Digital HealthWhy Today’s Insurers Can’t Survive on Legacy Technology

Some of the more traditional insurance companies may think that embracing digital technology is a frivolous cost, one that’s spurred by the need to comply with regulatory bodies. However, more forward-thinking institutions would readily realize that it’s not. As the COVID-19 pandemic has clearly shown, insurance companies need to invest in modern solutions in order to provide their clients with top-notch services and products despite the lack of opportunities to conduct face-to-face meetings. At the same time, they need a robust means of continuing their operations even though a good chunk of their staff members is performing their tasks from remote offices.

But aside from the need to provide a practical solution to the pressing challenges brought about by the ongoing health crisis, insurance companies have long been compelled to adopt technological innovation in order to maintain an edge over the competition. The insurance market is changing, and the earlier an insurance company can come to terms with the fact that they have to accommodate digital-native customers, the better they can prepare their business so that it will remain relevant to the markets that they want to target.

Here are some of the shortcomings of legacy programs and how modern health insurance technology can provide traditional companies with an opportunity to keep up with the times:

Personalized Products and Services

It’s no longer enough to simply offer your customers basic products and services. Consumers these days, especially the younger generation, understand that insurance packages can be customized to their particular needs. However, offering personalized health insurance packages to group and individual customers can be quite a challenge if your insurance company is still relying on legacy systems that are programmed to provide cut-and-dried solutions.

New health insurance technologies, on the other hand, provide more versatile options. These systems allow insurance companies to design and offer modular packages that customers can put together to create a customized health insurance plan. This will make it easier for your company to offer products that can truly capture and respond to the needs of the market.

Innovations and Improvements

There are many wearable devices and mobile applications today that allow people to take a clear and highly detailed look at the many factors that affect their health, such as their physical activity, calorie intake, and stress levels. People want to take these details into consideration when choosing a health insurance plan, and health insurance companies would do well to use this wealth of information to formulate satisfying products and services. However, this is all for naught if the system that your company employs cannot harness this information.

Modern health insurance solutions are designed to accommodate large amounts of data. These new technologies can be integrated with information collected from mobile apps and wearable devices, thus allowing insurance companies to utilize data that customers are willingly providing. Such a technology not only allows your insurance company to provide timely products and services; it also lets you look ahead and anticipate the changing needs of your clients.

Improved Services for Your Customers

Some customers have noted how difficult it can be to coordinate with their insurance provider. It takes a lot of work and back and forth correspondence between the provider and the client to clarify particular issues like billing, or procedures and treatments covered by the insurance company. This often happens when your business is still relying on legacy systems that place a lot of burden on your staff members.

If your system is able to support mobile applications and emerging innovations related to health and fitness, this won’t be a problem. You can design an app that allows your customers to access their data and see providers closest to their location, along with the treatments that are covered in their plan. With all this information right at their fingertips, your customers won’t be bogged down by long waits, and your staff members won’t be forced to answer as many inquiries. It’s a win-win for everyone.

It Doesn’t Have to Happen All at Once

Rome wasn’t built in a day, and your insurance company doesn’t have to switch from a legacy program to a more modern system in one go. Upgrading your company’s technological backbone can take place over the course of a few years. You can choose to completely switch your systems today and install upgrades as needed in the future. If a total system overhaul is not in the cards, you can augment some of your processes with more modern solutions that will make the work easier and faster for your staff members. Once you are able to upgrade your main system, you’ll still be able to enjoy the services of the earlier piecemeal improvements you’ve installed; only this time, these minor installations are supported and held together by a more future-proof base technology.

No matter how you choose to move forward, upgrading the technology that your insurance company uses is a step in the right direction. Whether you choose to do it all at the same time or go about it gradually, you’re ensuring that your company is a step closer to enjoying a more efficient and effective system to back its products and services.

This post was sponsored by Glen Dimaandal Inc.

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Digital Health Buzz!

Digital Health Buzz!

Digital Health Buzz! aims to be the destination of choice when it comes to what’s happening in the digital health world. We are not about news and views, but informative articles and thoughts to apply in your business.

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