YET ANOTHER YEAR of transformation, with technology anchored through artificial intelligence (AI)-skewed innovations, has passed for the health insurance industry. AI is way beyond being a buzzword; it is a force that drives newer ways of providing smart, quick, and truly customer-centric solutions that are genuinely changing how insurers do business.
In India, AI in health insurance is smoothing the process of risk assessment, fast-tracking the processing of claims, and protecting against fraud, among other things, with the rapid adoption of all things digital. Here's how AI is revolutionising the sector.
Underwriting Revolution
Traditionally, underwriting has been a manual and paper-based operation. Today, AI writes this narrative anew. Powered by the analysis of Big Data—both historical and real-time—AI models provide unparalleled insight into an individual's health profile.
The level of detail enables the insurer to determine risk more effectively and also develop policies appropriate for customers. For customers it means fair pricing and policies more suited to their needs. What took weeks is now completed in hours, which means increased efficiency and higher customer satisfaction.
Claims Processing
Claims processing is a known pain point for customers, gener- ally slow and filled with potential areas where errors can occur. The traditional approach in manual adjudication entails verification of a claim, data extraction, and making a decision—a rather time-consuming process. AI changed this landscape: the processes of data extraction, its validation, and further decision-making became automated.
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