The world is in an era of technology, where most business transactions are conducted over online platforms. This means that insurance companies can track and follow their clients without having to physically check the accuracy of their data.
What this means for you, as the consumer, is that you do not have to deal with an agent that takes a piece of the pie, adding to the expenses associated with having a good health insurance plan. You can complete every aspect of the transaction through insurance platforms that are taking advantage of some of the most innovative advancements seen to date.
Let’s dig deeper into this by going over the 5 technological trends taking health insurance by storm.
AI is one of those types of technology that authors used to write about as science fiction. It was a thing that people hoped to happen, but they were also scared that it would because it was told how AI would take over the world. That is far from the case, however. AI actually helps create online platforms that remove the need for hand verifying and filling out contracts to sign. The artificially run platforms will take your information, go through all the information you provide, and verify it, then produce a specialized policy designed for you specifically.
Internet Of Things
IoT is a term that may confuse you, but it is actually simple. What it means is that everything is linked together, in one way or another, through the vast internet webs that have been formed throughout the world. This is helpful for insurance carriers and consumers, such as you, because it increases the speed of every aspect of the process, making it smoother and more accurate. Without the IoT, it would be impossible for AI to work correctly.
Telehealth And Claims
One good thing that can be taken from the pandemic is that many visits that used to be in-person can now be conducted online. Many sites now allow the business to be conducted in real-time without having to go out into the public. You can file claims, obtain health insurance with no waiting period, and visit with your medical care provider all online through high-speed internet connections.
Another piece of technology that makes everything possible is blockchain. If you are not too familiar with it, a basic explanation of this concept is that it is an online ledger that can be accessed by anyone on the same network. Those people can upload more information into the system because the multitudes of data are stored in blocks. When one block gets full, it moves back, creating a new block. All the blocks connect together and form a long-term, accurate way to access any information needed, as long as they are on the same page.
AI, combined with IoT and blockchain, creates a sophisticated platform that works together to create a way for insurance carriers to use predictive analysis. This makes a more accurate way for insurers to offer policies designed for you and your specific circumstances. The AI system will use the data to create a more precise risk assessment, meaning that your coverage and premiums will be matched to you and your family.
These 5 technological trends have already been in play for a while, but as the networks grow and more people join them, the more they will come into play. AI and blockchain alone create a way for insurance companies to decrease their fraudulent claims.
It also brings in new clients that would typically not have coverage. This is all done by lowering prices, having a broader range, and being able to meet the demands of their clients without having to change the policies already in place. New technology is here to stay, and as companies continue to embrace it, the world of insurance as we know it today will be gone.