PriyaPatel
TLDR:
Technology and Artificial Intelligence (AI) are essential in making health insurance more affordable and accessible. Insurers are facing challenges with the increase in claims frequency and rising healthcare costs. By leveraging AI in claims processing, insurers can streamline operations, reduce costs, and improve the patient experience. AI also allows for personalized and digital interactions, leading to more affordable coverage based on consumer needs.
Key Elements:
- WTW Global Medical Trends 2024 survey shows 58% of insurers anticipate a higher medical cost trend.
- Technology, including AI, can make health insurance easier and more affordable.
One of the concerns in the health insurance industry is the increase in claims frequency in recent years, leading to additional costs. The WTW Global Medical Trends 2024 survey reports that 58% of insurers expect a higher medical cost trend over the next three years. AI is a solution to make health insurance more affordable and efficient. By implementing AI in claims processing, insurers can significantly reduce processing time and costs.
AI technology has already shown benefits in streamlining claims processing. For example, at M-TIBA, claims processing improved when AI was introduced. Streamlined processes led to a reduction in the number of days between treatment and claim vetting by 96%. With AI, insurers can shift from product-centric to customer-centric insurance, providing more personalized and affordable coverage based on consumer needs and behaviors.
Overall, AI and technology play a crucial role in making health insurance easier to manage and more affordable for consumers. By leveraging data and AI, insurers can streamline operations, reduce costs, and provide a more personalized customer experience.
