Technological advancements happen to be transforming every industry, and the insurance ecosystem is no different. Digital integration into the standard as well as vital health insurance processes like policy issuance, claim management, as well as renewal has streamlined things, making sure of a seamless customer experience. Acting like a powerful tool, technologies such as big data, artificial intelligence- AI and machine learning- ML are reshaping the insurance industry for good.
Digitalization within the health insurance
The elevating demand for health insurance can very well be attributed to the efforts of new-age insurers so as to expand insurance accessibility, elevating simplicity and transparency. And, this has gone on to lead to the adoption when it comes to disruptive technologies in order to stay ahead of the competition. Right from underwriting to risk analysis, digitalization has gone on to take over several insurance processes.
AI-powered chatbots, or even virtual assistants, have gone ahead and helped insurers achieve the feat of customizing customer service. Furthermore, AI algorithms teamed with ML models happen to be making underwriting an efficient as well as accurate process, thereby helping the insurers personalize the products, which happen to be based on the customer’s risk profile. Apart from this, automating manual processes is not just offering a hassle-free experience to the customers; at the same time, it is also elevating operational efficiency.
Tech-enabled trends within the health insurance
Let us have a look at certain technology trends that have gone on to disrupt the health insurance domain.
• Big Data Analytics: Enabling the insurers to know their customers better, big data has gone on to come across as one of the most valuable tools. It helps to price as well as underwrite more accurately and also identify claims that happen to be fraudulent in nature. These days, numerous health insurance providers get associated with wearable- Internet-of-Things-based activity tracker companies in order to collect the right data so as to better understand consumer needs as well as their behaviors. This also helps them offer customized advice, coverage plans, as well as pricing. Interestingly, big data enables us to store huge amounts of data, stretch policy renewals, speed up responses across customers, and also access archived along with real-time data.
• Cloud and AI/ML: So as to future-proof themselves, insurers happen to be looking for cloud-based solutions in order to enhance their scalability as well as agility. Besides, health insurers happen to be adopting AI/ML and advanced analytics in order to improve their service architecture as well as enhance the customer experience. AI/ML-led tools not only go ahead and help in guided selling as well as effective outreach, but they also aid in identifying fraud along with related irregularities.
• Remote Patient Monitoring: RPM, as it is called, is being put to work by health insurers in order to bridge infrastructural gaps. In terms of chronic disease management, RPM solutions, for instance, smart glucometers, happen to be extremely helpful. This also lets reduce the frequency when it comes to hospital visits. These days, insurers happen to be partnering with wellness platforms along with digital therapeutics firms in order to provide wellness programs like smoking cessation as well as disease and stress management.
• Interoperable Digital Health Records: Healthcare providers, along with insurers, must take into account adopting standard code sets as well as data exchange frameworks. To begin the interoperability journey, it is indeed pivotal so as to evaluate data governance policies, system capacities, and also the infrastructure. By way of using an API-first strategy or even natural language processing- NLP technologies not just help to maintain digital health records sans any hassle, but at the same time also accelerate clinical decisions, enhances the comprehensive patient care, and even elevates the clinical documentation.
• Mobility Solutions: Mobile-ready solutions happen to be the way forward for health insurance companies as far as service support is concerned. They go on to aid the policyholders in making policy payments, furnishing claims, and also getting an online consultation. These solutions make sure of the delivery of prescription information across the pharmacies, and that too in real time.
Collaborative Initiatives
There is also government support, which is given so as to achieve universal health coverage for all by 2030. It is indeed compulsory so as to adopt digital tools as well as strategies to decrease premium amounts and also elevate care delivery.
To achieve the goal of universal health coverage, countries require an interoperable digital ecosystem.
Conclusion
The adoption pertaining to the big data, AI/ML, automation, and other digital tools has transformed the way health insurers go ahead and operate. Right from democratizing health insurance as well as serving beneficiaries better to making sure to reduce costs and enhance overall health outcomes, technology enablement within the healthcare insurance gamut has gone ahead and created a good space not just for insurers but also for policyholders.
