Insuranceciooutlook

Affordable Health Insurance Within Easy Reach, Insurtech Startups are Clearing the Decks!

By Insurance CIO Outlook | Thursday, August 29, 2019

With the high penetration of technology, health insurance startups are finding it easier to provide health covers to a more significant number of customers.

FREEMONT, CA: The insurtech sector is witnessing much technological and investment development over the past few years. The new digital-centric startups are revolutionizing traditional insurance business lines such as healthcare. Innovative technologies like artificial intelligence and the internet of things are re-architecting insurance data, which is the underpinning of the industry. New business models and services put forward by health insurtech startups are transforming the entire ecosystem. Here is more on new entrants who are shaping up the health insurance technology and the innovations they are coming up with.

• Mobile Application

While people enjoy the benefits of mobile applications in many ways in their life, healthcare insurance is also making strides. Today, a mobile app for the insurance company has a high societal attraction. It is transforming the way insurers harness the collective power and insights for both their onsite and remote workplace to boost the efficiency of business processes. A right mobile solution helps the companies to improve decision-making and providing precise information in real-time. Instead of waiting for a customer representative to answer the queries and solve their issues, customers can get immediate assistance regarding any of their problem using a mobile insurance application. In this light, insurtech startups are helping companies develop mobile apps.

UnitedHealth Group, diversified health insurance, and well-being company, based in Minnetonka, has its insurance application, named Health4Me. Anthem Anywhere is a mobile insurance application, allowing members to find nearby urgent care centers, emergency respondents, physicians, and pharmacies that covered by a member’s insurance plan by Anthem —a health insurance company based in the U.S.

 Care Practice Center 

Insurtech startups are also coming up with care practice centers for their members to get access to primary care and wellness events. Oscar Health, a health insurance company employing technology, offers care practice center named Oscar Center that houses a full-service primary care practice exclusively for its members.

Clover working with the prime goal to improve the quality of life of its members are also providing similar service. They are aligning with physicians by reducing doctor-insurer friction and increasing visibility into the health of each member, leading to enhanced care. Most of the budding insurtech companies are not just technology enabler but are more of partners in care. Their patient-centric analytics and dedicated care management team are identifying potential risks a member may face and directly provide them preventive care.

Expert Assistance  

Keeping the insured healthy in the long-run at a reasonable cost is vital for any insurers. It starts with every person having a personal relationship with a dedicated primary care team, including physicians, nurses, and a personal guide that helps navigate members to the best experience possible. Centivo, a new type of health plan administrator, delivering employees with high quality, affordable healthcare. It is connecting insured with a dedicated primary care team and give excellent healthcare and control total cost for employers.

Oscar Health is also providing similar service with their team of care guides and a nurse. This results in personalized care that can help insurers get a complete picture of policyholders' health. This service can check the availability of doctors, help with discharge and follow-ups, and give health and wellness advice from a licensed practitioner.

Startups have been mushrooming almost every aspect of human endeavor. They see immense potential in health insurance. The rising costs of private health insurance offered by traditional insurers have paved the way for health insurtech startups to transform the health insurance space. The reduced price, ease of use, and better care with the use of technology these beginners provide are increasingly replacing the traditional health insurance providers. These new-age insurers can ensure that affordable and efficient health insurance is within easy reach of people. As more and more incisive technologies entering the arena of health insurance, these startups can seamlessly do what the traditional insurance companies have not been able to offer.

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