A closer look at the benefits of digital insurance
- Lorraine Abwao
- 7 days ago
- 2 min read
Digital insurance benefits policyholders, insurers, regulators and the insurance industry. It encompasses a range of new technologies used to deliver and manage insurance services. These technologies are shaking up the insurance industry like never before. According to Dataintelo, the global digital insurance solutions market was valued at approximately US$15.3 billion in 2023 and is projected to reach US$49.7 billion by 2032, growing at a remarkable CAGR of 14.1% during the forecast period. The increasing adoption of advanced technologies drives this significant growth, the rising demand for personalized insurance products and the continuous evolution of customer expectations in the insurance industry. The future seems bright for digital insurance as technology continues to drive innovation in the industry.
Enhanced accessibility
Digital insurance makes it easy for people to research, purchase and manage policies at any time of the day through smartphones, tablets or computers. It eliminates many traditional barriers to insurance coverage including the need to visit physical offices during business hours. For example, Be.Well by Slade360° is a digital health companion app designed to simplify health insurance management. At the click of a button, users can conveniently view their medical insurance coverage, see benefits and dependents under each plan, view utilization for each benefit and check the utilization of dependents.
The app also gives you real-time visibility into previous transactions made during hospital visits, such as medication dispensed and the amount charged. It also allows personal health information sharing with healthcare providers. Users can collect and record their medical data and share it with healthcare workers for better care. Sharing your health record guarantees that healthcare providers and caregivers have the necessary details to provide safe and effective care.
Mobile-based solutions like Be.Well seek to make insurance more convenient for consumers. Another key advantage of digital insurance is its ability to reach underserved populations and provide them with access to insurance coverage. Furthermore, for those with language barriers, digital platforms frequently offer multilingual support and translation features that traditional insurance offices might not provide.
Better customer experience
Digital insurance technologies provide insurers with new opportunities to deliver better customer experiences. Today, insurers are harnessing the power of digital technology like Artificial Intelligence (AI) and Machine Learning (ML) to provide more personalized services based on a customer’s preferences. Many digital insurance platforms now offer tailored risk assessments and customized educational content to address each customer's unique circumstances. This approach deepens their understanding of individual risk factors and equips them with practical strategies to mitigate risk factors.
Way forward
Digital insurance is reshaping how insurers and policyholders interact. As technology evolves, insurers adopt advanced tools to meet consumer needs, streamline operations and open new revenue opportunities. Insurers can offer personalized solutions that enhance customer experiences by leveraging data-driven insights. These solutions can provide real-time access to details and faster claims processing while improving risk management and cost control.
Digital platforms break down traditional barriers, extending coverage to underserved markets with multilingual support and user-friendly interfaces. The future of insurance is digital. Embracing this transformation will drive innovation, competitiveness and lasting value, paving the way for a more efficient, transparent and customer-centric industry.
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