Four ways technology is changing health insurance.
Technology in its many forms has invaded our lives, because people not only use technological devices for communication, but also for entertainment, education, shopping, etc.
The technologies to drive a fundamental transformation of the insurance industry are many, including the cloud, advanced data analytics, digital platforms, and artificial intelligence (AI). This should help insurers find new ways to engage with customers, cut costs and improve efficiency.
1. Health data collection
According to a survey by HealthMine, a US data analytics company, 83% of consumers say they use digital health tools; but only 22% say their health insurers use the data to give them advice.
Many companies, such as Fujitsu, are encouraging their employees to use wearable devices as part of their health program.
These devices now allow customers to immediately connect to hospitals in an emergency, or even speak to a psychiatrist. Increasingly, these paid services are reimbursed by insurers.
Money invested in new insurers has increased by 2,000 percent in five years. This is due to the creation of a new sector, InsurTech.
Axa explains that InsurTech is aimed at digital natives who aspire to manage their insurance contracts from their cell phones. More reactive and more immediate, it streamlines the process and adapts to the new rhythm of our society, providing access to all services at any time and place.
Naturally, insurance companies seek to take advantage of this. Although the InsurTech market is dominated by the United States at the moment, France is the leader in Europe.
3. The arrival of the robots
Tools like robotic process automation (RPA) and artificial intelligence have been widely embraced by health insurers to improve efficiency and customer experience.
Many tasks have been automated. Contract creations, contribution calculations, benefit payments or claim reimbursements are part of this. These tasks are crucial for customers, but they don’t really need a person.
This should not be a surprise, insurance is gaining in efficiency and productivity.
APR tools are now sophisticated and narrow enough to calm the fears of advisers and clients.
The intervention of the APR tools also contributes to ensuring the procedures and guaranteeing that the regulations to which the actors in the sector must submit are complied with. A convincing way to ensure serenity for both the client advisor and the member.
4. Predictive analysis
Predictive analytics applications enable better data management for health insurance by connecting with digital health information tools and insurance databases. This infrastructure has become a true cornerstone for health insurance, providing more accurate information, giving customers real added value and a more individual but fair payment system.