Digital transformation has completely changed how businesses operate and offer their services and products to the end-user. Today, purchasing a health insurance policy, claiming it, and renewing it can all be done online through a digital health insurance platform. Insurers are embracing a digitally enabled operating model that has improved user experience and transformed vital operations such as underwriting, marketing, distribution and claim management.
In this blog, you will learn about digital health insurance platforms and the top trends leading to their rise in the insurance sector.
Rapid digitisation has pushed many insurance seekers to go online for their insurance needs because of its convenience and cost-effectiveness. A digital health insurance platform is an online platform that allows you to explore and buy health insurance policies digitally. Such platforms offer a variety of health insurance products and enable users to compare plans, get quotes, customise plans, make payments and even renew their existing policies. These platforms offer many value-added services like E-consultation, telemedicine, health tips and wellness benefits. Digital health insurance platform examples include insurance company or bank websites, mobile apps and e-commerce platforms.
Growing smartphone usage and affordable data plans has driven the growth of digital platforms. These platforms have made insurance accessible to all and offer a hassle-free buying experience. This is why consumers prefer to use digital platforms to acquire insurance. Here are the top trends driving the growth of digital platforms.
Insurers now use real-time channels like Optical Character Recognition (OCR), Artificial Intelligence (AI), Machine Learning, and Robotic Process Automation to automate claims processing. This improves processing accuracy, lowers operating costs, and enables faster settlement, allowing insurers to meet the growing demand for claim settlement.
The majority of consumers prefer digital modes of payment, such as digital wallets and e-commerce apps, for their ease of use and trust. Hence, these channels are preferred for purchasing insurance.
The modern consumer wants everything customised to their needs. With digital health insurance platforms, consumers can get everything tailored to meet their requirements. Insurers use data analytics to do their market research. There are various new sources of customer data like social media accounts and web browsing data that help insurers to understand their customer’s unique needs and offer personalised health insurance products.
Customers want to be more in control and do not want to go through complex information-gathering processes. Understanding this need, insurers now provide many self-service tools, such as chatbots, WhatsApp integration, and online quote calculators, to help customers get the information they want immediately. This also helps insurers meet rising consumer demand.
To promote wellness, health insurers now encourage the use of wearable tech devices such as trackers, sensors, and monitors to gather vital parameters in real-time. These devices are helpful in disease management and also reduce unnecessary hospital visits. Based on the data collected from the wearable devices, they offer personalised wellness services and disease management support.
To achieve Universal Health Coverage, the government has initiated the Ayushman Bharat Digital Mission, which offers a unique health ID, ABHA. ABHA will allow healthcare professionals and insurers to access an individual's medical records and history from anywhere in India. Digital medical records will help provide faster and better care to patients and make the claim process more transparent.
Insurers use cloud-based solutions and leverage technology to provide better services and handle large volumes of customer data. Cloud-based systems use analytics for guided selling, detecting frauds and streamlining irregularities. With cloud adoption, insurers can scale their infrastructure, meet rising consumer demands efficiently and minimise manual processes.
>> Also Read: What Are Digital Health Insurance Cards?
In today’s competitive business environment, the digital transformation of the health insurance sector is not just a trend but a necessity. Insurers need to keep up with the pace of transformation to stay relevant in the market. The growth of digital platforms has made purchasing and claiming health insurance more accessible for everyone, ultimately leading to improved accessibility and better health outcomes.
At Care Health Insurance, we are committed to providing our customers with a comprehensive digital health insurance platform experience through our user-friendly websites, mobile apps, and round-the-clock customer support online and WhatsApp. If you need a health insurance plan, visit the Care Health Insurance website today and experience the convenience of our digital platforms.
Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
Published on 29 Oct 2024
Published on 29 Oct 2024
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