Technology advancements are transforming the insurance industry, and insurers would be wise to keep their eyes on three IT trends, Insurance&Technology reported. The trends included:
1. Digital-physical convergence
Wearable health devices and home sensors are blurring the boundaries between physical and digital, the article noted. Such technology tools give insurers usage and contextual data to redefine products and enhance member relationships.
That IT trend could quickly become the norm, as an April survey from Mavosky Health/Kelton found 81 percent of consumers would use a wearable health device. As mobile monitoring tools take off, insurers may even add mHealth jewelry accessories to their efforts to improve health and lower costs.
2. Fluid workforce
Insurers also need to get on board with a future workforce that extends beyond in-house employees, according to Insurance&Technology. Thanks to cloud, social and collaboration technologies, insurers can draw on talent who can work from anywhere at anytime. Big insurers, including UnitedHealth Group, Aetna and Humana, have been taking steps toward a fluid workforce by offering telework, which lowers overhead costs and boosts employee engagement.
Technology advancements in healthcare also require a workforce that has digital experience and training, FierceHealthPayer previously reported.
3. Data supply chain
In a tech-driven healthcare environment, insurers must create a data supply chain, so that data flow easily and usefully through the entire organization, according to Insurance&Technology.
MVP Health Care has done just that. Fed up with poor data management systems that featured siloed data and disconnected legacy software, the New York-based insurer centralized its data. "We will improve our customer satisfaction, drive smarter decision-making and unlock new frontiers of competitive advantage," Linda McCann, MVP's vice president of business intelligence, told FierceHealthPayer in an interview.
Better data analytics also helped Boston Medical Center HealthNet Plan monitor emerging trends, track cost savings opportunities and keep up with the demand for information to make good business decisions. The health plan made data quicker to get to and easily accessible.
To learn more:
- read the Insurance&Technology article