There isn’t an industry on which technology hasn’t had an impact, whether for better or worse. The fact that we are living in a digital era is reshaping every single aspect in our lives. Consequently, the insurance industry has been adjusting to the different changes that have started taking over the business. Thus, technology and health insurance are playing a major role in the new model of providing insurance policies.
Interestingly, there are many changes and developments that are helping the insurance industry become digitalized. Such developments are enhancing the insurance model, and both the customers and the companies are profiting from it. Social media is playing a key role. Wearable technology is reshaping the insurance industry. Automation tools are enhancing the customer experience. Also, data analytics is becoming the standard for insurers.
Social Media Plays A Key Role
It’s been almost 20 years since we saw the first social media platform. Ever since social networking sites have been slowly but steadily changing the way we interact with each other. As it was bound to happen, it also ended up changing the way businesses and companies interact and engage with their customers.
Insurance companies can deepen their relationship with customers through social media creating meaningful interactions, thus promoting brand loyalty. They also take advantage of these channels when they use them as a platform on which quick resolution to customers’ doubts and issues are answered.
Wearable Technology and Health Insurance
Interactive insurance policies have been a reality for the last couple of years. Through the use of wearable devices, policyholders are able to send updated biometric data to their insurance companies. This brings the opportunity of having a much more personalized experience and interaction between clients and companies.
Companies like John Hancock use such devices to promote a healthier lifestyle among their customers. In turn, customers receive incentives like lower premiums, discounts, and even gift cards they can redeem. By doing this, insurance companies are actively motivating policyholders to pursue a healthier, more active, way of life.
Automation Tools Enhance Customer Experience
Providing companies with cost-efficient alternatives to run operations is one of the main objectives of technological advancements. Health insurance companies are starting to incorporate automation tools such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) systems. Such systems enhance both operational efficiency and customer experience.
These automation tools make it possible for the companies to respond to insurance applications or customers’ claims in a more accurate and efficient way. This also creates a seamless customer experience, which benefits both insurance companies and policyholders altogether.
Data Analytics Is Becoming the Standard
Another technological breakthrough that is reshaping the way insurance companies gather and interpret customer data is with data analytics. Risk mitigation, fraud detection, and future needs anticipation are some of the ways insurers take advantage of policyholders’ digital data available.
Also, the development of more advanced analytical tools gives insurance companies the opportunity to fully understand data available. As the business of insurance has always been a data-driven industry, the fact that clients are more willing to share more information, in addition to the analytical tools available, links technology and health insurance policies in a way we never thought possible before.