Shivani has over 20 years of experience in service and quality assurance and customer retention. An XLRI Jamshedpur MBA graduate, she excels in healthcare and insurance, adeptly navigating the HealthTech sector. She is renowned for her leadership, process orientation, and ability to engage senior business leaders.

The healthcare and insurance sectors have witnessed a remarkable transformation in the last decade, specifically technology-driven. This shift has redefined how healthcare benefits are delivered and consumed, contributing to better accessibility and quality of care.

A Decade That Revamped Healthcare

The healthcare industry has evolved dynamically from being relatively straightforward (often limited to basic hospitalisation coverage) to including a wide range of services. Today, people can secure pet insurance, access crash child services, and avail various precautionary services. Technology has played a crucial role in facilitating this shift, predominantly through easier and more convenient access to benefits.

For a better understanding, consider how it required physical visits and extensive paperwork to obtain coverage in the past. Now, technology enables seamless access to services through platforms, QR codes, and pre-approved benefits. This change underscores the significant leap made over the past decade, positioning our country as a leader in health tech innovation. Members can even compare and purchase policies on aggregator platforms without having to meet an agent or the insurance team.

The Role of Technology in Healthcare: A Three-Part Overview

1. Providers:

Healthcare technology has made strides in how healthcare providers deliver services. Unlike ten years ago, when medical care involved the manual filling of forms and appointment scheduling, we have more streamlined interactions today.

Patients can now skip delays and downtime by pre-booking appointments and receiving OTPs for pre-approved procedures. These expedited and convenient procedures extend to measures, such as online health checks and medical consultations.

2. Insurers:

Technology has become a game changer in the insurance industry as well. We see a tremendous change in how policies are delivered and managed.

We have come a long way from purchasing an insurance policy through long interactions with agents. Today, comparison tools on platforms like Policybazaar and others enable customers to make informed decisions regarding their coverage. Such transparent and democratised access to insurance is a significant milestone in the evolution of health tech, ensuring more people can afford and benefit from health coverage.

3. Consumers:

As we look at how these technological advancements benefit consumers, we see a level of accessibility and control on healthcare that was unimaginable a decade ago. From simplified insurance purchase, and health service tracking, to easy health history management, the perks are multifold.

Additionally, digital records uphold transparency as individuals can access their health data and seamlessly link precautionary services to hospitalisation.

Moving Ahead and Embracing Innovation

Technology will continue to play a vital role in revitalising the healthcare and insurance sectors. Here is a brief overview of what we can expect!

1. Providers:

There is scope for faster and more efficient services with the kind of advancements we are yet to witness. The industry will standardise early discharge models and prioritisation of care, fundamentally reducing hospital stays and improving patient outcomes.

A personalised and timely approach to medical care will be a priority, enhancing the overall healthcare experience.

As the country embraces a future of more streamlined healthcare access, the recent introduction of the National Health Claims Exchange marks a significant step forward. This initiative, spearheaded by the IRDAI and the Government of India, aims to establish a unified portal that serves as a centralized hub for all health claims. By doing so, it alleviates the administrative burden on hospitals and provides a seamless, paperless, and secure contractual framework. This technological advancement is poised to transform healthcare management, making it more efficient and accessible for everyone.

2. Insurers:

Data analytics and artificial intelligence will open doors to multiple opportunities. Insurers can leverage data to improve the underwriting process and tailor insurance products. Advanced data analytics, like those enabled by Medi Assist’s Fraud Detection Engine (FDE), facilitate better risk analysis, assessment, and accurate pricing.

The result is more affordable, safe, and comprehensive insurance options for consumers.

3. Consumers:

The future holds greater advantages and more integrated health services for consumers. With seamless ways to manage their health, from precautionary checks to hospitalisation, digital records to ensure continuity of care and better health outcomes, and much more, consumers will have access to a broader range of services, all available at the click of a button.

As we look at the past decade, we see that technology has reshaped the healthcare and insurance landscape. Moving forward, continued innovation is poised to revolutionise these sectors. At Medi Assist, we are proud to be at the forefront of this revolution, committed to offering better healthcare and insurance experiences for our customers.