Technology is reshaping our lives, impacting every industry, including OPD health insurance. Technology is a significant catalyst in this sector, eliminating longstanding obstacles and enhancing the overall product. The deep integration of technology in the health insurance market underscores its transformative potential.
Technological Progress Health Benefits
Technological advancements in cashless health insurance plans for families have intensified competition, enabling insurers to reach a broader audience and ensure data-driven underwriting. The multitude of features and health insurance benefits has shifted the market dynamics from a seller’s to a buyer’s market. *
The top 7 technological developments in health insurance are listed below:
- Wearable Technology
Fitness bands and gadgets provide insurers with real-time health data, allowing monitoring of individuals’ physical activities. This enables the creation of personalised individual health insurance products, with potential premium reductions for policyholders meeting health objectives.
- AI & RPA
Artificial Intelligence (AI) and Robotic Process Automation (RPA) are essential for improving the operational efficiency of health insurance companies. RPA and AI can be incredibly productive regarding customer interaction, understanding their needs, and matching them with the right health policy. Their efficiency stems from their accuracy and quick turnaround times on routine tasks. These technologies improve accuracy while lowering reliance on resources.
- Blockchain
Transparency is promoted by blockchain. This technology can be used to strengthen patient data. The data is protected, but it is not contained. Instead, Blockchain ensures the safe storage of aggregated health data, which supports improved analytics. It guarantees data security, lowers reliance on outside parties, and boosts general productivity.
- Application Programming Interface (API)
Insurance companies are adopting open API structures for seamless data flow, similar to the banking sector. This enables efficient integration for patient eligibility, health data, and digital claims management within the healthcare ecosystem.
- Behavioural And Predictive Analytics
The cornerstone of excellent insurance underwriting is data analytics. Predictive and behavioural analytics assist health insurance providers in identifying potential fraud, recommending preventive care to insured individuals, and determining the ideal policy type for each individual.
- Social Networks
Social media serves as a tool for gathering and disseminating information. For instance, one can obtain information about someone’s lifestyle through social media. With the ultimate objective of building their brand, health insurers are taking into consideration social media as a platform for lead generation, customer education, and customer engagement.
- Infrastructure In The Cloud
A supporting role for cloud infrastructure in individual health insurance has been played. However, since many technologies must coexist, communicate, and adhere to one another, it is increasingly becoming the primary function. Health insurers can benefit from cloud computing’s flexibility, improved management, cost optimisation, and anytime, anywhere access to data.
India’s Health Insurance
Global health insurance companies have already adopted the new technology. On the other hand, this adoption has been gradual and steady in India. However, the Indian health insurance market is about to enter a new era due to the growing digital revolution and the emergence of InsurTech companies. You can manage your policy on the go when you download ‘caringly yours’, the Bajaj Allianz GIC app. *
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
