By embracing new technologies, the health insurance industry has certainly been able to develop at an accelerated pace. The use of technology in the health insurance industry has not only made it easier for policy holders to access services, but has also encouraged the introduction of new technologies for both insurers and policyholders. Electronic filing of claims, different online payment options, and web-based services allow health care providers and patients to access their health care more efficiently than traditional book-based systems. Optimal use of technology has also allowed many insurance companies to turn to the position of wellness providers, thereby shifting the essential nature of their policy-holders partnership.
Health Insurance industry uses the following technological tools and growing rapidly:
- Use of Blockchain for Transparency:
Blockchain technology is designed to change the health insurance market by maintaining the confidentiality of patient data while at the same time allowing access to different stakeholders such as insurers, hospitals and laboratories in the healthcare ecosystem. This guarantees end-to-end data security while ensuring that there is no third party reliance, thus improving efficiency. This brings great efficiency and productivity while significantly reducing the likelihood of insurance fraud.
- Wearable Tech and Smart Apps:
Fitness devices, smart watches and other wearable fitness-tech tracks various health-related parameters in real time and provide the wearer with this info. Taking advantage of these health-related data and then preparing appropriate measures has allowed insurers to play a much more active role in their policyholders ‘ good health while also managing their portfolio risks better.There are also gamification elements that utilize the omnipresence of mobile devices to allow policy holders to compete with their friends based on things like taking steps, weight loss, health score etc. Insurers may allow policy holders to earn rewards on the basis of their participation in various health programs and exchange them for reduced premium, increased coverage or items like gym membership, etc.
- Application programming Interface (API):
Health insurance APIs play an important role in data management, helping insurers create new ways of communicating and interacting with policyholders through cloud, mobile and social apps. APIs can also provide data related to qualifications, wellness, digital claim management, etc. of the policy holder.
- Artificial Intelligence:
Efficient implementation of AI helps Insurers to monitor claims easily, raising processing time and costs while strengthening user experience through smart automation.