Category: Health Insurtech

How Insurtechs are Hyper-personalizing Health Insurance

Posted on February 23, 2024 by - Featured, Health Insurtech

How Insurtechs are Hyper-personalizing Health Insurance

Key takeaways:

  • Insurtech Revolution: The insurance industry is undergoing a transformative shift driven by technology, leading to hyper-personalized services in sectors like health insurance.
  • Data-Driven Customization: Insurtech companies leverage data analytics, wearable technology, telehealth integration, and blockchain for personalized policies based on individual health profiles.
  • Cost Efficiency and Health Outcomes: Hyper-personalization in health insurance optimizes costs, improves health outcomes through proactive care, and enhances the overall customer experience.
  • Privacy Concerns: While hyper-personalization offers tailored services, concerns exist regarding privacy invasion and data security in the collection and utilization of personal health information.

 

In recent years, the insurance industry has undergone a transformative shift, fueled by technological advancements and a growing demand for personalized services.

One sector at the forefront of this revolution is health insurance, where Insurtech companies are leveraging innovative technologies to hyper-personalize policies, ensuring individuals receive tailored coverage that aligns with their unique healthcare needs.

The Rise of Insurtech

Insurtech represents the integration of cutting-edge technologies into the insurance sector.

Easy enough concept.

The traditional model of one-size-fits-all policies is giving way to a more customer-centric approach, where data-driven insights and digital solutions enable insurers to offer personalized services.

That means an increasing amount of risk assessment methods like using your smartwatch as a way of tracking your health as a method of assuming risk and determining what insurance package you get.

Insurtech solutions are popping up the world over and are either striking out on the market on their own or finding integration approaches with the bigger insurers in a bid to digitally transform their traditional processes.

Hyper-personalization in Health Insurance

  1. Data Analytics and Predictive Modeling: Insurtech companies are harnessing the power of big data and advanced analytics to analyze vast amounts of information. By leveraging artificial intelligence and machine learning algorithms, insurers can predict health risks, identify patterns, and tailor policies based on an individual’s health history, lifestyle, and genetics.
  2. Wearable Technology Integration: The advent of wearable devices has provided insurers with real-time health data, allowing for a more accurate assessment of an individual’s overall well-being. Insurtechs are partnering with tech companies to incorporate data from fitness trackers, smartwatches, and other wearables to offer dynamic pricing and rewards for healthy behaviors.
  3. Telehealth Integration: The COVID-19 pandemic accelerated the adoption of telehealth services, and Insurtech companies have seized this opportunity to integrate virtual healthcare into insurance plans. Policyholders can now access remote consultations, monitor chronic conditions, and receive personalized health advice, enhancing the overall health insurance experience.
  4. Blockchain for Security and Transparency: Blockchain technology is being employed to enhance the security and transparency of health insurance transactions. By creating secure, decentralized databases, insurers can streamline claims processing, reduce fraud, and ensure the privacy of sensitive health information.
  5. Customizable Coverage Options: Insurtech allows individuals to choose from a menu of coverage options, creating a bespoke insurance plan that meets their specific needs. This flexibility enables policyholders to select the level of coverage, add-on services, and even adjust premiums based on their preferences and financial capabilities.

Benefits of Hyper-personalization

  1. Cost Efficiency: Personalized health insurance reduces the likelihood of over-insurance, where individuals pay for coverage they do not need. By tailoring policies to specific health risks and requirements, insurers can optimize costs for both the company and the policyholder.
  2. Improved Health Outcomes: With real-time health monitoring and access to telehealth services, individuals can proactively manage their well-being. This focus on preventive care and early intervention can lead to improved health outcomes and reduced healthcare costs in the long run.
  3. Enhanced Customer Experience: Insurtech’s hyper-personalization efforts contribute to a more positive and engaging customer experience. Policyholders appreciate the convenience of personalized services, leading to increased satisfaction and loyalty.

Is hyper-personalization an invasion of privacy?

The drawbacks of hyper-personalization in health insurance include concerns related to invasive monitoring through the use of online and wearable devices, which can be perceived as intrusive by customers.

The heightened data collection raises significant worries about the security of sensitive health information, as inadequate safeguards may expose personal data to the risk of hacking or unauthorized access, potentially leading to misuse.

The hyper-personalization of health insurance by Insurtech represents a paradigm shift in the insurance industry. By leveraging data, technology, and innovative partnerships, insurers can deliver tailored solutions that meet the evolving needs of individuals.

As we continue to embrace this digital transformation, the future of health insurance looks promising, with increased accessibility, improved health outcomes, and a customer-centric approach at the core of the industry’s evolution.

How does Insurtech impact traditional insurance models?

Insurtech disrupts conventional insurance by offering hyper-personalized policies through data analytics, wearable tech integration, and telehealth services, shifting the focus towards customer-centric approaches.

What are the benefits of hyper-personalization in health insurance?

Hyper-personalization enhances cost efficiency, improves health outcomes by enabling proactive care, and boosts customer satisfaction through tailored services, creating a more engaging insurance experience.

What are the privacy implications of hyper-personalization in health insurance?

Privacy concerns arise with the increased data collection and monitoring in hyper-personalization, posing risks of data breaches and unauthorized access to sensitive health information, potentially impacting customer trust and security.

How CoverGo is empowering Canadian health carriers

Posted on January 16, 2024 by - Health Insurtech

Key takeaways:

  • CoverGo’s Innovation: CoverGo, a leading insurtech company, is transforming the Canadian health insurance market with its modern no-code product builder and core health insurance platform, addressing specific challenges faced by Canadian carriers.
  • Tailored Solutions for Canadian Carriers: CoverGo’s platform offers Canadian carriers substantial cost savings in product development, seamless digital journeys, and efficient policy and claims management, empowering businesses to thrive in the evolving insurance landscape.
  • Benefits of CoverGo’s Platform:
    • Rapid product development with no-code product building.
    • Omni-channel digital distribution to boost sales.
    • Cost savings through efficient policy and claims management.
    • Seamless integration with legacy and third-party systems for operational efficiency.

 

Book a Meeting with Frederic to learn more

CoverGo’s Sales Director of North America, Frederic Hui, will be hitting the event floor at The Future of Insurance Canada 2023 from November 15th to the 16th in Toronto. This is a fantastic chance to get some one-on-one time with the CoverGo platform or just pick his brain about anything at all. Book a demo with Frederic now.

CoverGo: Canada’s health carrier transformation catalyst

In the ever-evolving world of insurance, innovation is the key to staying ahead. CoverGo, a leading insurtech company, is at the forefront of this change, empowering Canadian carriers with our modern no-code product builder and core health insurance platform. We’ll take a deeper dive into CoverGo’s journey in Canada so far, our impact on the local market, and how it’s addressing some of the unique challenges faced by Canadian carriers.

Over a year ago now, CoverGo has not just set its sights on Canada; it’s already making significant strides in the country. As the Canadian health insurance market undergoes transformation, CoverGo is already positioned perfectly to help carriers navigate the evolving landscape. We are committed to providing innovative solutions that address the specific pain points faced by health carriers in Canada, and our platform is designed to empower businesses to thrive in this changing environment.

Transforming Canadian Health Insurance with CoverGo

The CoverGo platform is tailored to meet the specific needs of Canadian carriers, enabling them to achieve their business objectives without constantly depending on their IT departments. Canadian carriers can experience substantial cost savings, up to 99%, in product development.

Moreover, it enhances the overall customer and staff experience by offering seamless digital journeys, either as a complete end-to-end solution or through integration with existing systems.

Here’s some other ways carriers can benefit from using CoverGo:

Record speed to market with no code product building

With our core health insurance platform and patented no-code product builder, Canadian carriers can rapidly build and launch new products and manage them within our ecosystem. Our modular approach allows you to start small and scale effectively, ensuring you achieve unprecedented speed to market, all without the need for coding or involving multiple teams just to launch new products or iterate on live ones.

Boost sales with omni-channel digital distribution

Our digital distribution solution empowers you to expand your sales channels effortlessly. Create responsive websites, microsites, and client/agent portals without any code required. You’ll benefit from a robust underwriting and pricing engine, instant payment options, and a streamlined process that can yield results in days, not months.

Cost savings with efficient policy and claims management

CoverGo offers a user-friendly, modular platform that can handle clients, quotes, policies, claims, products, reporting, and more within the insurance lifecycle with ease. This efficiency translates to significant cost savings, ensuring a streamlined and cost-effective approach.

Seamless integration with legacy and third-party systems

Our platform is designed for seamless integration with any legacy or third-party systems, providing quick wins for your operations. You can ensure a smooth transition and maximize your resources while benefiting from our unique solution.

CoverGo is forging a bright future for Canadian health insurance

The Canadian health insurance landscape is shining with promise, and CoverGo is here to light the way forward. We are excited to connect with you and showcase the incredible opportunities that our core insurance platform brings to Canadian carriers. It’s not just about addressing today’s challenges; it’s about shaping the future of insurance in Canada.

Register now: The Future of Insurance in Toronto, 15-16 Nov

Not going to the event?

No worries, not everyone can make it to the event, and that’s okay. Just reach out to hello@covergo.com to book your own online demo with Frederic at another time.

FAQs

What sets CoverGo apart in the Canadian health insurance market?

CoverGo stands out in Canada by offering tailored solutions that enable Canadian carriers to achieve cost savings in product development, enhance customer and staff experiences, and seamlessly integrate with existing systems to navigate the evolving insurance landscape effectively.

How does CoverGo’s platform benefit Canadian carriers in terms of product development?

With CoverGo’s no-code product builder and core health insurance platform, Canadian carriers can rapidly build and launch new products without relying heavily on IT departments, achieving significant cost savings and unprecedented speed to market, all while maintaining a seamless digital experience for customers and staff.

What advantages does CoverGo offer in terms of omni-channel digital distribution for Canadian carriers?

CoverGo’s digital distribution solution empowers Canadian carriers to expand their sales channels effortlessly, creating responsive websites, microsites, and client/agent portals without the need for coding. This approach, combined with robust underwriting and pricing engines, instant payment options, and streamlined processes, can yield results in days, improving sales effectiveness.

5 Trends in Digital Health Insurance Systems

Posted on May 19, 2023 by - Health Insurtech

Key takeaways:

  • Personalization is crucial: Digital health insurers must focus on providing personalized experiences and coverage tailored to individual customer needs to improve retention and loyalty.

  • Embrace no-code tools: Utilizing no-code platforms can enhance speed to market, improve customer experience, and automate processes, ultimately benefiting the insurance business.

  • Utilize wearables: Leveraging data from wearables can aid in underwriting risk, product innovation, and attracting younger uninsured prospects with personalized plans.

  • Explore embedded insurance: Embedded insurance offers added coverage without additional hassle, reducing administrative costs for insurers and improving customer retention.

 

It’s no secret that digital technology has completely transformed how healthcare operates.

From providing healthcare services right at the doorstep of customers to leveraging AI to analyze and interpret vast amounts of data for making an accurate diagnosis — the digital transformation has happened at an unexpected pace.

But what does this mean for digital health insurance systems? What are the emerging trends you need to know? This is a question many health insurers find themselves wondering about.

Sounds familiar? We walk you through five key trends for digital health insurance systems to help you future-proof your business.

1 – Personalization is the way to go

Right from ordering a cup of coffee to opening an account with a bank — the new-age customer expects everything to fit their needs to the T.

When it comes to health insurance, the situation is no different.

The success of a digital health insurance system depends on providing customers with exactly what they need. With changing times, the relationship between the insured and insurer is moving away from being merely transactional, where the insurer’s role is restricted to getting premium payments and sending renewal notices.

On the contrary, digital insurers need to treat their customers as individuals who are looking for tailored experiences and coverage based on their unique needs.

Insurers who understand the individual preferences of customers and offer personalized digital health plans will have a better chance of getting more business. Those who can think beyond basic details such as gender, lifestyle, or age and dig deeper into other measurable health parameters will succeed in delivering superior customer experience, boosting customer retention and loyalty.

There are countless ways for digital insurers to personalize their offerings. For starters, health insurers can collect data from the social media profiles of their customers and use AI to evaluate their behavior. The information gathered can be leveraged for drawing up a customized plan.

2 – No-code product development

For an insurance customer today, the need for speed is real. Once they land on an insurance platform, they expect their user journeys to seamlessly lead them toward their end goal.

Even the slightest delay in the signing up process or filing claims increases the churn rate. And no matter how quickly insurers try to address the issue with the code on the platform, customers are unlikely to wait!!

To deliver better services and meet customer demands, digital health insurers must embrace no-code tools. Apart from helping insurers ship out better apps at a faster rate, no-code platforms also improve customer experience.

For instance, customers no longer need to call a dedicated customer care service to resolve issues they are facing. The platform can be trained to offer real-time responses to their queries. You can completely automate the system to ensure all grievances are addressed promptly.

Not convinced how a no-code platform can benefit your insurance business?

Check out Insured Nomads who wanted an efficient tool to improve their speed to market health insurance solutions. While other tools in the market failed to be configurable enough to address their specific needs, CoverGo’s fully configurable no-code platform allowed Insured Nomads to build and launch new health insurance products in days, gaining an edge over their competitors.

3 – The rise of wearables

Another trend in digital health insurance to watch out for is wearables. Wearables are not new. But their user base has gone up with more people opting for fitness trackers and smartwatches to keep a close eye on their health.

So how does it help insurers?

They get access to bespoke health and behavioral data which can be analyzed for underwriting risk. Data collected through wearables is more reliable compared to self-reported disclosures. Insurers can also utilize the data to reward policyholders through discounts on premiums or free yearly health checks, improving the overall customer experience.

Easy access to tech-backed data aids product innovation for health insurers — they can now design policies to target risks that were previously uninsurable and also attract younger uninsured prospects with personalized plans.

Lastly, wearable tech may identify potentially relevant information about an individual’s health by tracking their lifestyle which may have a direct impact on product pricing.

4 – Embedded insurance

Embedded insurance has been hailed as the future of selling insurance.

For health insurance, embedded insurance can unlock new opportunities for all stakeholders.

For the insured, receiving additional coverage without the hassle of purchasing a separate policy is a major attraction. For example, getting a combined plan that provides coverage for dental and vision health instead of purchasing separate policies.

For the insurer, embedding brings down administrative costs. No longer do they need to deploy resources dedicated to managing multiple policies for a single customer. Embedding also helps in improving customer retention, especially when customers view the embedded product as a value-add from their insurer rather than being arm twisted to make an additional purchase.

CoverGo offers 500+ insurance APIs that can be seamlessly integrated with any legacy or third-party systems. As a result, embedding insurance policies anywhere the insurers want is a cakewalk.

5 – Superior claims management

Claims management has always been the Achilles heel of the insurance business.

The rising costs and managing the complexity of claims have emerged as critical challenges for insurance players worldwide. A survey by McKinsey revealed that 1 out of 10 claims are usually incorrect. But the real challenge lies in successfully weeding out those claims, as you need an army of staff to painstakingly review each case.

An easy fix to eliminate repetitive and time-consuming tasks through automation of the claims management process. A rising trend in the digital health insurance space, automating claims management can help insurers achieve lower operating costs by eliminating siloed functions. It also helps to improve customer experiences by getting rid of the roadblocks.

A fully digital claims management system means very few touchpoints for human intervention. Insurers can transfer all claims to a cloud platform in real time where algorithms can start auditing the claim based on data available such as:

  • insurance status of the claimant;
  • coverage offered under the policy; and
  • supporting medical records

With CoverGo, you get access to a modular platform that can be seamlessly integrated into your existing system for processing claims digitally. This is exactly what helped AXA Thailand, which was on the lookout for a scalable solution that could easily integrate within their existing system, minimize manual processes, and improve their claims process. Migrating to CoverGo’s claims portal helped AXA to automate part of the claims process and also train their staff to process claims digitally.

Not only is AXA able to pay out claims a lot faster, but it has also managed to clock in up to 80% cost savings on its claims operations process.

The need to keep up with trends is real

Health insurers have no choice but to transform themselves with the changing landscape. Staying relevant in a hyper-competitive market means being able to penetrate newer markets, launch products quickly, and implement scalable solutions.

When you think of succeeding in the face of fierce competition, nothing works better than strategizing in advance.

If you’re looking for a core end-to-end healthcare platform that can assist you to set up your digital ecosystem and help with product building, insurance distribution, and policy administration, look no further.

Schedule a demo with CoverGo right now.

FAQs

Why is personalization important in digital health insurance systems?

Personalization in digital health insurance systems is crucial as it helps insurers understand individual customer preferences and offer tailored experiences and coverage. This leads to improved customer retention, loyalty, and overall satisfaction.

How can wearables benefit digital health insurers?

Wearables provide insurers with access to reliable health and behavioral data for underwriting risk, product innovation, and customer rewards. They also aid in attracting younger uninsured prospects with personalized plans.

What is embedded insurance and how does it benefit stakeholders?

Embedded insurance involves integrating insurance coverage into other products or services. It benefits insured individuals by providing additional coverage without separate purchases and helps insurers reduce administrative costs and improve customer retention.