Gone are the days of in-person interactions where an agent would explain the health insurance benefits and the extensive paperwork that accompanied them. With digital technology and now AI, health insurance is getting modern. Whether it's comparing and buying a health insurance policy, making and tracking a claim, or renewing a policy, digital health insurance makes the process easier and quicker. From websites and mobile apps to AI tools, the entire process of managing a health insurance policy is now technology-enabled, providing a smooth experience. Let’s dive into its details!
What is Digital Health Insurance?
What were the challenges of traditional health insurance? We all hated the incomprehensible medical jargon. To make it worse, there are endless paper forms, policy brochures, and handbooks. Even after purchasing the policy, one had to wait for weeks for the policy documents to arrive. The claim process was rather more tiresome. Neither the claim process was easy, where you would need to visit the insurer’s office, or call an agent or customer support. Then, you would spend days on the phone chasing the claim updates.
But driven by new era technology, digital health insurance aims to have a solution for the above problems and benefits for the policyholders. It is not just a shift from offline to online health insurance in India or worldwide, or from paperwork to paperless. But it is about the whole health insurance ecosystem - the coverage we purchase, the policy we renew, the benefits we get, the claims we make, and how we interact with your insurers during all these processes.
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Key Features of Digital Health Insurance
The digital shift in the health insurance sector has resulted in a positive note, and some of its key features are -
- You can check the insurer’s website or app for the health insurance policy and review the details of its coverage and claim process. So, there’s no requirement for an agent or middleperson.
- No paperwork, everything can be online on your account or profile, which you can log into with your email or mobile number. You can find online copies of the policy or any other important documents.
- Online policy documents are available within a few hours, so that policyholders can access them on their app/site account.
- All medical data can be consolidated through an online approach that insurers and other stakeholders can access. The use of AI and data analytics can help to fetch the medical history of a person, which can enhance transparency.
- Even the claim process in digital health insurance can be online, which becomes much easier than running after agents.
Also Read: Should I buy health insurance through an agent or online?
Benefits of Digital Health Insurance
The key features explained above indicate the benefits of buying health insurance online. Here they are!
- There is more transparency and trust when customers can check the policy details online instead of an agent detailing them.
- There can be paperless onboarding, from medical declaration to KYC — not just beneficial to the insurer and the insured, but also saves paper.
- It offers a seamless experience to the policyholders when comparing several policies, buying one and managing it becomes fast and convenient. It saves time and effort in dealing with agents, documentation, and standing in queues at insurance companies.
- There is more transparency and trust when customers can check the policy details online instead of an agent detailing them.
- It can be accessible 24/7.
- From receiving the policy documents in the mail or having a PDF on the app, to tracking the claim, policyholders get real-time updates and a personalized experience.
- Digital health insurance can meet the millennial and Gen Z expectations, where everything is at the tap of the mobile phone. With internet and mobile penetration, growing tech revolution, and emphasis on preventive healthcare, youngsters prefer buying a health insurance policy, but also want a hassle-free process.
- Many health insurance apps provide wellness options like diet plans, online doctor consultations, medical tests, etc. For policyholders, it can become a one-stop solution for their medical issues.
- The AI application in online health insurance further enhances the customized experience. The chatbots help answer the frequently asked questions. The AI models for preventive healthcare indicate the health conditions and the policy type the user should purchase. It helps users to comprehend the policy details by answering their questions through automated responses from its database.
What are the Challenges of Digital Health Insurance?
Although the digital insurance future in India seems to be bright, it still has to grapple with many challenges. Although health insurance can become more accessible through digitalization, there needs to be accessibility of mobile and internet in the first place. Although the usage has increased, the digital divide still exists, especially in rural areas.
Even if this digital divide is resolved, the issue of digital illiteracy persists. Many users use mobile and the internet, but face issues while navigating an app or an online site. Therefore, health insurance companies must come up with an easy user interface and avoid complicated apps.
Needless to say, with digitalization, the threat of data breaches, data misuse, fraud, and malpractices exists. Fake apps with fake insurance policies and money theft may scam people, especially the older generation.
In a Nutshell
Digital health insurance has revolutionized the healthcare and health insurance system. It is here to stay!
As the AI helps in predicting claim risks and detecting fraud, it simplifies the claim verification process and reduces claim turnaround time for the insurers. Moreover, technology helps in automating underwriting and retention through faster service. With data analytics, insurers can have access to customer insights for better risk management.
For the insured or policyholders, online apps and websites offer easy policy purchase, renewal, claim processes, and upgrades to the health insurance policy. They also look forward to health check-up offers and discounts, reward points, etc., that often come complimentary with the policy on the insurance app. Moreover, they can track in real-time on their app dashboard and receive instant notifications for all insurance-related updates.
Connect with a PBPartners health insurance advisor and explore digital health insurance options that truly protect what matters most.
FAQs
Does the digital health insurance policy guarantee safety?
It is safe if you buy a health insurance policy from a trusted and renowned party to avoid scams. The reputed ones are safe and reliable. Check that they are approved by the IRDAI.
In comparison to offline health insurance policies, are digital ones cheaper?
Health insurance premiums can be high or low based on the policy type, coverage, and the insurer. However, sometimes the online health insurance policies may be cheaper because there are no intermediaries, paperwork, or courier service for delivering the documents.
Has the IRDAI taken cognizance of the digital health insurance companies?
Yes, the IRDAI wants to ensure that digital health insurance companies follow ethical practices. It aims to protect the customers’ rights and has a regulatory framework. The IRDAI has introduced eKYC and other such standard digital health insurance practices.
I have lost my policy document. What to do?
Most health insurance apps offer secure storage for all your policy-related documents. You can access it there.
How long does it take to verify and settle the claim in digital health insurance?
The AI-assisted models help in better fraud detection and risk management for the insured. Therefore, the claim verification and the settlement process are also fast, beneficial for the insured as well.
