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The on-going wave of digitisation following the Covid-19 pandemic has forced all industries from various sectors of the economy to come online. The otherwise traditional insurance industry is no exception. In fact, healthcare being the most directly affected sector, health insurance has received the greatest fillip from technology adoption. A study on the implementation of emerging technologies indicated that in 2020, 25% of organizations surveyed worldwide, reported adopting distributed cloud solutions on a large scale, and 29% adopted them on a small scale.
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Health insurance protects individuals from sudden financial stress caused due to hospitalisation from medical emergencies. Increasing healthcare costs combined with the threat of new diseases has boosted the demand for health insurance. Insurtech refers to the merger of insurance with technology. It is all set to play a prominent role in the development of the insurance and healthcare sectors. Let us take a look at the most important insurtech trends that will become important in 2022 and ahead.
What are the best insurtech trends to forward to in 2022?
Here are a few insurtech trends that will affect the healthcare sector in 2022:
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- Popularity of insurance on-the-go facilities
Technology has made daily lives increasingly convenient, with everything from groceries to medicines available anywhere and anytime. Therefore, insurance will not stay far behind. Several companies are already adopting technologies that provide on-the-go insurance facilities. Everything from purchasing policy to verification of health details is being shifted online and done from mobile devices. Going ahead, this will develop into AI-based virtual assistants and chatbots. These can serve as an initial point of contact for customers via mobile devices. Additionally, they can also simplify interaction with insurance providers.
- Large scale adoption of SaaS
The pandemic showed us how the healthcare industry deployed AI to lead the battle against Covid 19. BlueDot is a prime example. This proprietary software-as-a-service or SaaS app scans over hundreds of thousands of media channels in more than 65 languages daily to deliver real-time insight into the virus’s spread. It allowed organisations to prepare strategies and build resilience against Covid-19 and pandemic threats. The insurance industry is likely to adopt similar technologies to generate and analyse massive volumes of healthcare data.
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- Speed and efficiency with machine learning
Infrared thermometers have become a rather common sight these days. However, individually screening each person can be slightly challenging, especially when the number of people to be screened is large. Machine learning brings the solution, aiding everything from temperature screening to vaccine development. Therefore, it is only a matter of time before the insurance sector takes it up to deliver suitable solutions through extensive population data analysis.
- Growing demand for Facial Recognition Technology
With everything from mobile devices to doorway cameras using Facial Recognition Technology, it is literally the next big thing. Organisations deployed this technology during the pandemic to accurately and safely identify individuals without removing their masks. Healthcare and insurance industries can easily adapt it to identify policyholders safely and remotely. It will help them better deliver relevant hospitalisation services, health check-ups, vaccinations, etc. It will eliminate any need for human intervention.
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Shift from legacy to cloud technology
Insurance companies now are gradually waking up to the fact that their already existing legacy technologies are becoming rapidly outdated. Cloud based technologies are the future. They allow for easier storage and quick analysis of large scales of data to generate accurate and actionable results. The whole world is rapidly moving ahead to cloud tech. Therefore, it is only a matter of time for the insurance sector to upgrade. It will allow them to develop and deliver personalised products, services, and a better user experience.
Digital technologies are already making enormous strides in the healthcare sector, and the insurance industry will not be left behind. These trends will redefine health insurance in 2022. Moreover, they will pave the way for further development of insurance service and the customer experience in the future.
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