Artificial intelligence (AI) is driving improvements and innovation in the health insurance sector. Let us understand the significance of AI in health insurance.
Artificial Intelligence has emerged as an impactful force that is transforming businesses globally and is all set to shape the future. Smartphones have been the biggest gift of technology that proves how AI plays a role in enhancing user experience. From voice-controlled digital assistants like Alexa, face recognition and autocorrect tools to drones and smart cars – these are a few examples from your daily life that shows how AI has become indispensable.
Even in the healthcare sector, artificial intelligence opens the door for countless opportunities, especially in diagnostics and advanced medical treatment for diseases like cancer. Nowadays, there are mobile apps designed to instill healthy lifestyle habits in individuals.
So, What is Artificial Intelligence?
Artificial Intelligence is a broader term given to computer systems or robots programmed to simulate human intelligence and perform human-like tasks, such as planning, decision-making, and problem-solving.
Impact of Technology in Health Insurance Sector
We observe how medical inflation is growing at a staggeringly increased pace. Rising health issues are affecting the young and elderly alike. Thus, health insurance is a vital necessity in present times. Thankfully, getting a health cover has become an easy task for one and all.
People are becoming tech-savvy and gaining access to more information online. Technology is assisting them in making informed decisions to secure their health as health insurance providers are increasingly using the digital space to create awareness about various health insurance benefits, thus helping customers in their buying journey.
A lot can be done online, from calculating health insurance premium costs and choosing a suitable health insurance plan to getting cashless claims and tracking claims status – all happens at a click! Artificial intelligence has been instrumental in improving and personalizing the experience for consumers in the health insurance sector.
Claims Processing: Technology is vital and helps eliminate the long turnaround time when it comes to settling health insurance claims. The technology has replaced the conventional way of claims management, making the business more customer-centric. AI has paved the way towards automating the claims processes and enabling insurance companies to verify claims and detect fraudulent claims.
Chatbots: In India, the extensive usage of chatboxes for improving customer interaction is a noteworthy development. The AI chatbots have replaced human conversations, helped generate instant response regarding any query related to insurance products, claims, and documentation, and facilitated the delivery of round-the-clock customer support.
Underwriting: Health insurers such as Care Health Insurance rely on advanced algorithms for assessing the risk more accurately for deciding the premium, after considering several factors into account. AI is crucial as it helps underwriters to accelerate the processes and make faster decisions.
The role of AI in the insurance sector in our country is in a nascent stage and has a lot of potential. With technological advancements and the growing use of digital platforms, there will be a significant rise in online interactions. All this indicates that artificial intelligence will continue to help companies focus on enhanced customer services.