10%

Try : Insurtech, Application Development

Edtech(5)

Events(31)

Interviews(10)

Life@mantra(10)

Logistics(1)

Strategy(14)

Testing(7)

Android(43)

Backend(28)

Dev Ops(2)

Enterprise Solution(20)

Frontend(28)

iOS(39)

Javascript(13)

AI in Insurance(27)

Insurtech(57)

Product Innovation(36)

Solutions(15)

Augmented Reality(7)

Customer Journey(7)

Design(6)

User Experience(21)

Artificial Intelligence(95)

Bitcoin(7)

Blockchain(14)

Cognitive Computing(7)

Computer Vision(6)

Data Science(14)

FinTech(41)

Intelligent Automation(25)

Machine Learning(43)

Natural Language Processing(10)

E-health(3)

HealthTech(5)

mHealth(3)

Telehealth Care(1)

Disruption Vs Innovation in Insurance

3 minutes, 11 seconds read

People concerned with insurance have been using the terms- ‘innovation’ and ‘disruption’ interchangeably, perhaps because both correspond to building something ‘new’. However, there is a fine line between the two. All disruptors are innovators whereas, not all innovators are disruptors. Let’s delve deep into the difference between disruption and innovation in insurance.

Who are the ‘Disruptors’ in Insurance?

Disruptors drastically alter prevalent businesses, services, or products. They tend to be more creative, useful, impactful, inexpensive, time-savvy, and most importantly – scalable. 

As an example, Lemonade took in $57 million in premium revenue from 4,25,000 customers in 2018. This four-year-old startup was able to sell premiums to millennials- 90% of whom were purchasing insurance for the first time.

Reason- instead of an all-encompassing insurance package, Lemonade is keen on distributing micro policies as low as $5, which the customer perceives as useful. They’ve simplified the claim settlement process and within 3 minutes, a customer can get his refund credited to his account. While Lemonade sells its insurance policies through chatbot Maya, chatbot Jim handles claim settlement. Such AI-powered bots can handle multiple customer requests just as human agents and are better in detecting fraud. 

The disruptors are prone to adapt to changing customer preferences, which the traditional insurers are reluctant to because of the fear of losing existing customers. Disruption in insurance can break the barrier of the lower market penetration rate.

What’s Innovation in Insurance? 

Innovation is independent of drastic changes in businesses. It focuses more on bringing positive business development by delivering convenience to the customer and improving operational efficiency.

Innovation is not always about introducing new technology. It is also about harnessing existing technologies to build innovative solutions. For instance, blockchain technology has been there for decades; but the insurance industry has recently utilized it for algorithmic trading, smart contracts, policy distribution, and claim settlements.

For example, AXA Fizzy provides paperless flight insurance based on blockchain technology. Every user interaction is recorded and executed in the ledgers- from buying a policy to claim settlement without any human intervention. 

Other examples of innovation in insurance include Robo-advice, NLP (Natural Language Processing) to understand customer queries, insurance for IoT devices, AI-powered underwriting, automating insurance workflows, and Machine Learning technologies.

Also, read – Innovative insurance products of 2109

However, according to McKinsey’s report on Digital insurance in 2018, most of the P&C, health, and life insurance innovations revolve around marketing and less towards product development and claims. This gives an idea of the scope of innovation in insurance.

Where insurtechs are focusing

What’s Next in Insurance: Disruption or Innovation?

The traditional insurance business is known to be resilient to technological advancements and innovations in terms of consumer-centric products. To stay relevant and competitive, insurers should shift focus from digitization to strategic disruption according to the changing market dynamics.

In fact, Insurers are willing to fund insurance startups to gain a first-mover advantage in terms of technology and innovations. These investments illustrate a clear goal of improving customer experiences and supporting their existing operations at the startups’ risk. 

For instance, “Axa provided seed funding for five European start-ups under a fund set up in France in 2013, before launching Axa Strategic Ventures in 2015. The €200 million ($223.47 million) venture capital fund has the mandate to invest in innovations in insurance..”. (OECD (2017), Technology and innovation in the insurance sector)

Innovation from Insurtechs has the potential to contribute to the insurance value chain; however, managing disruption is still quite a challenge. Disruption alters the business and behaviours in such a short span that most of the outcomes remain unanticipated. While innovation takes time to catch the stream, disruption can make or kill a business. The best is to blend incumbents’ years of experience with innovation from startups to bring an accountable disruption.

We’ve been solving critical front & back-office insurtech challenges through innovative technological solutions. Drop us a ‘hi’ at hello@mantralabsglobal.com to know more.

Cancel

Knowledge thats worth delivered in your inbox

How to increase patient engagement on a healthcare app?

By :
4 minutes, 9 seconds read

Patient facing mobile apps have emerged as a viable alternative to interact with patients and help them execute several tasks related to healthcare without reaching the hospital. Patients are now increasingly glued to these healthcare apps and their time spent on mobile devices has increased significantly. From communication and information to executing business through mobile apps have become a common thing.

Still, there is a lot of gap in the healthcare market. Marketers are struggling to gauge the true value of mobile apps for the bottom line of healthcare organizations. Especially in terms of the value of the app viz-viz the efforts, cost, and time it would take to become a useful and engaging healthcare app for the patient.

To help you increase the patient engagement on a healthcare app, here are a few crucial ways that you need to know. It will not only increase the engagement but will also help you meet your organizational goals at a faster pace.

1. Reduce Readmissions

Healthcare provider’s biggest pain point these days is to avoid readmission of preventable cases. It is crucial for healthcare organizations to reduce this number to enhance patient outcome and improve their revenue growth. Customized healthcare applications can assist hospitals in reducing the number of readmissions.

Here is how:

  • Offer personalized post-release information and instructions
  • Reminder for regular follow-up visits
  • Enforce stricter adherence to post-release prescription and regiment
  • Easier access to healthcare resources and information
  • Lesser cost and time of reaching out
  • Greater engagement to reduce readmission rates

2. Encourage Patients to Proactively Manage Their Health

Encouraging the patient to become proactive in managing their own health can help in improving the outcome and also enhance the reputation of your hospital. With easier access to the required resources and tools, patients are more likely to stay in touch with healthcare professionals and practice the wellness regimen. A properly optimized mobile app can deliver a better wellness experience to the patient and a greater sense of satisfaction.

Here is how an app can help the patient in managing their health proactively:

  • Keeps the patient informed and connected with relevant services
  • Encourages regular health tracking
  • Helps in developing healthy habits and exercises
  • Promotion of health education by streaming informations

3. Improve Trust and Build Relationships


Establishing trust between the patient and doctor is one of the difficult things that hospitals face. Due to long wait times, complex processes, or lack of communication between healthcare team; patients are not willing to attend healthcare appointments.

However, when you give all the relevant tools and information in the smartphone of the patient and empower them, the trust develops between the two parties and the patient proactively takes charge of their treatment. Hospitals can also gain competitive advantage by streamlining patient referrals and building stronger relationships with physicians.

Here is how apps can help:

  • You can provide access to a larger pool of specialists 
  • Help in easily accessing credentials, studies, and information from the mobile app
  • Recommend, network, and connect
  • Improve efficiency and workflow

4. Boost Brand Image and Reputation

Today patients can not be treated less than consumers. Hospitals are competing with each other to provide better care facilities and infrastructure at affordable prices. Hence, it has become crucial to achieve patient satisfaction and engagement. Through mobile apps, hospitals can make the existing information easily accessible along with brand awareness features including social media, photo galleries, virtual tours, and more.

Here is how mobile app can help:

  • Easier access to communication and information
  • Intuitive presentation of the hospital through immersive galleries
  • Stream ER wait time and other relevant information
  • Greater social media engagement

What more factors can increase engagement?

Several patients come to healthcare app once and then dump them after a few logins. One of the major reasons for such low engagement rates is that either the app is difficult to navigate or it is not immersive for the patient.

Consider these few points to make your app more engaging:

  • Customize the app as per the patient group. An app can appear differently to a child and an old age person. Develop an app that is easy to use for all users. Sit with your QA engineers to validate the functionality of your application thoroughly.
  • Build an app that is scalable and can be evolved over a period of time. Leave the possibility of enhancements and customizations that you would need in the future to keep the application viable.
  • It is a no brainer to give multiple options to your patients. Develop a cross-platform application that is compatible with both iOS and Android platforms and offers a rich user experience.

Wrapping Up

With the COVID-19 pandemic, people are more worried about visiting hospitals. Social distancing has become the norm and patients are more inclined towards telemedicine for their treatment. In such a tricky situation, it has become more crucial for hospitals to provide a robust, secure, and engaging mobile app to patients to interact with doctors, access information, and stay connected with the healthcare system.

About the Author

Erna Clayton is a techie with over 12 years of experience in several technological domains including quality assurance and software testing. In her free time, she loves travelling and writing on technology.

Further Readings:

  1. Building Consumer Trust in the Digital Healthcare Era
  2. HealthTech 101: How are Healthcare Technologies Reinventing Patient Care
  3. Virtual health: Delivering care through technology
  4. How Mobile Micro-Health Insurance can unlock ‘Digital for Bharat’?
Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
bot

May i help you?

bot shadow