Digi-Tech In Health Insurance, Impact of Big Data

The insurance industry has transformed after liberalization. It is currently witnessing the era of digitization, where we are seeing a growing need for digital technology in wellness and data analytics for managing personal health and controlling claims. To understand the changing dynamics of Insurance, we recently conducted seminars in Mumbai and Bengaluru titled as – Digi-Tech In Health Insurance, Impact of Big Data. The seminar discussion highlighted the impact of technology, big data, wearable devices and analytical tools in the insurance industry, enriching and helpful in effectively managing employee benefits solutions for organizations.

We would like to highlight a few key learnings and facts shared by our eminent speakers during the seminar:

Technology & Analytics In Insurance - Trends and Impact:

This topic was addressed by Joydeep Roy, Global Leader – Insurance Digital Assets & India Leader – Insurance Practice, PricewaterhouseCoopers Pvt. Ltd., in Mumbai & Mrs. Vijaya Deepti, CEO, Tata Insights and Quant in Bengaluru.

Below are a few key inputs from their session:

  • The new era of Insurance lies in innovative product design and features, principally micro insurance illness specific products
  • Customer satisfaction lies in interfaces, processes, and speed
  • Conscious consumers are awaiting specialized technology-driven machine learning programs that have a wider range of choices which are easily accessible and affordable
  • Data analytics, consultative approach and value-based arrangement with multiple partners play a crucial role in transcending customer experience
  • These digital developments also highlight the need for hi-tech security infrastructure across the insurance channel to secure the data

Wearable Gadgets and Analytics - Influence on Health and Insurance:

According to Mr. Srinivasan V, CFO, & Mr. Abhishek Sharma, Co-founder & Chief Operating Officer, GOQii & Mr. Adrit Raha, CEO & Mr. Chinmoy Mishra, Chief Business Development Officer, Vivant; mobile and wearable IoT technologies will derive insights on health and lifestyle. In today’s world, a lot of data is generated by the wearable devices that is not leveraged and processed properly. This calls for a big data analysis model for wearable devices.

  • There is an increase in cases of non-communicable diseases (NCDs) due to unhealthy behaviours coupled with a sedentary lifestyle which contributes to rising health care costs
  • Flexibility plays a key role in engaging employees for opting wellness solutions to combat NCDs
  • Gamification and incentivization are key drivers for motivating people to adopt a healthy lifestyle
  • The future lies in adopting digital health and wellness strategies basis the 4 Ps –
    01. Preventive 02. Proactive 03. Personalized 04. Persuasive

Indian Health Insurance Industry - Impact of Technology:

The Session by Mr. Segar Sampathkumar, Chair Professor, General Insurance, National Insurance Academy, Pune covered facts that define the current state of health insurance in India:

  • India spends 1.3% of GDP on health
  • Employee Benefits is the largest health insurance segment in India, with a rising morbidity rate at an annual medical inflation rate of 12- 15%
  • Expenses related to OPD with inadequate insurance coverage is the leading cause of concern in Corporate India
  • Technology empowers insurers to identify outliers and take course correction
  • Robust technology infrastructure is a prime requisite for risk evaluation, selection, predictive modelling, loss control, cost reduction, and standardization
  • Technology has made a great contribution in advancing longevity and enhancing the standard of living, however, it should be used prudently to enhance the customer experience

Conclusion:

Big Data is the next wave in the Insurance industry and amalgamation of different data sources will be key to personalization. The development of actionable insights based on big data can lead to higher customer satisfaction at lower premiums.

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