The health insurance shake-upThe health insurance shake-up https://c-suitenetwork.com/wp-content/uploads/2017/07/the-health-insurance-shake-up.jpg 657 404 C-Suite Network https://c-suitenetwork.com/wp-content/uploads/2017/07/the-health-insurance-shake-up.jpg
Contemporary consumers are now demanding the same level of digital service and experience irrespective of whether they are transacting with the retail, travel, banking, entertainment or insurance industry (among others). Engagement and services are expected to be available via any platform, from anywhere and at any time. As a result, health insurers need to transform to meet these increasing digital expectations or risk becoming a dinosaur in the age of disruption.
By leveraging digital platforms and automating processes, health insurers can also gain data-based insights, reduce fraud and operating costs, as well as improve customer segmentation, data accuracy and reporting, while ensuring regulatory requirements are met.
Since the inception of the health insurance industry, data collection has been core to its business model. According to Accenture, insurers need to re-evaluate how they access their data as the shift towards digital transformation continues. The consulting firm suggests that advances in digital technology, data analytics capabilities, as well as agile development are transforming the operating models and customer service offerings of insurance companies.
Automation of manual processes is one way that many health insurers are looking to drive efficiencies, reduce costs, enable better decision making and improve the customer experience.
One of Australia’s largest Private Health insurers recently replaced its legacy system for Overseas Student Health Cover (OSHC) customers and migrated its data over to Civica’s NewHealth solution. The solution is capable of servicing universities and other educational institutions that manage health insurance for overseas students enrolled in their courses.
The customised solution is designed as a self-service system, which allows education providers to create an intuitive single view of the customer via the one portal. Through the platform,…