The Covid-19 pandemic has accelerated the use of technology and increased the level of remote work. This confluence has led to a new type of insurance called Insurtech. Insurtech merges technology with healthcare and security services to support individuals on their phones and computers.
Insurtech is roughly defined as using technology innovation designed to provide savings and greater efficiency to the current insurance industry model. The Insurtech model allows individuals and businesses to access insurance products and services quickly from any location. Enhanced tools like artificial intelligence, geo positioning, application programming interface (API), instant messaging, and focused apps are key to the technology delivered in this model. Digital engagement is the key.
Employers have made it clear they want new technology and tools to engage workers. Employees, families and remote workers have made it clear they want self-service tools delivered directly to their phones. The days of calling into an insurance company or company benefit staff to check the status of a claim or deductible level is ending.
Tools like telemedicine, virtual mental health, and a security panic button are all part of the shift in benefits from traditional benefits like subsidized cafeterias, parking and more in-office benefits.
Global insurance programs are not technology enabled to provide full self-service. People should be able to find the right provider, use a payment tools, and have an online panic button if they need it. Our mobile phones have more computing power than the lunar lander had on the first moon landing. Cross border information should be available.
This area has been especially pronounced in the global arena. The expectation of more global leisure and business travel after the pandemic has accelerated the need for more global tools. In the past, policyholders were pushed to call customer service and send in claims for reimbursement. Today, with Insurtech tools, individuals are empowered with health, security and comfort tools 24/7 at their fingertips. Technology can deliver a global provider network of both hospitals and clinics with reimbursement tools and security response to keep folks healthy and safe wherever they are in the world.
