Technological developments are revolutionising all industries, and the insurance sector is no exception. Digital integration has simplified procedures and guaranteed a flawless client experience in conventional and essential Health Insurance activities like policy issuance, claim management, and renewal. Technologies like Artificial Intelligence, Machine Learning (ML), Big Data, etc, are positively changing the insurance sector by acting as solid tools. Continue reading to learn more.
Top Technological Advancements in the Health Insurance Field
Top insure-tech companies like ACKO Insurance are leading the way in technological advancements in the healthcare field, leveraging innovative solutions. Here are some advanced technologies that could change the way healthcare and insurance works in the future.
1. Wearable Tech
Fitness bands and other gadgets give insurers access to policyholders’ real-time health data. This allows them to monitor an individual’s physical and health-related behaviours. Wearable gadgets can also provide personalised insurance products. Insurers may, for instance, reduce premiums if a prospective or current policyholder meets predetermined health objectives.
2. Mobility solutions to extend robust support
In today’s connected world, everyone has become much more mobile. A 2018 Statista analysis estimates that 52% of global online browsing occurs on mobile devices. As a result, insurers have started offering mobility and health insurance. Through customer-facing insurance apps, they can offer their customers quick and easily accessible services.
3. Cloud and AI/ML
Insurance companies are searching for cloud-based solutions to improve their scalability and agility to future-proof themselves. In addition, health insurers are implementing advanced analytics and AI/ML to upgrade their service planning and boost client satisfaction. AI/ML-enabled solutions support directed selling, efficient outreach, and detecting fraud and associated anomalies.
4. Blockchain
Blockchain promotes transparency. This technique can strengthen patient data. The data is protected, but it is not confined. Instead, Blockchain ensures the safe storage of aggregated health data, which supports improved analytics. It guarantees data security, lowers reliance on outside parties, and boosts general productivity.
5. Cloud computing to access big data seamlessly
Thanks to advanced cloud computing models like IaaS, SaaS, and PaaS, modern health insurers may now function more quickly and efficiently. These models allow them to manage their data in novel ways and perform robust analytics on claim-based data. By moving to the cloud, insurance companies can gain more control over customer data and a deeper understanding of their clients.
6. Remote Patient Monitoring
RPM solutions are very beneficial for managing chronic diseases; one such example is intelligent glucometers. Additionally, it lessens the number of hospital visits. Insurers offer wellness programs, including stress and illness management and smoking cessation, in collaboration with digital therapeutics companies and wellness platforms.
7. Predictive and Behavioral Analytics
Data analytics is the cornerstone of excellent insurance underwriting. Predictive and behavioural analytics assist health insurance providers in identifying potential fraud, recommending preventive care to insured individuals, and determining the best policy type for each individual.
8. Interoperable Digital Health Records
Insurers and healthcare providers should consider standard code sets and data-sharing procedures. Before embarking on the interoperability journey, it is essential to evaluate infrastructure, system capabilities, and data governance policies. Natural language processing (NLP) technology and the API-first methodology facilitate digital health recordkeeping, expediting clinical decision-making, improving clinical documentation, and allowing for more comprehensive patient care.
9. Application Programming Interface (API)
APIs are essential for managing data. Like banks, insurance businesses are heading toward an open API framework to facilitate quick information flow between systems. Regarding patient eligibility, health data, digital claims administration, etc., health insurers require effective integration, and APIs are perfect for this kind of information flow throughout the healthcare ecosystem.
10. RPA to automate and streamline business processes
It employs an end-to-end intelligent automation methodology, robotic process automation, or RPA, and appears to be a perfect fit for the health insurance industry. Since it releases employees from menial duties, employees can concentrate on more important work. By utilising RPA, health insurance service providers can effectively automate and streamline several business operations, such as fraud detection, policy administration, servicing, and handling health insurance claims.
Conclusion
In India, automation, AI/ML, big data, and other digital technologies have completely changed how health insurers do business. Tech enablement in healthcare insurance has produced a favourable environment for insurers and policyholders, from democratising health insurance and providing better services to beneficiaries to cutting costs and enhancing overall health outcomes.
