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Customer loyalty and satisfaction are key indicators of successful businesses. In fact, and according to Sales Force, 84% of customers say that the experience they have with a company is just as important as the services it offers. This can be also said for modern-day insurance companies, where people who purchased insurance saw it as a commodity that they had to buy based on what was offered. But in the last few years, more insurance policies and options have flooded the market. This has made buyers more insurance savvy and given them a wider range of needs and wants.
And so, to keep up with these changes, health insurers need to be more flexible, work faster, and put customer experience (CX) at the top of their list of priorities.
Data digitization
In the last decade, data digitization has reformed the health insurance workspace and given them access to endless data and information that has significantly aided them in their operations. Today, health insurance companies have wider, more detailed, and more accessible online access to customer data for their client's medical histories, treatments, and outcomes.
Digital tools like electronic health records (EHRs), wearables, and telehealth services can give insurers a lot of information that they can use to improve their services, learn more about their customers' needs, and personalize what they offer. EHRs are a great way for insurers to find health risks, improve the way care is coordinated, and handle long-term conditions. They have detailed medical histories that include diagnoses, medications, and test results.
Efficient claim processing
Digital tools and platforms have the potential to simplify the claims process, making it less frustrating for customers. Through mobile apps or web portals, customers can easily submit claims, check on their status, and find out what's going on. This is great! It saves time and reduces the chances of errors and delays.
It gives businesses the chance to improve their operations and try out new things by integrating digital technologies. Today, health insurers can bring about faster, more efficient, and cost-effective operations through streamlined claims processing.
This process makes it possible to automate the whole claims process, from submitting a claim to getting paid. By using this solution, manual mistakes will happen less often, the claims process will go faster, and staff will have more time to work on other important tasks. It lets insurers use cutting-edge technologies like machine learning and artificial intelligence to look at data and find patterns that can help them spot fake claims. This makes the claims processing process more accurate.
Customer self-service
Thanks to digital technology, customers can do things like sign up for a plan, change their coverage choices, and pay their premiums all online. This can give customers more power over their plans and make the process easier for them to understand.
Health insurance self-service means that policyholders can handle their health insurance policies online, without having to talk to an insurance company representative.
Typically, this form of self-service offers the ability to view and manage policy details, including coverage, premiums, and deductibles, and the chance to add or delete dependents, change coverage levels, or update contact information. Get access to health and wellness information and tools such as preventive care guidelines, symptom checkers, and telehealth services, and submit and track medical expenditures, prescription medicine, and other covered service claims.
Many companies that sell health insurance have self-service portals, mobile apps, and other digital tools that make it easy for policyholders to access and manage their plans at any time and from anywhere. Self-service options can save time and reduce the need for phone calls and paperwork. They can also make policy information and healthcare costs more clear and give people more control over them.
Personalized experience
According to IBM, the majority of insurance companies communicate with their customers by phone (51%), followed by email (50%). These ways are expensive and make interactions that don't fit together well. Customers want to connect more and more through digital means, like a company's website.
By focusing on digitally transforming the front office and coming up with an omnichannel strategy, insurers can save money and improve customer interaction. Still, adding more ways to talk can have unexpected consequences.
For example, OP Financial, one of Finland's biggest financial services companies, added an online chat tool to its new website that gives insurance advice. Within months of adding this new feature, the number of users went up by 1,000%, causing customers to have to wait a long time, especially during winter storms. OP Financial was able to reduce customer wait times and keep up with demand for their new online chat feature by adding an AI-based chatbot to their omnichannel approach. The chatbot works in addition to live human interaction. To add new channels, the right amount of testing, launching, and coordination with the other channels is needed.
The bottom line
Health insurance companies can make the customer experience much better by investing in technology and making their platforms easy to use and easy to get to. They are committed to giving customers the help and tools they need to use the platforms and solve any problems they may have.
Digital tools and platforms could make the health insurance customer experience much better if they are used. By using technology, health insurance companies can give their customers access to information, personalized recommendations, streamlined claims processes, and virtual health services. This will definitely lead to greater customer satisfaction, loyalty, and retention.
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