Category: Health

The insurance landscape is ever-evolving. 

In the changing landscape, traditional insurance plans are no longer enough. Such plans tend to be rigid in their approach, with little to no room to focus on personalizing the policy to customers’ unique needs. Thanks to the rise of digital platforms, there has never been a better time than the present for insurers to focus on catering to the needs of their customers. 

Health insurers, in particular, stand to benefit from scaling up their personalization efforts. 

Here’s a look at the untapped potential of implementing an effective personalization program for such insurers. 

What personalization means for health insurers?

Anything pertaining to health automatically demands hyper-personalization, as the needs of every individual are unique. In the case of health insurers, every policy sold ensures that each beneficiary receives the treatment they require. Paying attention to personalizing the policy offered allows customers to pick something that aligns with their health needs and covers the latest medical treatment offered in the field. 

For example, when selling an insurance policy, health insurers can use a recommendation engine that suggests the ideal policy based on individual patient data and trends based on patients with similar symptoms. Insurers can also leverage AI to suggest the right insurance plan based on the appropriate treatment plan for such patients. 

Why health insurers cannot neglect personalization?

The biggest reason to personalize insurance policies for each customer is that everyone expects it in the digital age. Customers expect health insurance policies tailored to their specific needs in the era driven by tracking analytics. The health needs of every insured person are different, and not everyone may respond to the same treatment even when displaying similar symptoms. That’s why customers expect the coverage offered by insurers to account for all scenarios and match up with what science offers. 

Generic health insurance policies are a passe. Instead, adapting bundling can help insurers create customized offerings to impress their customers. So insurers can give the customers a choice to pick the amount of coverage they want, select add-ons they need, and opt out of coverage they don’t need. 

For instance, there are several highly specialized treatment protocols, such as targeted therapy, biological agents, and regenerative medicine, that physicians rely on to cure chronic medical conditions like Chronic myeloid leukemia and hepatitis C that do not respond to traditional treatment plans. A health insurance policy can be well-rounded and comprehensive only when flexible and capable of addressing customer demands. 

Moreover, extending personalized offerings means insurers can drive more leads, boost customer retention (especially those with expiring policies), and cross-sell new products to get an edge over their competitors. This can help enhance customer relationships, boost loyalty, and increase retention.

It is also pertinent to note that personalization directly impacts the bottom line of insurers — in fact, according to the Boston Consulting Group, insurance firms that have embraced customized solutions have recorded revenue growth of 6 to 10 percent.

How to implement personalization in health insurance?

Thanks to the meteoric rise of the Internet of Things (IoT) and other digital technologies, health insurers now have access to previously inaccessible insights. Leveraging the right digital technology can help insurers collect more than generic demographic information such as age, sex, and education level. 

In other words, only going digital can help insurers to think beyond the one-size-fits-all mode and provide personalized policy offerings at par with the developments in the medical field and the needs of the client in an easy and scalable manner. While there is no one personalization strategy all health insurers can follow, here are a few ways to implement it.

• Insurance firms can store behavioral data and employ machine learning technology to target personalized products to the customer. For example, someone looks up ‘insurance policies for breast cancer treatment’ online. Insurers can track the user’s online activity to recognize that this person is looking for suitable health insurance plans that provide coverage for breast cancer treatments. They can accordingly pitch the relevant policies they offer.

• In the digital age, a wealth of information is available from various wearables and smart devices that provide deeper insights into a person’s lifestyle. Health insurers can incorporate supplemental data such as daily workouts, sleep cycles, and food intake to customize the insurance premium. They can also offer personalized health recommendations through AI chatbots and incentivize the customers to achieve fitness goals to earn reward points which can be redeemed while paying the premium.

• Insurers can also review historical medical information and employ predictive analytics to forecast whether a client is more likely to develop a chronic illness and offer a personalized policy. They can also use the data to incentivize their customers to adopt a healthy lifestyle.

• Bundling policies is another way to personalize the offering. For example, suppose a young woman in her mid-20s is looking to purchase individual health insurance that doesn’t provide coverage for maternity and childbirth. In that case, insurers can consider bundling the two policies into a single package for the desired coverage. 

Even the marketing of the policies can be personalized through digital distribution, which refers to deployment and sales through digital modes. Using direct distribution channels saves insurers from paying commissions to agents or intermediaries. For example, health insurers can boost engagement with the audience through their social media channels, prompt them to download their app, and position the relevant health insurance products before them through the app via chatbots. They can also manage onboarding, and policy management and settle claims through the app.

In fact, platforms such as CoverGo can assist insurers in delivering a digital insurance experience, provide more personalized offerings and innovate without overhauling the entire system. Attempting to innovate from scratch is both expensive and time-consuming. 

With CoverGo, health insurers can follow an embedded insurance strategy to deploy products on third-party marketplaces, manage claim submissions, ensure all communication channels can be managed within a single interface, and engage directly with clients. Insurers can also rely on 500+ APIs of CoverGo that have been specially designed for innovating without writing a single line of code. 

Final words

A forward-thinking insurer stands to benefit immensely from embracing personalization. Since there are various ways in which personalization can be achieved, it is essential to follow a scalable strategy that can fulfill customer demands. 

Need a reliable platform to develop personalized insurance software for your firm? Request a demo with CoverGo team to learn how most prominent health insurance players are using personalized offerings to transform their business without completely changing the system within which they operate.

The healthcare industry is constantly evolving, and as a result, health insurers need to be agile and adaptable in order to keep pace. One of the key areas where they need to improve is product flexibility. This means that insurers need to be able to create and offer a range of different products that meet the specific needs of their customers. In today’s digital age, this is particularly important, and digital platforms play a crucial role in helping insurers to achieve this.

Targeting specific needs

There are several reasons why health insurers need better product flexibility. First and foremost, customers have different needs and preferences when it comes to healthcare. Some may prefer a more comprehensive insurance plan that covers a wide range of medical services, while others may only need coverage for specific conditions or treatments. By offering a range of products, insurers can cater to these varying needs and attract a wider range of customers.

One way health insurers can target specific customer needs is by offering plans that cater to different age groups. For example, younger customers may be interested in plans that provide more coverage for preventative care, such as annual check-ups and vaccinations. Older customers may be interested in plans that provide more coverage for chronic conditions, such as diabetes or heart disease.

Another way health insurers can target specific customer needs is by offering plans that cater to different lifestyles. For example, customers who are more active and participate in sports may be interested in plans that provide coverage for sports-related injuries, while customers who lead a more sedentary lifestyle may be interested in plans that provide coverage for back pain or other conditions related to sitting for extended periods of time.

In addition to age and lifestyle, health insurers can also target specific customer needs by offering plans that cater to specific health conditions. For example, customers with a family history of cancer may be interested in plans that provide coverage for cancer screenings and treatments, while customers with a history of mental health conditions may be interested in plans that provide coverage for counseling or therapy.

Keeping up with health treatments and technology

In addition, the healthcare landscape is constantly changing, and new treatments and technologies are emerging all the time. Insurers need to be able to adapt their products to keep up with these changes and ensure that they are providing their customers with the most up-to-date and effective coverage.

One of the main challenges facing health insurers is the rapid pace of technological innovation in healthcare. New treatments and technologies are constantly being developed, and it can be difficult for insurers to stay abreast of all these changes. This is particularly true for new therapies that may be highly specialized or targeted to specific patient populations.

To keep up with these changes, health insurers must invest in the resources necessary to monitor and evaluate new treatments and technologies. This may involve partnering with medical experts and industry stakeholders to stay informed about new developments and trends in healthcare. It may also involve investing in research and development to assess the effectiveness and cost-effectiveness of new treatments and technologies.

Another important consideration for health insurers is the need to balance the cost of new treatments and technologies with the benefits they provide to patients. New treatments and technologies can be expensive, and insurers must carefully evaluate the potential benefits and risks before deciding to cover them. This may involve negotiating with providers and manufacturers to secure more favorable pricing or developing alternative payment models that incentivize more cost-effective care.

Ultimately, the ability of health insurers to keep up with new medical treatments and technology is critical to ensuring that patients have access to the best possible care. By investing in the necessary resources and expertise, insurers can help to drive innovation in healthcare and improve outcomes for patients.

Better manage costs and risk

Finally, product flexibility can also help insurers to manage their costs and risks. By offering a range of products, insurers can spread their risk across different segments of the market and reduce their exposure to any one particular area. This can help to ensure that they remain financially stable and able to provide their customers with the coverage they need.

One of the primary benefits of product flexibility is the ability to manage costs more effectively. By offering a variety of plan options, insurers can better align the cost of coverage with the needs and budgets of their customers. For example, some customers may be willing to pay a higher premium for a plan with more comprehensive benefits, while others may prefer a lower-cost plan with higher out-of-pocket expenses.

In addition to managing costs, product flexibility can also help insurers to assess risk more accurately. By offering a range of plan options, insurers can attract and retain customers with different health profiles and risk levels. This can help to balance the risk pool and ensure that premiums are set at a level that reflects the underlying risk of the insured population.

Another advantage of product flexibility is that it can help insurers to stay competitive in a rapidly changing market. As new treatments and technologies emerge, insurers may need to adjust their product offerings to stay aligned with the evolving needs of their customers. By offering flexible product options, insurers can respond more quickly to market trends and changes in customer demand.

The role of digital platforms in health insurance

Digital platforms can play a crucial role in helping health insurers to achieve better product flexibility. For example, they can provide insurers with real-time data and insights about customer needs and preferences. This can help insurers to identify trends and patterns in the market and create products that are tailored to specific segments of the population.

One of the primary benefits of product flexibility is the ability to manage costs more effectively. By offering a variety of plan options, insurers can better align the cost of coverage with the needs and budgets of their customers. For example, some customers may be willing to pay a higher premium for a plan with more comprehensive benefits, while others may prefer a lower-cost plan with higher out-of-pocket expenses.

In addition to managing costs, product flexibility can also help insurers to assess risk more accurately. By offering a range of plan options, insurers can attract and retain customers with different health profiles and risk levels. This can help to balance the risk pool and ensure that premiums are set at a level that reflects the underlying risk of the insured population.

Another advantage of product flexibility is that it can help insurers to stay competitive in a rapidly changing market. As new treatments and technologies emerge, insurers may need to adjust their product offerings to stay aligned with the evolving needs of their customers. By offering flexible product options, insurers can respond more quickly to market trends and changes in customer demand.

Insurance platforms streamline product building

Digital platforms can also enable insurers to streamline their product development processes. By using digital tools and technologies, insurers can create and test new products more quickly and efficiently, allowing them to bring products to market faster and cost-effectively.

One of the primary benefits of using digital platforms for product building is the ability to gather and analyze vast amounts of data from multiple sources, including social media, customer feedback, and industry trends. This data can be used to identify emerging customer needs and preferences, allowing insurers to design and launch innovative products that better meet the demands of their target audience.

Digital platforms also allow insurers to create more personalized and customized products by leveraging data analytics and artificial intelligence. These technologies enable insurers to segment their customer base more effectively and tailor products to meet the specific needs of each segment. This approach helps insurers create a more engaging customer experience and build customer loyalty by offering products that better align with customer preferences.

Another advantage of using digital platforms for product building is the ability to automate many of the processes involved in product development and launch. This automation reduces the time and resources required to bring a new product to market, enabling insurers to quickly respond to changing market conditions and stay ahead of the competition.

Increasing customer engagement with digital insurance platforms

In addition, digital platforms can help insurers to improve their customer engagement and satisfaction. By providing customers with digital tools and resources, such as online portals and mobile apps, insurers can enable customers to manage their healthcare more effectively and easily. This can help to build customer loyalty and retention, and ultimately drive growth and profitability for the insurer.

One of the primary benefits of using digital platforms for customer engagement is the ability to provide personalized experiences. These platforms allow insurers to collect and analyze customer data, such as their browsing behavior, purchase history, and demographic information. With this data, insurers can create targeted marketing campaigns and personalized product recommendations that resonate with individual customers, leading to higher engagement and conversion rates.

Digital platforms also enable insurers to offer flexible communication channels, allowing customers to interact with them through their preferred channels, such as email, social media, chatbots, or mobile apps. This flexibility not only meets the customers’ needs for convenience but also increases the likelihood of engagement, as customers are more likely to respond to messages through channels they prefer.

Another advantage of using digital platforms for customer engagement is the ability to provide 24/7 support, ensuring customers get the help they need when they need it. With self-service options such as chatbots and online support forums, customers can easily access the information they need without having to wait for traditional support channels such as phone calls or emails.

Finally, digital platforms provide insurers with a wealth of customer feedback, enabling them to gather insights into customer needs, preferences, and pain points. This feedback can be used to improve products and services, enhancing the overall customer experience and driving customer loyalty.

Is your insurance company ready for digital transformation?

In conclusion, health insurers need better product flexibility in order to remain competitive and meet the evolving needs of their customers. Digital platforms can help insurers to achieve this by providing real-time data and insights, streamlining product development processes, and improving customer engagement and satisfaction. By embracing digital technologies and platforms, insurers can create a more agile and adaptable business model that is better equipped to navigate the changing healthcare landscape.

Health insurance is a crucial aspect of people’s lives as it provides financial protection and access to quality healthcare. However, navigating the complexities of health insurance can be overwhelming and confusing for customers. The use of digital tools and platforms can play a significant role in creating a better customer experience for health insurance.

Access customer data anytime

Digital transformation has significantly impacted the way health insurance companies operate, and it has given them access to more customer data than ever before. As more healthcare data moves online, insurers have access to more detailed and accurate data on their customers’ medical histories, treatment plans, and health outcomes.

Digital tools such as electronic health records (EHRs), wearables, and telehealth services provide valuable data that insurers can use to improve their services, better understand their customers’ needs, and personalize their offerings. EHRs contain comprehensive medical histories, including diagnoses, medications, and test results, which can help insurers identify health risks, improve care coordination, and manage chronic conditions.

Wearables such as fitness trackers and smartwatches can collect data on customers’ physical activity, sleep patterns, heart rate, and more. This information can help insurers assess customers’ overall health and identify risk factors. Telehealth services, which allow patients to connect with healthcare providers remotely, provide insurers with data on the frequency and type of medical services their customers use.

Provide personalized experiences

Health insurers can provide personalized experiences to customers with digital tools by leveraging technology to better understand their customers’ needs and preferences, and by using this information to create tailored solutions and services.

Here are a few ways health insurers can use digital tools to provide personalized experiences to customers:

1. Data analytics: Health insurers can use data analytics to gain insights into their customers’ health and wellness needs. By analyzing data from wearable devices, fitness apps, and other sources, insurers can get a better understanding of their customer’s health status, behavior, and lifestyle. They can then use this information to personalize their offerings and services.

2. Mobile apps: Health insurers can develop mobile apps that offer personalized health coaching, disease management, and other services. For example, an insurer could create an app that tracks a customer’s health goals and progress, sends reminders to take medication, and provides personalized recommendations for healthy lifestyle choices.

3. Telemedicine: Health insurers can provide telemedicine services that allow customers to consult with a doctor or nurse practitioner via video chat or phone. This can be especially helpful for customers who live in remote or rural areas and have limited access to healthcare providers.

4. Online portals: Health insurers can create online portals that give customers access to their health information, medical records, and claims data. They can also use these portals to provide personalized health and wellness resources, such as articles, videos, and interactive tools.

5. Chatbots: Health insurers can use chatbots to provide personalized customer support and assistance. Chatbots can help customers find information about their insurance benefits, check the status of their claims, and get answers to their health-related questions.

6. Messaging apps: A lot of people these days are learning and adopting new ways of doing business and engaging with providers through their favorite messaging apps like Facebook, Whatsapp, WeChat, and more. By delivering insurance experiences and services through a customer’s favorite messenger, it goes a long way to improving relationships, and overall reducing the hurdle of requiring an app download otherwise. 

By using these and other digital tools, health insurers can provide personalized experiences to customers that improve their health outcomes and satisfaction with their insurance provider.

Streamline claims processing

Digital tools and platforms can also streamline the claims process, which is often a frustrating experience for customers. With the use of mobile apps or web portals, customers can easily submit claims, track their status, and receive updates. This not only saves time but also reduces the likelihood of errors and delays.

Digital transformation refers to the integration of digital technologies into various aspects of a business to improve its operations and create new opportunities. In the case of health insurers, digital transformation can significantly streamline claims processing, resulting in faster, more efficient, and cost-effective operations.

Digital transformation enables the automation of the entire claims process, from claim submission to reimbursement. This can significantly reduce manual errors, speed up the claims process, and free up staff time for other tasks.

With digital transformation, insurers can use advanced technologies like machine learning and artificial intelligence to analyze data and identify patterns that help to identify fraudulent claims, thus improving the accuracy of claims processing.

Digital transformation can streamline the claims process by automating routine tasks, reducing the number of manual interventions required, and ultimately speeding up the overall process. This can result in significant cost savings for health insurers.

Self-service benefits

Digital technology allows customers to manage their health insurance plan online, such as enrolling in a plan, changing coverage options, and making premium payments. This can provide customers with more control over their plans and simplify the process for them.

Health insurance self-service refers to the ability of policyholders to manage their health insurance policies through a variety of online tools and resources, without the need for direct interaction with an insurance company representative.

This type of self-service typically includes the ability to:

• View and manage policy information, such as coverage details, premiums, and deductibles.

• Request changes to policy information, such as adding or removing dependents, changing coverage levels, or updating contact information.

• Access information and resources related to health and wellness, such as preventive care guidelines, symptom checkers, and telehealth services.

• Submit and track claims for medical expenses, prescription drugs, and other covered services.

• Make online payments and view payment history.

Many health insurance companies offer self-service portals, mobile apps, and other digital tools to make it easy for policyholders to access and manage their policies at any time, from anywhere. Self-service options can save time and reduce the need for phone calls and paperwork, while also providing greater transparency and control over policy information and healthcare expenses.

Conclusion

To create a better customer experience for health insurance using digital tools and platforms, health insurance companies must invest in technology and ensure that their platforms are user-friendly and accessible. They must also provide adequate support and resources to help customers navigate the platforms and address any issues they may encounter.

Digital tools and platforms can significantly improve the customer experience for health insurance. By leveraging technology, health insurance companies can provide customers with access to information, personalized recommendations, streamlined claims processes, and virtual healthcare services. Ultimately, this can lead to greater customer satisfaction, loyalty, and retention.

At CoverGo, we help health insurers catch up with their customers with a true end-to-end core health platform that takes care of all the transformation without any of the headaches. No retrofitting requires, we’ll integrate with your systems as well was over 500 APIs. Contact us today to learn more.