Smarter health insurance with AI
Insurtech is taking up a lot of space in the news – deemed as the next big thing after fintech. What are the promises insurtech is claiming? Can insurance combined with advanced technology of machine learning and AI (artificial intelligence) make products and services work harder and smarter? Could it cost less and reduce claims? Could it help health & life insurers optimise customer experience?
Can insurance be healthy?
We think so. Machine learning and AI provides new possibilities that can help improve the health of millions of people. By partnering with insurers we provide an Human+AI Health Assistant that can help members live healthier lives and be rewarded for it.
For the sick, and the healthy
For years insurance has been focused on handling claims, caring for the people that are sick when they are or get sick. Unfortunately, at this stage very little can be done. With a strong platform that utilises machine learning and AI we have the possibility to track and measure a wider customer base, including not only the people that are sick but also the healthy ones. This is a massive shift from the conventional model in health care which traditionally only targets the sickest 5% of its customer base. It provides opportunities to better connect with younger customers who seldom need insurance, buys insurance or believes insurance to be boring. The latter pushes costumers to have very little knowledge of their insurance, if they have any, and will leave them frustrated with their provider when they finally need their help and increase churn rates. The younger target base are also the ones that later on in life might suffer from deteriorating health, so getting them onboard early in life has its perks – both for insurers and individuals.
One step ahead
This is where machine learning can be a tremendous tool to apply. Health & life insurance relies on having a healthy customer base that is happy with their products. We think utilising digital preventative care services will increasingly be a core component of any insurance offering. With Boundlss, insurers can provide their customers a platform that provides a Health Assistant, encouraging customers to be healthy and therefore reduce future claims.
Additionally, a conversation platform like ours offers insurers the possibility to talk to their customers more frequently about other things in life than insurance, conversations that establish trust and engage customers or attract new ones.
There’s more to it. While attracting a younger customer base is great, preventing chronic diseases is amazing. By tracking customer data, revealing the ones who are high risk gets easier, providing a chance for successful early interventions which will benefit both the insurer and the customers, and lower the costs for the former. The data a platform like Boundlss provides gives a solid platform to stand on when building and understanding a healthier customer base.
A new insurance experience
Engaging with customers through a mobile app just makes sense. Whether it’s for health or claims assistance, talking to your insurer through an app is far easier than wasting time on a support line or in a waiting room. Reducing time spent to be served wins and retains customers over. Best of all, it ticks three important boxes; Happier costumers, healthier customers and lower cost of care.