How is the Health Insurance Industry Getting More Digitized?

Recently, there has been an evolution in the health insurance industry. Technological developments have taken over traditional insurance techniques. The characteristics are changing, and enterprises understand current needs. Health insurance companies are adopting new methods of conducting business. Telehealth is one way in which insurers are providing insurance services, further improving the ease of access to services. It’s important to check to see whether your insurance company covers mental health services. There’s a great article from BetterHelp which covers the basics of health insurance, what’s typically covered when it comes to mental health, and what might not be covered.

With the emergence of the latest technologies, many services are now technology-based. For example, making claims, payments, opting for sales, online quotes, complaint filing, and much more. According to Sandeep Batra, the executive director, ICICI Prudential Life Insurance Co. Ltd., “The digital platform has standardized the sales pitch, and communication of the product features to the customers is in a manner that they can understand easily.” The advancements in working have seen tremendous growth and relevant assistance to the customers to get a better idea and faster service.

Carolina Varela Rodriguez once said,

“Technology is not to be feared; it is only to be understood.”

Therefore, by keeping this concept in mind, insurers aim at providing the best services to the customers. Through digitalization, there will be no long queue, and information will flow faster than ever before.

In the upcoming paragraphs, we will take you through the difference in traditional and new-age insurance services. Also, we will justify how easy it is to use apps and online chats rather than long queue calls.

• Pricing

When we talk about operational costs, then traditional insurance is on the higher side. The offline strategies and existence of several branches’ costs much higher than digital insurance. Old techniques of operating have large costs to incur compared to digital services. On the other hand, new insurance services are much more economical and cost-effective as they have an online model. Many companies are coming forward with fully-digital services that are less expensive as compared to their traditional counterparts.

• Buying the insurance

The journey of buying insurance through traditional means starts with a complicated and time-consuming concept. Also, to visit a branch and get insurance requires time and effort. The buying process is lengthy and confusing, causing distress amongst buyers. On the contrary, insurance companies have made it convenient for the buyers to sit at home and buy health insurance quickly. Seeing the need of the hour, people have started opting for digital health insurance than traditional insurance services.

• Communication process

Sometimes people think that insurance has a complicated structure, which causes hesitation. One reason for this hesitation is the way the companies dictate services to the customers. In traditional methods, people use jargon and specific terms that might confuse buyers. On the other hand, new-insurance policies have the most straightforward language. The aim is to communicate the right information in the best possible way to the buyers. Therefore, when an insurer opts for digital insurance services, he can easily communicate with the buyers.

• Filing claims

According to a survey, the insurance claim process is essential for the insurer as well as the buyer. The traditional techniques of operation are lengthy, and people find it complicated to follow procedures that they might not understand. Unlike conventional ways, new-insurance services address the issue by assisting customers with a hassle-free customer care service.

• Paperwork processing

Signing so many documents to agree on the terms and conditions of the health policy can be irritating for a buyer. Traditional insurance demands manual signatures for which the person has to be present in one of the branches and sign ample documents. However, digital-insurance has made this process easy for buyers. You are required to fill out many papers and sign them all when you opt for traditional insurance policies. On the other hand, the new-age insurance has a digital online process that involves minimal paperwork.

Overall, we can see that digital insurance will yield better and beneficial results in comparison to traditional techniques. The points mentioned above make it clear that online-based insurance is easier than conventional insurance. Therefore, in a smart world, we must opt for a smarter move to have the best service experience.

The benefits of using apps and online chats rather than long queue calls

The modern ways to communicate have made life easier for all the customers. In recent times, insurance companies have developed apps that you can install in your smartphones and keep track of your policies. For any complaints and queries, these apps will help you get in touch with the customer support team quickly. You need not have to make calls to the team members and wait until someone picks up the phone. You just have to send a message through the ‘contact us’ section of the app, and one of the team members will get in touch with you.

Conclusively, you have a free choice to make the entire process - from buying to claiming the insurance - much smoother. You need to understand the relevance and benefits of digital coverage and get started instantly. Pick the best insurance company by doing a little research. It will surely be beneficial for you and the team to maintain a healthy relationship for ongoing practices. Make sure you read the inclusions and exclusions of your health policy while purchasing it in both cases.