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Top-10 Technology Trends in Health Insurance: 2019

The health insurance sector is facing changing market dynamics on a number of fronts. Competition is heating up, new players are entering the market, and consolidations and collaborations have become commonplace. While there has been consistent top-line growth due to increased coverage, low-interest rates, escalating healthcare costs, and intense competition continue to squeeze profits. Health insurers are leveraging digital tools, artificial intelligence (AI) and analytics to gradually move toward an efficient, digitally-integrated ecosystem. Voice assistants, online digital portals, predictive and behavioral analytics, and telemedicine are enabling health insurers to cater to evolving customer expectations and reduce healthcare costs. Blockchain and AI are empowering insurers to improve operational efficiencies and integrate with healthcare ecosystems. This analysis provides an overview of the top-10 technology trends in the health insurance sector that will be strategic for firms in the near term.

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Top-10 Technology Trends in Health Insurance: 2019

  1. 1. Top 10 Technology Trends in Health Insurance: 2019 October, 2018
  2. 2. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved.Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 2 Top 10 technology trends in health insurance in 2019 Health insurance industry is gradually moving toward a digitally integrated ecosystem
  3. 3. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved.Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 3 The health insurance industry is experiencing changing market dynamics Source: Capgemini Financial Services Analysis, 2018 Amazon Aetna- Canadian Insurance AXA-Oscar Cross- consolidation through M&A New entrants - BigTechs and retail giants Collaboration with InsurTechs
  4. 4. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved.Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 4 Insurers are offering members a guided-user experience to simplify the healthcare journey Source: Capgemini Financial Services Analysis, 2018; “Guided-User Experience Enhances Members’ Healthcare Journey”, Capgemini, 2018 Make decisions & set appointments Find healthcare to meet needs Buy Find others with similar experiences Understand my options Track my care and that of my loved ones Track progress & set goals Sort + Compare ConnectOptimize Organize Search + Find Consolidate information in one place
  5. 5. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved.Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 5 Health insurers are leveraging voice assistants for meaningful customer engagement Source: Capgemini Financial Services Analysis, 2018; https://medium.com/@micromoney.io/the-rise-of-the-voice-payments-ecosystem-666cf658930f Personalize sales conversations Companion for older patients Address health queries Continuous monitoring 1.83b n The number of customers who would be using voice assistants in 2021
  6. 6. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 6© 2018 Capgemini. All rights reserved. 6Health Insurance Trends 2019 | October 2018 Use of mobile as a channel heats up enabling insurers to increase customer touchpoints Source: Capgemini Financial Services Analysis, 2018; https://research2guidance.com/product/mhealth-economics-2017-current-status-and-future-trends-in-mobile-health/ Offering value-added services e.g. United Healthcare’s app for pregnant women Providing core insurance services e.g. Nationwide Medical Insurance uses mobile for premium collection Access to underserved markets e.g. Jamii Africa offers mobile micro-health insurance 325,000 health apps available in 2017 with 78,000 apps added to major app stores in 2016
  7. 7. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 77© 2018 Capgemini. All rights reserved. 7Health Insurance Trends 2019 | October 2018 Insurers are providing employers reporting tools for better workforce health costs management Source: Capgemini Financial Services Analysis, 2018 Reduction in healthcare costs Better managed employee care Tailored proactive wellness initiatives Actionable insight generation Employer group retention
  8. 8. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 8© 2018 Capgemini. All rights reserved. 8Health Insurance Trends 2019 | October 2018 Wearables tech is enabling health insurers move toward a preventive care model Source: Capgemini Financial Services Analysis, 2018 Proactive wellness initiatives Continuous monitoring using wearables Real-time insight generation from wearables can enable insurers to continuously monitor members’ health leading to timely interventions and preventive care
  9. 9. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 9© 2018 Capgemini. All rights reserved. 9Health Insurance Trends 2019 | October 2018 Predictive and behavioral analytics is facilitating predictive diagnosis and personalized care Source: Capgemini Financial Services Analysis, 2018 Initial diagnosis via photo and video analysis of ailments Predictive analysis for identifying effective treatments Predicting the members’ future health trajectories Behavioral analytics to study customer preferences Use of predictive and behavioral analytics in the customer care continuum
  10. 10. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 10© 2018 Capgemini. All rights reserved. 10Health Insurance Trends 2019 | October 2018 Remote care via telemedicine is transforming the nature of provider-payer-client interactions Source: Capgemini Financial Services Analysis, 2018 Better access to care for members in remote areas Reduction in health costs Reduced in-patient visits Convenience in care Improved remote diagnostic capabilities coupled with better data integration would enable insurers to reap the full benefits of remote care services using telemedicine.
  11. 11. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 11© 2018 Capgemini. All rights reserved. 11Health Insurance Trends 2019 | October 2018 Blockchain is being seen as a potential solution for unifying and maintaining data records Source: Capgemini Financial Services Analysis, 2018 Maintaining provider lists Administrative cost reductions Secure and easy access to health records Seamless updating of lists by providers and payers Better collaboration among different providers Easy determination of whether provider is in network Achievement of cost efficiency in care Unifying customer health records
  12. 12. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 12© 2018 Capgemini. All rights reserved. 12Health Insurance Trends 2019 | October 2018 AI is empowering health insurers to achieve enhanced operational efficiency Source: Capgemini Financial Services Analysis, 2018 Faster claims processing and payouts Enhanced customer experience and operational efficiency Accurate Identification of fraudulent claims Cost optimization and claims cost reduction Key Benefits $80 bn The amount that fraud costs the insurance industry in a year
  13. 13. Health Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of 200,000 team members in over 40 countries. The Group reported 2016 global revenues of EUR 12.5 billion. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright © 2018 Capgemini. All rights reserved. People matter, results count.

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