The discipline of the Health insurance industry was quite disparate during pre-pandemic as compared to the status quo. In the past 2 years, the functioning of health insurance required modifications to work in tandem with the impact of Covid. The gap between customer service and the operating model of health insurers gave rise to the need for digitization more than ever. The expanding usage of technology was streamlined in digitizing the insurance sector, not only for acquiring customers but also to manage their health and fitness.
What’s changing as digitization takes over
The new wave of health insurance is customer-centric and parlayed to prioritize the well-being of the patient. With increasing competitiveness of digital health insurance, the payers have started exploring new possibilities that will leverage them to sustain. The emphasis on paying claims has shifted from mitigating the patient’s illness/injury to avoid it in the first place.
How can digitization of health insurance help people
Digital alternatives to health insurance services will not only enhance the functionality of the insurance company but will also be a convenient option for customers. Here are some ways in which it can be an advantage to the insurance seekers:
- Easy access to health data
- Accurate and customized premiums
- Optimized customer experience
- Tools helping to make healthy decisions
- Hassle-Free claims
- Online policy purchase and premium payment
Digital tools used by health insurance companies:
Insurance companies have started using digital tools and apps to program the tracking of the insuree’s health. The below digital solutions started being used in India by some of the top insurance companies:
Health ATMs are touch-integrated machines that provide primary diagnostics to the user. These ATMs will perform a non-coercive medical test to determine a suitable health cover. In order to take the test, one has to fill in details like biometrics, weight, height, etc to generate a health score.
Health apps are designed to track the health progress of the patient. These apps are usually integrated into a wearable device that monitors a person’s heart rate and blood pressure. Many insurance companies even offer rewards when improvement is sited in a person’s health.
What other innovative solutions can be implemented
When it comes to the Health insurance industry, there is massive room for Innovative solutions like Artificial Intelligence, Predictive Analysis, Telehealth, and Augmented Reality. The technology is highly capable of minimizing manual workload and maximizing productivity. Artificial Intelligence can automate the analysis of a person’s health and curate personalized insurance plans for the same. Meanwhile, the behavioral pattern-based algorithm can help identify fraudulent claims; thereby reducing the burden on manual healthcare systems. Digitalization and technology, when used adequately, can highly elevate the performance effectiveness of the health insurance industry. Hence, the results will turn out to be mutually advantageous for both the insurer and the insured.