Embracing new technology has enabled the insurance sector to grow at a rapid clip. The use of technology in insurance has not just provided ease of access to services for policyholders but also facilitated the introduction of newer services benefiting both the insurers as well as policy-holders. Electronic claim filing, payment options, and web-based tools allow providers and consumers to manage their policies more effectively than traditional paper-based systems. The efficient use of technology has also enabled many insurers to transition to the role of wellness providers, thereby changing the fundamental nature of their relationship with policy-holders. Some of the major technological tools used in insurance are:
Use of Blockchain for Transparency :
Blockchain technology is set to transform the insurance sector as it secures the integrity of patient data while at the same time enabling access to the different stakeholders in the healthcare ecosystem, right from Insurers, Hospitals, and Laboratories to the patients themselves. It ensures an end to end data security at the same time ensures there is no dependency on third parties thereby improving efficiency. This brings great operational efficiencies while dramatically cutting down on the chances of insurance fraud. This is a transformative technology in a sector like insurance which is highly dependent on coordination between various intermediaries.
Wearable Tech and Smart Apps:
The rise of smart wearables coupled with increasing awareness about health, in general, are the two broad trends driving the insurance industry forward. Fitness bands, Smartwatches, and other wearables monitor various health-related parameters in real-time and make this data available to the wearer. Leveraging this health-related data and then planning relevant interventions has enabled insurers to play a much more active role in the good health of their policyholders while also better managing their portfolio risks.
Application Programming Interface (API):
APIs in insurance plays an important role in data management, that helps insurers in creating new ways to engage and connect with the policyholders through the web, mobile, and social apps. APIs can also provide the data related to, policy holder’s eligibility, health, digital claim management and more.
Use of Artificial Intelligence In Insurance:
AI has been a game-changer in a whole host of areas, and the health insurance sector is no different. Efficiently deploying AI enables Insurers to fast track claims, reduce the time and costs of processing while enhancing customer experience through smart automatization. AI also plays a critical role in the detection of insurance fraud.