Future of health insurance lies in digital solutions

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The future of health insurance is in digital solutions


INSURANCE

Digital transformation is the latest trend in the healthcare space. The process of introducing digital technology in all aspects of the health care business, including payer operations, provider operations, member collaboration, etc., has become a major cultural change and has enabled the improvement of business operations.

Therefore, improving patient efficiency and effectiveness, and reducing costs.

Driven by the need for value-based care, the healthcare industry is witnessing a major shift towards digital transformation.

From mobile apps to software that supports doctors’ opinions, to artificial intelligence and machine learning, it is clear that digital transformation in the healthcare sector is increasing the ability to diagnose and treat, while at the same time improving the delivery of healthcare to citizens and patients. .

The current global health care crisis only emphasizes the need for technology to provide meaningful solutions.

In Kenya, statistics show that as of 2019, apart from life insurance, motor and health insurance had the highest market penetration of 20.4 percent and 18.6 percent, respectively.

At the same time, the figures also show an estimate of the current cost of health care in Kenya until 2025. It is expected to reach $7,220.42 million by 2025. Spending refers to current spending by both governments and consumers.

The introduction of digital healthcare platforms, for example M-TIBA is being used by insurance companies to create transparency and efficiency in the healthcare process.

Platforms help connect customers to healthcare providers and digital helps reduce risk and costs by helping to create a detailed picture of users’ overall health. In addition, in the insurance area improving customer experience and digital tools can protect data governance.

There are more than 1 billion active wearable devices on the market. Biosensors inside wearables are becoming increasingly sophisticated to become links in a digital health care system that emphasizes home-based treatment.

With the information gathered by the sensors, insurance companies can help warn customers of signs of problems before they become illnesses.

In addition, when a patient interacts with a health care system, he is talking to a number of groups, doctors, pharmacists, insurance companies that continuously help to develop health care technology.

Bringing distributed ledgers, can bring all the participants in one place, making the interaction and tracking of transactions transparent and real-time.

An example of this can be seen in the fact that patients no longer have to wait for insurance companies to issue a payment as it is updated according to the stage of filling out their information in the health care system.

One of the most important resources in the healthcare economy is data, a resource that places insurance providers as central providers in the digitization landscape.

Many insurance companies are using data to become active participants in healthcare reform. The availability of large amounts of data translates into a new approach to health information.

The digital health care ecosystem is the infrastructure that supports the transformation of the corporate health care model into a patient-centered model.

The main objective of this program is to bring different health services and cooperation. For a health insurance company, it means now is a good time to enter the space.

The author is the managing director of M-TIBA

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