Nowadays, digital technologies are becoming an essential part of our lives. Several industries are also going through a process of digitalization and automation that will soon become the standard. There are several technology trends in health insurance, particularly, that are changing the way the industry works. In order to take advantage of them, we should understand how these trends are changing the health insurance market.
The main technology trends in health insurance include the use of wearable devices and artificial intelligence (AI). Big data and data analytics are also playing a big role in today’s insurance industry, and in many other industries, too. Additionally, chatbots for customer service are also changing the way companies interact with their customers.
One of the biggest technology trends in health insurance is the use of wearable devices to track policyholders’ medical condition. The concept of interactive insurance has been in the market since 2015, with the Vitality group starting the trend in South Africa. Insurance companies are promoting the use of wearable devices, offering incentives such as lower premiums, special rates and discounts, and gift cards. This way, policyholders agree to share their medical information through these devices, giving their insurers much more detailed information regarding eating habits, physical activity, etcetera.
Artificial intelligence is everywhere nowadays, and the health insurance industry is no exception. With the objective of automating repetitive tasks and routine processes, AI will become an essential part of health care. Specialists predict that in the next couple of years, health care institutions will apply AI technology to diagnose patients. However, nowadays, some companies already use artificial intelligence to help with claims processing, disease management, and other clinical decision support.
Big Data & Data Analytics
Insurance has always been a data-driven industry. Thanks to the new technology trends in health insurance, data is as important as ever. Digital devices and technologies are also helping the industry to have access to larger amounts of customer data. Being able to properly store, manage, and analyze such data is now an essential aspect of health insurance. This is how companies will determine risk levels and develop models around that information.
Chatbots and Customer Service
Along with artificial intelligence, machine learning, and data analytics, chatbots are another relevant technology trend in health insurance. Aimed at improving customer service and company interaction, chatbots are able to assist policy owners with any questions or doubts they have. Companies provide huge databases that work as a reference, and chatbots are able to locate and share information that customers might need. This way, claims, and consultations will become automated, and satisfaction levels of policyholders should increase.