At the same time, financial decisions — especially around later-life care — are made using incomplete or generic assumptions.

This Use Case shows how DataPal enables individuals to unify, control, and selectively share high-quality health data to unlock better financial outcomes — including up to a 30% increase in annuity income — while maintaining full sovereignty and trust.

Context

Across the UK, and particularly in Scotland, systems supporting health, care, and financial planning operate in silos.

  • Health data sits within NHS systems and clinical frameworks (e.g. PRSB, SNOMED CT)

  • Financial providers rely on limited, self-declared or outdated information

  • Care transitions (e.g. hospital discharge to residential care) are often delayed due to fragmented data and manual processes

At the same time, regulators and innovators—such as those within FinTech Scotland’s FRIL—are exploring how ethical data sharing can unlock better outcomes for individuals and systems alike.

Challenge

The current model creates friction and lost value:

  • Incomplete Data = Poor Decisions
    Financial products (e.g. annuities) are priced using conservative assumptions due to lack of verified data

  • Fragmentation = Delays
    Individuals and families struggle to coordinate health, financial, and care information

  • Lack of Trust = Limited Sharing
    Individuals are reluctant to share sensitive data without transparency and control

  • System Inefficiency = Human Impact
    Delayed discharges and funding bottlenecks create stress for families and pressure on public services

Solution

DataPal shifts the model from organisation-controlled data silos to individual-controlled, high-quality data ecosystems.

Through:

  • MyKey → a user-owned digital identity

  • MyTerms (IEEE P7012) → machine-readable, enforceable permissioning

  • Unified Data Dashboard → structured across life “Data Pillars”

  • Fiduciary Data Stewardship → acting in the individual’s best interest

Individuals can:

  • Aggregate and clean their health and financial data

  • Create a verified, high-fidelity health profile

  • Share that data selectively, securely, and with full purpose limitation

  • Revoke or amend access at any time

This transforms data from a liability into a personal asset.

How It Works (Flow)

  1. Data Aggregation
    The individual connects NHS records, wearable data, and other health sources into their DataPal dashboard

  2. Data Structuring & Enrichment
    DataPal cleans, standardises, and enhances the data using clinical frameworks (e.g. SNOMED CT)

  3. Profile Creation
    A Detailed Health Profile is generated—accurate, verified, and continuously updated

  4. Permission Setting (MyTerms)
    The individual defines exactly what data can be shared, with whom, and for what purpose

  5. Secure Data Sharing
    Financial providers request access to relevant data under agreed MyTerms conditions

  6. Enhanced Underwriting
    Providers assess risk using high-quality, verified data rather than assumptions

  7. Optimised Financial Outcome
    The individual receives improved financial products (e.g. enhanced annuity rates)

  8. Ongoing Transparency (JLINC + vCon)
    Every data interaction is logged and auditable—creating a full forensic record

Actors

The Individual (Data Owner)

  • Owns and controls their health and financial data

  • Sets permissions via MyTerms

  • Benefits directly from improved outcomes

The DataPal Platform

  • Ingests and unifies data across sources

  • Cleans, structures, and enriches data

  • Manages permissions via MyTerms (IEEE P7012)

  • Provides auditability via JLINC and interaction records via vCon

  • Operates on a fiduciary basis for the individual

The Organisation (Service Provider)

  • Requests access to high-quality, permissioned data

  • Uses verified data to improve underwriting and service delivery

  • Operates within transparent, auditable frameworks

The AI (Value Layer)

  • Identifies insights across health and financial data

  • Supports profile creation and optimisation

  • Enables agentic workflows (e.g. care funding orchestration)

  • Recommends actions to improve outcomes

Benefits

For Individuals

  • Increased financial outcomes (e.g. higher annuity income)

  • Faster access to care and funding decisions

  • Full control, transparency, and trust

  • Reduced administrative burden

For Financial Providers

  • More accurate risk pricing

  • Reduced underwriting uncertainty

  • Improved customer trust and engagement

  • Access to high-quality, consented data

For Health & Care Systems

  • Reduced delayed discharges

  • Faster coordination across services

  • Improved patient outcomes

  • Lower operational inefficiencies

For Regulators & Ecosystem

  • Ethical, auditable data sharing

  • Alignment with privacy and data protection frameworks

  • Improved system-wide efficiency and trust

Outcomes

  • Up to 30% increase in annuity income through better risk assessment

  • Reduced time to secure care funding via automated data flows

  • 100% transparency of data usage through audit logs

  • Granular, revocable consent via MyTerms

  • Improved hospital discharge efficiency through coordinated data sharing

Margery McConnell
Next

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