Technology has embedded its roots deep within every industry, including healthcare and insurance. It should not come as a surprise that the health policy sector has also experienced a drastic shift with the use of technology.
Starting from the step when you buy health insurance to filing a claim against expenses, you can utilise the power of technology at every step of the way. However, there are so many other ways in which technology and health insurance are connected.
Here, we try to understand the impact of technology on healthcare costs and quality.
Technology and Health Insurance: The Impact and Future Trends
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Telemedicine Virtual Healthcare
Telemedicine is a technology that allows you to get clinical care from your doctor without physically being together in the same room. It has significantly improved healthcare access for individuals who do not have access to quality healthcare.
Reliable and dynamic health policy providers like TATA AIG are increasingly integrating telemedicine services into their services through apps. This reduces policyholders’ health risks, resulting in a lower premium amount.
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Chatbots and Information Access
Chatbots, usually situated on the insurer’s website’s homepage, have become valuable tools for health policy providers because they provide instant and round-the-clock support to customers. These tools help policyholders with common queries related to their policy details.
Suppose you have a critical illness insurance policy. You can log into your account and chat with the chatbots to get any generic or specific answers you want. For example, your policy number, claim status, insured declared value, coverage opted by and more.
As a policyholder with a critical illness health insurance plan, telemedicine and chatbots are a boon!
Artificial Intelligence and Machine Learning are transforming any industry around you, including health insurance. Providers use AI to enhance their digital infrastructure.
AI and ML can build applications and technologies that help customers with policy issuance, claim procedures, accurate calculations, fraud detection and medical pattern identification.
AI and ML tools have also helped the digital health insurance sector reduce human error, increase accuracy, ensure the company’s integrity and negate risks.
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Data Analytics in Healthcare Insurance
Providing insights that drive better decision-making, data analytics in healthcare insurance is at the heart of this “technology and health insurance” discussion.
Many health policy providers leverage data analytics to assess risks, set adequate premiums, make suggestions and develop tailored health solutions. Predictive analytics is a tool that is specifically used for anticipating health trends and understanding customer needs.
It helps policyholders analyse past data, identify potential risks through historical analysis, create a tailored wellness program and make proactive adjustments to their health policy.
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Virtual Healthcare Data Upkeep
The need for virtual healthcare data increases with the rise in digital health insurance tools. Multiple tools help providers gain crucial health-related information without a doctor’s visit. These tools analyse policyholders’ health with a select few metrics.
Essentially, this is the wearable health insurance technology everyone is talking about. These wristbands or sensors can track your health, create better health insurance plans and display necessary data. It also helps you track your health-related data and be more in control.
With your own medical data, you can take care of yourself, prevent chronic illnesses, reduce risk and, consequently, reduce premium amounts.
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Electronic Medical Records
Another digital transformation in healthcare insurance has been the ability to keep electronic records. Electronic Health Records (EHR) have successfully replaced paper records, which were a hassle to store and assess.
Thanks to tech health insurance advancements, we are witnessing streamlined and comprehensive patient medical records through EHRs. This digital approach not only saves time but also helps providers better understand individual health profiles.
This also helps with AI integration and data analytics in healthcare insurance technology. In summary, EHRs are proof of the impact of technology on healthcare costs and quality.
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Mobile Application for Functionality
Mobile applications are another example of tech health insurance and digital transformation. Health policy applications assist policyholders in issuing policies, viewing details, filing claims, finding nearby healthcare centres and completing wellness goals.
This level of functionality enhances convenience, empowering policyholders to manage their insurance needs with ease. Mobile apps also enable insurers to build closer relationships with their customers by providing valuable insights and timely reminders.
Ending Note
Technology has helped the health insurance industry grow beyond the threshold of papers and documents. Even now, health insurance technology continues to create new trends and opportunities for growth.
AI and machine learning, data analysis, virtual data storage and mobile applications have brought about an epic digital transformation in the healthcare insurance industry.
In summary, we must brace ourselves for the enhanced impact of technology on healthcare costs and quality.