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(26)

Insurtech(57)

Product Innovation(34)

Solutions(13)

Augmented Reality(7)

Customer Journey(7)

Design(6)

User Experience(21)

Artificial Intelligence(94)

Bitcoin(7)

Blockchain(14)

Cognitive Computing(7)

Computer Vision(6)

Data Science(13)

FinTech(41)

Intelligent Automation(25)

Machine Learning(43)

Natural Language Processing(10)

HealthTech(5)

mHealth(3)

Telehealth Care(1)

Insurance as a service

4 minutes, 26 seconds read

The past years have seen strong traction in “as a Service” business model across several industries. The insurance industry is no different. 

The idea behind XaaS, or “as a Service” is that one can buy services from vendors on a subscription-basis – depending on their needs and requirements. It is especially beneficial to reduce time to benefit, installation costs, ensure scalability and swift upgrades. XaaS often corresponds to the availability of service on the cloud.

[Read More: Everything as a Service]

Now, 

What is Insurance as a Service?

Insurance as a Service implies that individuals or companies can buy pre-built elements of Insurance services on subscription-basis as per their needs and requirements.

How is Insurance-as-a-Service different from Sandbox?

The Sandbox approach emphasizes on experimenting and learning before finally adopting technology or systems to reduce the impact of failure. Whereas Insurance as a Service is a platform built after testing done on a wide user base and is available for users on a subscription basis. Insurers use a sandbox approach to test product-market fit before the actual release. Individuals, corporates, and even insurance companies can benefit from Insurance as a Service.
Details – Sandbox Approach in Insurance

What makes Insurance as a Service model impressive?

Insurance as a Service model requires only a little to no capital expenditure. The service infrastructure, owned by the provider, distributes the cost across users. 

After studying business cases, primarily for incumbent processes, corporates and stakeholders can test a particular service before actually investing in it. Businesses need not overhaul their core functions for integrations. A small-scale trial can be enough to adopt a specific model. In many such ways, Insurance as a service is an excellent option for incumbents, entrepreneurs, and startups.

Prerequisites

XaaS products are, in general, scalable and can be integrated across a variety of platforms without compromising customization and customer experiences. Their infrastructure relies heavily on data, analytics and contextual tools. The fundamental requirements from Insurance as a Service infrastructure are:

1. Customer analytics

Why: Advanced analytical technologies are great to get an insight about customer psychology and implement them to create related products. 

How: NLP-powered chatbots can create a transparent platform for communication with customers and dive into the functional requirements of the product.

[Related:The State of AI Chatbots in Insurance Report]

2. Personalized data

Why: This is a high-time to humanize conversations with customers and establish a real-time personalized relationship.

How: Through the omnichannel approach, it is possible to gather and unify customer data collected from various sources like social media, website, communication with agents, to name some.

3. Contextual tools

Why: To formulate products that can match customer expectations, offer convenience and empathy-based experiences.

How: Leveraging analytics, emotion AI and NLP-based technologies to analyze customers’ intent and perceptions about your brand from multiple sources (e.g. social media, forums, etc.)

How are start-ups developing models for Insurance as a Service?

As per recent InsurTech developments, start-ups are pursuing the following 3 Insurance as a Service model:

1. Full-stack

It involves an end-to-end infrastructure to deploy digital insurance. Here, a technology company can develop a platform for Insurance processes as well as licensed white-label backend. For example, Swiss startup Stonestep provides Micro-insurance as a Service by partnering with mobile network operators, retailers, and vendors who already have an existing distribution presence. 

Working with partners helps them to save infrastructure costs and helps them to make insurance available for even the most remote geographical locations.

[Related: Four New Consumer-centric Business Models in Insurance]

2. Digitizing Process Assistance

Most of the incumbents still rely on legacy systems and processes for underwriting, policy distribution, claims, and agent onboarding. The Insurance-as-a-Service model also assists companies to digitize and channelize insurance operations in a single system and then connect them to their engine. Mantra Labs is a leading provider of InsurTech services and offers plug and play products for digital insurers such as:

Insurance Chatbot: An NLP-powered that works on a self-learning model and is updated from time to time based on the interactions between agents and customers. It brings unparalleled benefits in terms of ROI saving licensing and agent salaries costs.

Paper to digital document parser: Mantra Labs’ Intelligent Character Recognizer allows users to convert and store paper-based or handwritten documents into a digital format. 

Today we need situation-dependent personal risk management products. Insurers can remodel their offerings based on real-time scenarios which will not only urge the customer to invest in the insurance policies but also work towards improving their customers’ health and welfare. For instance, you may not have comprehensive auto insurance. But, how good it will be if your insurer provided theft insurance whenever you enter a theft-prone area? It is a win-win situation for both — the policyholder as well as provider.

3. Digitizing Core Services

Some startups offer their services in a specific field of insurance. For instance, Mantra Labs focuses on customer engagement, new revenue streams, and security features. Some companies like Riskpossible help with underwriting, RightIndem for claims, and others for customer data management and fraud detection. 

Because these companies focus on specific insurance domains they are much more efficient in making Insurance services a winner.

[Related: Visual AI Platform for Insurer Workflows]


Mantra Labs is an InsurTech100 firm specializing in AI-first products and solutions for the new-age digital Insurers. For your specific requirements, please feel free to drop a line at hello@mantralabsglobal.com.


Further Reading:

Cancel

Knowledge thats worth delivered in your inbox

Virtual health: Delivering care through technology

8 minutes, 52 seconds read

Virtual Care, Telehealth, Telemedicine, etc. are terms used very synonymously. Indeed they are interrelated, however, Virtual Care is a broader term in which healthcare providers use digital tools to communicate and deliver care to their patients. Telehealth and Telemedicine are a part of Virtual Care where doctors deliver care to their patients, remotely via phone, video, or instant messaging. Virtual health includes care delivery beyond video consultation where hospitals provide services using technology such as wearables for remote monitoring, instruments for post-op care and second opinions, e-pharma services, and medical information, etc. 

The outbreak of the COVID-19 pandemic gave an impetus to Virtual Care, but even in the Pre-COVID time, the Healthcare sector was slowly gearing up for this next wave in care delivery. What COVID-19 did was, help patients get acclimatized to the digital health tools and services. 

What does Virtual Health help with?

The pandemic has brought the burning issues of the healthcare sector to center stage. Patient experience and access to healthcare services are key differentiators for people while choosing a healthcare provider. Let’s take a look at some of these issues addressed by technology in the healthcare sector-

The increasing number of patients

Apart from the pandemic, there’s already been a rise in the number of patients due to drastic changes in lifestyle and food habits, an increase in pollution levels, increase in new types of viruses, etc. This has caused undue stress on healthcare institutions and workers and has led to the deterioration of the quality of patient care. Virtual Health technology such as mHealth apps, EHR (Electronic Health Record), video conferencing, etc. has helped reduce the pressure on hospitals.

Difficulty in traveling for old patients

The pace of life is increasing at a rapid rate. It is getting insanely difficult for the elder population to navigate through the traffic and commute long distances for a check-up. Many times, they have to depend on their family members to take them to hospitals. Moreover, they are at risk of exposure to viruses in hospitals and clinics. Now that they have had the experience of virtual consultations, they prefer care delivery at home rather than going to hospitals.

Chronic Diseases treatment

The number of people above the age of 45 face health issues. Some patients are suffering from chronic diseases regardless of age. Regular monitoring of their vitals is very important. Moreover people now prefer Virtual healthcare services which are easily accessible and save a lot of time, effort, and money. Now that people have found these services effective, they will opt for online consults rather than frequent in-person visits. 

Post-op Care

The duration of post-operative care is quite long and tedious. If given a choice, people will lean towards wearables which will help keep doctors posted on the status of the treatment. Many times, the cost of post-op care is more than the actual treatment and sometimes is not covered under insurance. Virtual care-delivery services will help reduce the financial burden of people going through these treatments.

Follow-ups/Second opinion  

Some health conditions need multiple follow-ups and second opinions to figure out the right approach to treat the issue. It is much easier for patients to do follow-up consults virtually rather than going through the tedious process of appointment booking, commuting, and waiting for their turn. It helps reduce the queue outside the doctor’s office as well. Some health issues need a second opinion, sometimes both by patients and doctors. Virtual Healthcare technologies make it possible for them to take second opinions from doctors all over the world. With electronic records and image sharing, doctors can diagnose the problem better.

What does Virtual Health include?

Virtual Health can be broadly divided into below applications-

mHealth Applications

mHealth applications have widespread use. From symptom checkers to appointment booking, from fitness trackers to uploading medical records, from video conferencing features to chatbot integrations, mHealth apps are on a rise mainly because of easy accessibility for the tech-savvy customers. According to a study by NCBI, among the 22 selected mHealth apps operating in India, Practo, mfine, DocsApp, 1mg, Netmeds, Lybrate, MediBuddy, and Medlife were found to be the eight most popular ones with over a million downloads and on average four-plus user rating out of five. All the above apps are mainly being used for online consults. This just goes about showing that people prefer having homecare services instead of stepping out. 

E-Triage Tools

The rising number of patients with different stages of COVID symptoms was a task to deal with. E-triage software here enables hospitals to triage patients into different sections when there’s an overload of patients at a particular time. Now, in the case of home care, e-triage tools help patients to access the gravity of their health condition and notify the healthcare provider accordingly. Such tools help reduce A&E waiting time and improve NHS performance. Many companies are building healthcare software integrating the E-triage module within EHR, telemedicine, clinical decision making, billing, etc. In India, Persistent Systems’ cutting edge platform has a Nurse Triage system that enables nurses to see the queue of patients and triage via phone calls. Once the calls are done, a triage report is generated and sent to care providers. Many leading doctors feel that AI in image triage will see a boost in near future.

Remote Patient Monitoring 

There are multiple benefits such as reduced post-op expenditure, time wastage, less exposure to other diseases, etc. The global remote patient monitoring devices market is expected to expand at a CAGR of 7.1% during the forecast period (2019–2027) according to Coherent Market Insights. Some of the top players in this space are Biotronik, Boston Scientific Corporation, CAS Medical Systems, CONTEC MEDICAL, Dragerwerk, GE Healthcare, Guangdong Biolight Meditech, Medtronic, Mindray Medical, Nihon Kohden, Philips Healthcare, Spacelabs Healthcare, Abbott. Companies such as GE Healthcare and Philips Healthcare have done a great job with building remote patient monitoring systems within the hospital premises as well as homecare for COVID patients. The main goal was to reduce the exposure of healthcare workers to at-risk patients. 

Synchronous and Asynchronous Telehealth

Synchronous telehealth, in other words, Telemedicine is where there is a live conversation between the patient and the doctor. Asynchronous telehealth involves the exchange of recorded data e.g. images, video, medical reports, pathology reports between patients and doctors, at times between doctors as well. Similar to mHealth space, companies like Practo, 1mg, Lybrate, Medlife, and Portea Medical in India are some of the top players in telehealth and telemedicine. Lybrate’s USP lies in CMS (Clinical Management System) which helps doctors with tedious tasks of managing patients and providing better care. Meanwhile, Portea Medical’s home consults and pharma delivery have more relevance with the audience as it combines technology with a touch of personalization. 

Digital Therapeutics

Digital Therapeutics delivers evidence-based therapies with the help of software which can be used both as a preventive measure as well as treatment application. The effectiveness of the medication and lifestyle changes on patients are monitored by leveraging technology. In India, major non-communicable diseases that account for 62% of the total mortality rate are CVD, diabetes, respiratory conditions, and cancer. Prominent global players in this space include Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), etc. Omada Health is the pioneer in the DTx (Digital Therapeutics) that focused primarily on diabetes and pre-diabetes but now is branching out in the mental health space as well. In India, Altran (a part of Capgemini) is into building personalized DTx applications for clients. Whereas a start-up called Wellthy Therapeutics has ready solutions catering to multiple diseases.

Future of Virtual Health

Undoubtedly, there has been a massive increase in the adoption of Virtual Health technologies as people have gotten accustomed to the ease of certain services at home. In the coming future, mHealth apps, remote patient monitoring, and Digital therapeutics see a surge in demand from the customers. According to a study by Markets and Markets, “The global digital therapeutics market is projected to reach USD 6.9 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 26.7% during the forecast period (2020–2025).” A study by Fortune Business Insights, “The global mHealth market size is projected to reach USD 293.29 billion by 2026, exhibiting a CAGR of 29.1% during the forecast period.” A Research and Markets report says, “The remote patient monitoring market is expected to reach US$31.326 billion by the end of 2023.” Apart from the above, development in digital infrastructure such as virtual health stations where doctors can provide consultations globally, mobile ICUs, MRIs, X-rays, ultrasound equipment, the establishment of rural virtual care units reaching the remote areas of the country are some of the trends which will gain momentum. The focus would always lie upon the personalization of the virtual care experience for patients driven by data exchange and interoperability. 

Indeed, there are certain challenges to the implementation of these technologies, lack of infrastructure, and digital literacy amongst elders and lower strata of society. Many healthcare institutions still have inhibitions while investing in digital technologies fearing rejection from the customers. It will be crucial for care providers to choose the right partner for implementing these technologies and create awareness amongst people to adopt them.  

In a Nutshell

The success of virtual care relies on how well the digital experience is designed for the patient. “By 2025, as many as 95 percent of all customer interactions will be through channels supported by artificial intelligence (AI) technology” – Microsoft. The use of algorithms and AI for personalizing these experiences will be the key. 

Find out more about unchartered territories in ‘Blue Ocean’ of Digital Health. Join our webinar hosted by Parag Sharma (CEO, Mantra Labs) as he shares his insights on untapped opportunities using digital self-care tools within behavioral healthcare & emotional wellness.

Save your spot! 

Further Readings:

  1. Reimagining Medical Diagnosis with Chatbots
  2. HealthTech 101: How are Healthcare Technologies Reinventing Patient Care
  3. What will be the state of the healthcare industry post pandemic?
  4. Healthcare Chatbots: Innovative, Efficient, and Low-cost Care
Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
bot

May i help you?

bot shadow

Our Website is
Best Experienced on
Chrome & Safari

safari icon