In the past, health insurance providers were not seen as pioneers in adopting new technologies. They were viewed as conservatives, old-fashioned and operating in the brick-and-mortar concept.
However, things have dramatically changed, and insurance leaders are no longer skeptical about embracing digitization in their day-to-day operations.
With an increasing demand for insurance products, the carriers have developed digital solutions to help serve their customers better. Indeed, earlier fears have transformed into optimism.
In this post, we look at how Information Technology (IT) has transformed the health insurance industry. Read on.
Information Technology in the Health Insurance Industry: An Overview
According to a report, insurance companies are becoming innovative, and business models are evolving thanks to technological advancements.
To improve their internal and customer-facing processes, insurance companies are researching and adopting advanced technologies.
The following are the main focus areas;
- The need to innovate and go digital
- The rapid digitization in the insurance industry
- Develop products that relate to digital transformation while considering customer needs
- The need to offer quick solutions to customers
- Creating a system that speeds up the claim settlement processes
- Enhance security of customers’ private information
- Avail services to customers anywhere on the go
- Allow customers to select their preferred plans quickly
- Have a system that handles big data or large volumes of customer data
At the onset of digitization, insurance providers have embraced the development of web-based and mobile platforms, big data or cloud analysis, and the collection of smart devices.
Data processes typically play a major role because they involve collecting valuable information and transmitting it to the main players in the health industry.
The insurance industry, therefore, must shift towards digitalization.
Digital Technologies That are Shaping the Health Insurance Industry
Here we explore a wide range of digital technologies that are already shaping the insurance industry.
- Artificial Intelligence Voice Assistants and Chatbots
Quality treatment, care, and customer service are critical in the healthcare industry because your overall health depends on the quality of care given as well as interaction with the stakeholders.
The insurance industry must therefore have highly competent individuals and systems to handle patient issues.
Exceptional customer service can save lives, hence the need for personalized support tools or equipment portraying human compassion.
Most insurance providers have gone a notch higher by incorporating highly-advanced AI tools such as chatbots and voice assistance to handle patient queries.
Normally, these are available on your carrier’s website or app. With these tools, you can learn more about the available policies, benefits, and general operations.
Alexa-enabled devices enable you to check your medical, vision, or dental balances with ease. You can also ask questions and get immediate responses.
A real-life situation is whereby you can find your Assurance IQ Medicare plan quickly because the system is fully automated.
With such a process, you don’t have to waste time searching and comparing different plans and their costs. As well, you can receive personalized attention for your chosen plan.
When choosing an insurance policy using the automated process, you’ll only need to enter your Zip code. After that, answer a few questions, and the system matches you with a plan that fits your needs.
- Use of Mixed Reality (MR), Virtual Reality (VR), and Augmented Reality (AR)
A few years back, insurance agents could attract blank stares when selling products. However, using MR, VR, and AR is now the cornerstone of providing interactive customer experience and making different possibilities come alive.
These reality technologies help insurance providers bridge the information gap to their clientele and ensure optimal customer engagement.
You’ll mostly find the use of MR, VR, and AR in training programs, brand awareness, and advertising campaigns.
Also, insurers can use these advancements to accelerate claims assessments and improve service delivery. A real-life example is the use of a simulated 3D environment in a smartphone to allow customers to interact with virtual agents.
- Mobile Solutions and The Use of Smart Devices
The role of insurance companies is to transform towards a networking approach. The use of connected smart devices improves the flexibility of information collection and significantly impacts patients’ service delivery.
For instance, connected wearable devices like smartwatches can leverage IoT technologies and work with digital platforms and everyday patient monitoring.
With the 24/7 application of sensor technologies, patients can expand their knowledge of their overall well-being and lifestyle.
Also, the data is vital for insurers because they can get important post-accident reports during claim settlement.
- Robotic Process Automation (RPA) for Streamlining and Automating Business Processes
The RPA is a remarkable addition for insurance companies because it follows an intelligent automation process.
The insurance staff don’t have to handle tasks that take up most of their time. Instead, they can focus on important projects.
Your insurance provider can streamline claims management, servicing, policy administration, and fraud detection by leveraging automation.
- Big Data Analytics
Big data analytics allow insurance providers to process large volumes of patient data at incredible speed.
It helps reduce the time spent collecting, sorting, and processing patient information, thereby improving service delivery.
Cloud computing models such as SaaS, PaaS, and IaaS empower insurance companies to operate efficiently and control data.
This type of technology has multiple benefits, such as;
- Easy access to historical data
- Real-time access to patient information
- Optimization of policy renewals
- Quick response to customer issues
- Storage of large amounts of data
- Access to customer information remotely
Companies that rely on cloud solutions allow you to take control over your health, pay out-of-pocket costs, book appointments, and check your medical history.
- Improved Safety or Security
Managed-IT services allow insurance companies to provide the right security to customer data. It’s important to remember that your insurance provider handles large volumes of client information; therefore, safety is paramount.
Most insurance providers enforce security by complying with HIPAA regulations that require players to keep customer data safe.
In such a case, you’ll find insurance companies with managed services related to firewall, network, infrastructure, hosting, storage, and a centralized communication system.
It’s no secret that insurance companies are undergoing the digital revolution and taking vital steps to avoid being left behind. Digital transformation is the way forward as players use appropriate technologies that encompass all phases of creating value and enhancing service delivery.
Slowly but surely, the winners will be the clients who will enjoy reliable and efficient services from the insurance providers.
Has your insurance carrier shifted yet? Without a doubt, it should be a consideration when comparing different plans from various providers.