Mayank Bathwal, CEO, Aditya Birla Health Insurance
The past two years have seen a wave of change in the Indian health insurance industry. Before the pandemic, digitization and technology made strides to accelerate, complement and improve the healthcare and health insurance industry. However, COVID-19 has highlighted the need for the health insurance sector to partner with the wellness and healthcare sector to streamline, improve and digitize strategies, operating models, data and transactions. More than ever, health insurers are embracing the link between customer experience and digital strategy, transformational approaches, and operational improvements.
Also, the launch of the National Digital Health Mission will enable a digital backbone for providing integrated healthcare in India. Advancing healthcare inclusion and making greater use of digital technologies to improve health outcomes. The insurance industry will expand its use of technology and digital not only to acquire customers, but also to create new opportunities to enhance customer lifecycle and health/wellness management. Digital data assists customers in all her three stages of preissuance, postissuance and invoicing. From curated services to fraud and risk detection, digitized customer data can go a long way in improving the customer journey.
As health insurers have moved to remote sales and service teams, their customers have also become adept at using digital services at every step of the typical health insurance process. Customers are now starting to use the health insurance company’s app and his website to access information and process their requests. Insurers are also leveraging digital investments to differentiate their products, solutions, partnerships and engagement models. Building a digitally driven and data-driven organization, combining customer insights, products, capabilities, people and culture in unique and hard-to-replicate ways is essential.
Some focus areas are:
Participating in the Digital Ecosystem – Recognizes that the future of digital insurance requires leveraging digital ecosystems to reinvent products, distribution channels, value propositions, service offerings and more as customers demand greater flexibility and integrated experiences More and more insurance companies are doing it. A digital ecosystem can increase economic value and relevance. It provides insurers with benefits such as improved risk management, improved claims adjudication and new revenue streams. Therefore, there is a need to create a consumer-centric, digitally enabled and fully integrated digital health ecosystem to adapt to changing conditions.
Apart from improving the customer experience, customers will be able to access affordable and high-value healthcare. Overall, the digital ecosystem offers insurers the opportunity to engage with customers, fully automate their insurance engine, strengthen partnerships with providers, and focus on better health outcomes.
Building products and services that meet the demands of the digital world – Creating new personalized bite-sized digital products is of great importance to the industry. By offering customers contextual products, insurance becomes more relevant to consumers.
Distribution channel – Insurers must not only digitize their traditional channels, but also create digitally enabled distribution channels that fully leverage the power of digital tools and analytics for advice, sales engagement and relationship management. Digital self-service will become the new imperative for customer service in the industry.
With the need and value of health insurance growing, new channels like this not only allow us to create curated products with personalization and transparency, but they certainly lend themselves to a refined customer experience. . Data-driven digitization facilitates the insurance purchase and review process.
The pandemic has also brought about significant changes in consumer spending behavior. New channels like these help expand the reach of the industry, especially millennials and young people.
Customer Experience – Using data and technology together is key to delivering personalized and improved customer experiences. Insurers can benefit from increased speed, accuracy and efficiency with the help of deep industry expertise and AI-based tools. The use of AI in Claims, where the client can converse with a voice bot or conversational assistant, is highly beneficial. Multiple companies offer real-time assessments via his Selfie app, and claims journeys can begin with an image analysis engine that assesses damages and instantly agrees to claim clearance. increase.
There is a growing recognition that customer well-being is a win-win situation for insurers and insureds. Therefore, using digital tools to manage the health of insured persons, enabling social networks of such beneficiaries and providing an ecosystem of products and services will also become the norm.
In addition, data-driven digital solutions enabled by insurance technology, such as machine learning and blockchain, will help the health insurance sector optimize processes for underwriting, claims processing, and customer inquiry management, thereby helping customers and health insurers. It is also seen to benefit both equally.