PriyaPatel
TLDR:
Key Points:
- Health insurance claims frequency and costs are increasing, creating challenges for insurers.
- Technology and Artificial Intelligence (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, consequently leading to additional increases in costs. The increase in claims has intensified the burden of claims processing, impacting negatively on insurers’ ability to stay lean and innovate. Technology, including AI, stands tall as a solution to making health insurance easier and more affordable.
Global medical costs have sharply increased in the recent past, and technology, including AI, can streamline the entire customer journey through easier admin and claim processing, engaging digital interactions, as well as personalized and affordable coverage based on consumer needs and behaviors. This shift from a product-centric to a customer-centric insurance model creates a win-win situation: empowered customers and more affordable health insurance.
