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Can Insurtech power Group Health Insurance at the workplace?

Workplace health insurance is a good thing to have. But it isn’t always enough. When the pandemic struck, and people started getting infected, many employees ran out of coverage. Risk protection of Rs 5 lakh may seem adequate when you’re healthy, but it gets exhausted embarrassingly fast if you need intensive care.

Some employees bolster their risk coverage by purchasing independent policies of their own. However, not everyone does. In any case, modifying a workplace plan can feel like a pain. Group health insurers don’t make things easy. Thankfully, insurance tech companies could smooth out the experience for employees. Here are four ways that insure tech could expedite group insurance processes in the years to come.

1. Insure tech puts customers first:

Insurers are not known to be customer-friendly. Carriers try to tick all the boxes, of course: they sell insurance online, have numerous policy options, and offer educational resources to decode the jargon. But it’s always on the customer to get proactive about buying insurance. Right from plan and rider selection to choosing the coverage amount, there’s a lot of decision-making for the consumer.

Insurance tech makes things easier. Chatbots powered by artificial intelligence (AI) are already a standard feature on financial apps and websites. Why not transfer them to the group health insurance space? When a customer logs into the company’s insurance platform, a chatbot could list the documents needed to add a family member to the policy or share a link explaining the claim settlement procedure.

2. Insurance tech is all about data:

The previous point touches on how insurance tech companies could use company data to improve group health protection. But that’s just scratching the surface. Let’s give this a closer look.

  • An insurance API could create tailored policy offers for new hires. If the employee is young and newly married, the API might suggest a maternity rider. If the new joiner is a senior manager who is close to retirement, a policy with no waiting period for pre-existing diseases would be a welcome perk.

  • Those who work hazardous jobs may be eligible for special coverage. Insurance tech could help employers understand how and why employees are getting injured. Wearables may be used to track vital signs. Such health data could be used to process claims later on.

  • Endless insurance form filling may finally be at an end. The company’s digital insurance platform could use machine learning (ML) to auto-fill policy forms for employees at the time of enrolment and claim to file.

3. Digital insurance at your fingertips

Smartphones have become ubiquitous across India, and the launch of 5G is just around the corner. Moreover, now that mobile payments have become commonplace, users are accustomed to handling money on digital devices. Group health insurance needs to get here as well, and insure tech can help.

Clunky old portals won’t cut it anymore. But developing technological expertise from scratch can be an expensive proposition. A more cost-effective option is to ally with an insurance tech company like Turtlefin. That way, Turtlefin would provide the technological solutions while the carrier finetunes its products and the partner company focuses on its core business.

The result should be a seamless insurance experience for employees. Users could log into the new digital insurance platform to check policy details, upgrade or renew their plan, and file claims. The user could even upload bills and images through a smartphone app to support their claim.

4. Insurtech speeds up processes via automation:

Group health insurance can take a while to be issued. Right from the initial quote to the final policy offer, the process is slow and far from transparent.

Insurtechs can help by deploying AI to underwrite policies, thus freeing up human underwriters to focus on more complex cases. This would ease the pressure on human personnel and expedite policy comparison and selection. AI also tends to be faster and highly accurate at predicting fraud, which reduces the risk exposure of the insurance provider.

Automation is also important during claim settlement. AI and ML technologies can be harnessed to process uncomplicated claims quickly. Digital insurance apps could prompt users to submit additional documents as needed. The goal is to minimise human intervention at every step.

Speed ahead with Turtlefin

Although workplace insurance was long been a perk for employees at bigger companies, today, even small and medium-sized enterprises (SMEs) offer insurance to their workers. An insurtech company like Turtlefin has the expertise to make group health insurance more accessible within and outside the workplace.

Our insurance API solutions can transform your online systems into digital insurance platforms that employees can navigate with ease. Experts from Turtlefin will prioritise the well-being of your employees without hurting your margins or causing any kind of work interruption. Even as we install new insurtech solutions in your offices, it will always be business as usual at your end.

Final word

Workplace insurance is a space that employees have found hard to navigate, but change is almost here, thanks to insurtechs. Once employees are able to customise their health coverage through the office, they will feel reassured and start viewing insurance as an employee perk. That could drive loyalty toward the workplace and control attrition, which is always a plus for businesses across the board.




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