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How AI & Blockchain-driven Tech Disrupt Health Insurance Industry

Published Wed, Jul 14 2021 06:06 am
by The Silicon Trend

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Pandemic has led to digital adoption & acceleration. Social distancing makes people adapt to online services & purchases. This creates an opportunity for a change in business process, from traditional to phygital models, combining digital tools & strong customer bonds. Prasun Sikdar, MD & CEO - ManipalCigna Health Insurance, said online & tech channels have aided the industry reach some of the unserved markets in the country.

How Techs Like Blockchain & AI Disrupt Insurance Industry?

Amid the pandemic, distribution teams & other agents have been adopting & upskilling e-methods of sale, service & marketing. While in the insurance industry, tech & digitization have always existed, but with enhancements like ML, AI & Blockchain tech, there is potential to disrupt customer servicing & onboarding. In addition, the new tech will help improve insurance penetration & boost customer experience.

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Scope of Online Selling of Health Policies & its Success in the Health Insurance Industry

Pandemic has amplified the need for easy information, services & product access. Most people are now comfortable using online services to buy what they require. The digital maturity of people has seen an abrupt change as they spend more time online. This opens a whole new opportunity for health insurance in India. 

We have also seen an increasing number of policyholders transacting on the IVRS self-service tool & utilizing digital assets such as websites, claims apps for assistance regarding claim settlement, policy renewal & many more. e-platform is aiding people to generate claim status, renew policies & purchase a health insurance policy online from the safety & home comfort.

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Can Digital Sales Offer a Better Experience to People?

The pandemic effect is making customers realize insurance is no longer a priority but a necessity. Today consumers are well connected that they are ready to adopt novel techs that quickly affect their lives for the better. Hybrid office distribution, coupled with an informed people who needs to purchase or upgrade insurance digitally, will increase drive & reach online sales.

Thus, with the advanced tech rise & opportunities for insurance digitization processes, insurers have started focusing on direct online channels that aid insurers increase their sales and offer a range of personalized deals via an online platform. In the next 10 years, the simplicity & smooth experience will make health insurance a truly personalized pull product that can be purchased & serviced at a click of a button or by asking Siri & Alexa.

 

 

 

 

Image source: Unsplash.com