How Technology Can Increase Health Insurance Penetration

By Akshay Sharma June 29, 2018 Health, LifeStyle

The insurance sector has evolved rapidly in the last few years. With the offer of a number of health insurance policies, the industry has expanded as well.
Like they say that ideas are numerous in this world, but what attracts us is innovation and customization. Innovation and technology are making an impact in every sector.
With the use of technology and innovation, the world has changed invariably.
What is remarkable to see is the way the insurance industry has made use of technology to bring a change in the way you look at medical insurance plans.
Let us have a look at how technology can increase health insurance penetration:

Advanced technologies like cloud computing, data analytics, digital platforms and artificial intelligence are assisting medical industry in evaluating a person’s health remotely and in real-time. It helps insurers to determine new ways of managing relationships with customers and thereby expand insurability.
With the help of technology, insurers have developed various avenues on web platforms for customers to choose a medical insurance plan. People can access the websites and chat with any official of the insurance company to select the best-suited health insurance policy. It also helps people to find the nearest hospital or file claims with the help of different applications.
The old and traditional way of buying a health insurance policy was by visiting different insurance companies and consulting various brokers to identify the best policy. This outdated, manual intensive and tedious method is getting replaced by technology very rapidly. With the accent of the mobile and high-speed internet, marketing has shifted to digital platforms. Also, it is much attractive for the millennial.
Revolution in the field of health start-ups has made real-time health check possible for each individual today. With the emergence of wearable biometric sensors, health insurance companies understand customer health and provide improved and customized health plans. This further elevates the customer experience and motivates healthier lifestyle.
With the changing demographics and improving the financial status of significant population chunk, the demand for medical insurance is bound to increase. Rapid advancements made in software apps, connectivity, and Mobile technology has enabled insurers now with new ways to engage future clients. It will also broader list of solutions, and efficiency but also reduce cost overhead.
With the advancement of technology in the health insurance industry, the accessibility to a ton of critical health Insurance statistics are available to health insurers. This is bound to bring remarkable changes in the business model which will drive future innovation leading to better efficiency and customer delight.

With the continuous use of technology in the healthcare industry, people will not only benefit from the changes in the health plans but will also develop good health habits.
Technology is penetrating into every step of the critical health insurance policy like purchasing the policy, claim settlement, data collection, customer query resolution and the like.
But, this digitalization is at a very premature stage. With the growth of technology in the healthcare industry, it will be beneficial to both insurers and the insured.
Technology and health insurance is the best combination for a fit and happy future!