We are living in times on which technology and digital media are embedded in every aspect of our lives. Such is becoming to be the normative relation between technology and health insurance. Applying new technologies to the industry is resulting in an interesting, abrupt, and very much needed shift in the business model.
There are many areas for technology and health insurance to collaborate and flourish. One example is the connection and engagement companies can create through social media interactions. Some newer areas of innovation relate to the way wearable devices can benefit customers. Automated tools are helping to enhance the customer experience, and data analytics are becoming essential for any insurance company.
Technology and Health Insurance: Engaging Customers Through Social Media
For the last 20 years, social media and networking sites have shaped the way we interact with each other. Consequently, brands and businesses saw such limitless and accessible way of connecting as an opportunity. Thanks to platforms like Facebook, Instagram, Twitter, and many more, companies are able to engage and interact with their customers. Of course, insurers got on board too, and social media allows insurance companies to create brand loyalty as well as valuable two-way communication channels with their policyholders.
Monitoring Customers Health with Wearable Devices
Another way that technology and health insurance are cooperating successfully is through the new model of interactive insurance policies. Interactive policies have been around for the last couple of years. Actually, Vitality Group was one of the first companies to start implementing this model back in 2015. Through the use of wearable devices, policyholders are able to share data related to their health. Insurance companies motivate their customers to keep sending the information in exchange of incentives like discounts, low premiums, and even gift cards.
Improving Customer Experience Through Automated Tools
Insurance companies have also discovered the advantages of automating different systems and processes. Implementing Artificial Intelligence systems enhances the customer experience by providing them with a seamless, smooth interaction through the channel of choice. Whether it is to respond customer’s doubts and issues, provide quick and at-a-glance, or chat with them, even, brands that actively interact with their customers with social media end up benefiting everyone involved.
Assessing Needs with Data Analytics
The relation between technology and health insurance goes beyond these innovations. It’s not a surprise that the insurance business is a data-driven industry. Consequently, being able to properly collect, manage, and analyze as much information from policyholders as possible used to be a dream. But nowadays, there are several powerful analytical tools that companies are using to assess levels of risk, to detect insurance fraud, and even to predict future needs. This makes it possible for policyholders to have a better, personalized exigence. We can offer better, tailor-made policies that will suit the particular needs of each and every client.