The increasing demands for seamless service and flexible coverage have forced insurers to come up with new service models and innovative products.
The covid-19 pandemic has brought about major changes in our lives. It has transformed work culture and businesses with complete virtualization, but the most important change is the drastic shift in approach towards healthcare and health insurance. The covid-19 crisis influenced many trends in the health insurance industry. It also changed the general attitude towards health insurance, making people realize the importance of adequate coverage that is required to meet the increasing costs of medical care.
Here is a list of top health insurance trends to watch in 2022.
1. Digitization and Automation:
The implementation of technology has led to a complete digital transformation of health insurance. The key areas of digital transformation are data, technology, processes, and change in organizations. There has been complete digitization and automation from customer experience and business models to operational processes. The technologies that are transforming the health insurance industry are:
Artificial Intelligence -
Artificial intelligence helps insurers in improving claim management with real-time claims processing. It reduces errors, and the risk of fraud and also boosts customer trust and loyalty. AI-based chatbots enhance customer support service by assisting the staff during a customer call.
The telemedicine initiative eSanjeevani by the government has enabled access to health care in the remotest area. The eSanjeevani initiative was launched in 2021 and provided teleconsultation to millions of patients including patients with co-morbidities and patients from remote areas during the pandemic. Insurers are collaborating with virtual care providers to provide timely access to medical consultations.
Machine Learning -
Machine learning plays a very important role in automating various processes, handling huge volumes of data, predictive analysis, and customer support. It can be extensively used in underwriting, policy servicing, claim analysis and fraud prevention, customer support, etc.
Blockchain Technology -
It is a secure data structure to store personalized health records and payment plans. It provides faster access to data, reduces administrative costs, automated claim verification, and offers privacy, security, and scalability.
2. Data Interoperability:
Data interoperability is crucial for connected healthcare systems. Seamless exchange of data among all stakeholders can help implement healthcare services. It is an aggregation of all medical data into one record that can be easily accessible to healthcare providers, insurers, and members themselves. It is very useful in analyzing data and predicting trends.
3. Mental Health Care Services:
Pandemic forced many into isolation leading to feelings of loneliness and helplessness. Many people lost their loved ones, some lost their jobs, health, and opportunities causing a lot of trauma and hopelessness. Thus, recognizing the increasing need for mental health care services, insurers are providing coverage for mental health care services such as professional consultation, access to meditation apps, and the use of various other resources to deal with trauma.
4. Better Penetration:
A major segment of the Indian population is still devoid of health insurance. This segment includes the self-employed population across rural and urban areas. The Aayushman Bharat initiative and various government health insurance schemes are being utilized to cover this segment by providing low-cost health insurance.
5. Innovative Health Insurance Products:
There are many innovative health insurance plans available now that reward their customers for adopting wellness and preventive measures for improving their overall health. There are many standalone health insurance companies in the market now that offer innovative new-age top health insurance plans to their customers. These companies have recorded an increase in their market share during the pandemic.
The new age insurtech companies and standalone health insurers are going the extra mile in designing innovative health insurance products that meet customer needs and provide a personalized customer experience. The new technologies and trends in the health insurance industry will help in the growth of the insurance sector and improve its reach across all segments reducing the gap between demand and supply.