As advancements in AI are spreading rapidly across several sectors, the insurance sector is not at all resistant to its impact either. In fact, it is foreseen that the insurance domain will soon move from the “detect and repair” approach to “predict and mitigate”. Healthcare is already on the path of moving from illness management to wellness management using a proactive, leveraging, and predictive modeling approach. Amid this, AI also unlocks avenues to infiltrate health insurance. According to the latest McKinsey report, 72% of health insurance companies are looking forward to heavily investing in AI for the coming year.
Along with the other sub-arenas in healthcare, Health insurance is identified as a basic necessity for patients. Bearing the medical expenses that arise due to an illness, including hospitalization costs, medicines, and doctor consultation is somewhere challenging for maximum patients. Health insurance plans came as a savior and a ray of hope. To improve health outcomes further, insurance companies are trying to improve claim ratios and provide a better effortless experience for patients.
However, the reasons for the slow adoption of advanced AI in health insurance can be identified as the uncertainty about practical use cases, gaps in technology expertise within organizations, or a lack of transparency regarding the available data
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