Health Insurance Innovations are transforming rapidly as technology is used frequently in this sector.
Personalised insurance plans is a significant factor of health insurance innovations. These plans will be based on data provided by health sensors, apps, wearables and even trackers.
Many companies are using digital products in their services to provide a varied range of health insurance innovations. One example of this would be the cooperation of dacadoo and T&D Life Group’s holding company in Japan to develop digital life insurance products for Japan.
This product is delivered through mobile apps and a web built app in responsive design. It combines motivational techniques from behavioural science, with functions from online gaming and social networks that involve users in their holistic health – body, mind and lifestyle.
Another health insurance innovation is when India based Royal Sundaram General Insurance rolled out its latest health insurance policy ‘Family Plus – The 5G Health Insurance Plan.’
This product provides coverage to 19 members of a family with individual sum insured for each member and a floater sum insured that can be used by any of the members within the overall sum insured.
Many other life insurance companies have promptly followed. Collinson had partnered with digital health company Babylon Health to provide its customers with health insurance innovations. Customers are given free telephone or video access to a doctor whenever and wherever they are.
Heath insurance innovations are now being rolled out throughout the industry as it proves to be an incentive for customers to stay with the company or even new customers to sign up for healthcare insurance plans and products.