What is the Future of Health Insurance in India?
Technology is constantly changing our way of life. Regarding the health insurance industry, technology is considered a great boon to remove barriers that have hindered the growth of the industry for ages. Nowadays, technology is an integral part of the overall health insurance experience, resulting in product improvement. The sophisticated result of combining technology with health insurance has a very wide potential. Here are few examples of how technology is continuing to improve the health insurance sector in India.
- Wearable technology
Gadgets such as fitness bands provide insurers with real-time health data of their policyholders. It allows them to track a person’s physical and health related activities. Wearable devices help provide personalized insurance products. For example, if a potential / existing policyholder achieves a pre-determined health goal, insurance companies may offer a concession on the premium. Hence, your wearable technology can be extremely helpful when you decide to buy health insurance.
- RPA and AI
Robotic process automation (RPA) and Artificial Intelligence (AI) are two processes that have a huge part in improving the efficiency of health insurance operations of insurance companies. RPA and AI are highly productive, from interacting with customers to understanding their needs and matching them with the appropriate health approach. Their accuracy and ability to do repetitive tasks in the shortest time make them highly efficient. These technologies reduce reliance on resources and increase accuracy.
Blockchain promotes transparency. Patient data can be consolidated using this method. It secures the data but does not limit it. Instead, blockchain aids in advanced analytics by ensuring safe overall health data storage. This reduces reliance on third parties, ensures data security and increases overall efficiency.
- Application Programming Interface (API)
APIs are important for data management. Like banks, insurance companies are moving towards an open API framework for faster flow of information between systems. Health insurance companies need effective integration when it comes to patient eligibility, health data, digital claim management, etc. and APIs are ideal for such free flow of information across the healthcare ecosystem.
- Predictive and Behavioral Analysis
Data Analytics is the foundation for better insurance coverage. Predictive and Behavioral Analytics can help health insurance providers send preventive care information to the insured, identify the types of health insurance that are appropriate for an individual, and much more.
- Social media
Nowadays, social media is not only a medium for sharing information, but also a tool for gathering information. For example, data related to a person’s lifestyle can be accessed from social media. Health insurance companies consider social media as a platform for lead generation with a broader focus on customer education, customer engagement, and brand building.
- Cloud infrastructure
Cloud infrastructure is a supportive activity in health insurance. However, this is becoming a major task as most technologies coexist, communicate and adhere to each other. Cloud computing provides convenience, better management, cost optimization and anytime-anywhere access to data for health insurance companies.
Global health insurance companies have already embraced technological advancements, such as by offering a useful tool like health insurance premium calculator to assist customers in calculating their premium amount, as well as many other technological advancements. In India, this adoption has been slow and steady. However, with the digital revolution and the rise of Insurance and technology companies, the Indian health insurance sector is entering a new era. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.