June 13, 2021

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New-age insurance: How digital technology can reduce risk in the healthcare industry: Dr. Abhijeet Kanetkar

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, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc BlogsBy Dr. Abhijeet Kanetkar, VP – Partnership & Head – Insurance Business (Asia Pacific & Europe)

Just as they have for all industries from education to real estate, digital technologies are causing tectonic shifts in the insurance industry as well. This is to say that insurance, devoid of tech, is rapidly becoming an outmoded approach. In the era of digital disruption, the industry’s focus is shifting towards ‘insurtech’ or the integration of innovative technologies to streamline and improve efficiencies in the insurance space.

The rising need for technology in health insurance

Since time immemorial, the insurance industry has been operating on a model that falls short in terms of customer engagement and interaction. This is especially true for the health insurance space, where the customer touchpoints lie with the hospitals offering insurance as opposed to the insurers themselves. In such a case, engagement only occurs when an insurance claim has to be made or when a case of hospitalization or a physician visit occurs. Simply put, there has traditionally been a reactive approach to healthcare and insurance. This is where Digital Healthtech has come into the picture to proactively drive multiple customer touchpoints via digital and real-time channels, so customers make well-informed choices and build habits that improve their quality of life. Digital technology bridges this need gap in a big way by introducing new and improved touchpoints between customers and insurers, allowing them to interact, understand and create targeted solutions.

More importantly, with the right digital ecosystem, insurers can not only educate customers for a healthier lifestyle but acquire real-time customer data using non-intrusive methods, and better assess the risk profile of potential customers. For instance, insurers can acquire health-related data through customers’ activity monitors in order to gauge lifestyle and exercise habits and subsequently manage risk more efficiently than ever before.

Forging new partnerships to create a low-risk insurance ecosystem

In order to reap the multidimensional benefits of insurtech, insurers are now looking at a collaborative approach alongside the new-age digital healthcare ecosystem to create digital therapeutic interventions. This is the foundation of digital therapeutics or DTx. With this partnership model, the focus of the healthcare and health insurance sector shifts towards patient outcomes. Using digital methods to get to know patients including their lifestyle habits, unlocks better treatment options, especially for patients with chronic diseases. As an example, digital therapeutic technology has actively helped achieve positive outcomes for policyholders, reducing the duration of hospitalization and minimizing claim costs for insurers who have partnered with DTx platforms.

Additionally, and perhaps more importantly, technology that leads to enhanced consumer interaction is bound to improve customer satisfaction as well. Real-time data collation will allow insurers to create personalized premiums, expand insurability, and provide incentives to policyholders who show high levels of engagement. By accurately measuring risk, insurers can offer customer-specific policies that will go a long way in managing risks in the long term.

It is no secret that technology has raised consumer expectations. As tech-savvy consumers, new-age customers are looking for quick solutions at their fingertips. On the other hand, insurers are constantly on the lookout for methods that allow them to gauge risk and make better decisions. Digital technology is a double-edged sword that can help both parties meet their needs by enabling better pricing and risk selection for insurers and a seamless experience for customers. Suffice it to say, technology is now an inextricable part of insurance and for new-age DTx platforms, this is indicative of hyper-growth on the horizon.

(DISCLAIMER: The views expressed are solely of the author and ETHealthworld.com does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly).

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