How health insurers can benefit from new healthcare technologies
Technology is transforming healthcare from all angles, but what does this mean for the traditional health insurance provider?
Here are some of the ways health insurers are embracing technology to improve their services and mitigate risk.
1/ Predictive analysis
Perhaps the biggest technology trend being utilised by health insurers is predictive analysis – calling on advances in data-driven insights and AI to analyse medical records, clinical guidelines and clinical alerts faster and with greater accuracy.
By calling on an ever-increasing bank of real-world clinical data and removing laborious manual tasks, health insurers can use predictive analysis to provide consumers with more customised offers.
They can also better detect fraudulent claims through automated social media analysis and behavioural pattern-based algorithms.
2/ Personalisation
The Internet of Things (IoT) is giving health insurers another valuable route to collecting and monitoring patient data for AI and predictive analysis. Healthcare devices and smart wearables, such as smartphones and smart watches, can be used to collect health data, while encouraging people to adopt healthy habits.
Smart wearables also offer insurers the opportunity to incentivise health and fitness with rewards, building a more holistic, personalised health insurance plan for every consumer.
The number of connected wearable devices worldwide more than doubled between 2016 and 2019, reaching 722 million. This number is expected to exceed one billion by the close of 2022.
3/ Progressive partnerships
The future of healthcare is digital, and now for the first time telehealth technology is enabling health insurers to offer on-demand access to quality healthcare anywhere in the world.
By forming partnerships with already established telehealth providers, health insurers can give patients round-the-clock access to tele-consultations, e-visits and home monitoring at the touch of a button.
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