PR Web March 2, 2020
10,000
baby boomers age into Medicare health coverage every day, classifying this
segment of the health insurance market as the most explosive.
Major
carriers are expanding their offerings to capture market share, resulting in an
estimated 32% increase in the number of Medicare Advantage plan choices over
the past year. Within these same markets however, 20 or more options are
available, further confusing and overwhelming its target customer-- senior
beneficiaries.
(1) Dave Rich, CEO of
an online multi-carrier insurance broker, Ensurem, has
developed new AI tools to offset the complexity of the health insurance market
giving today's increasingly convenience-oriented consumer what they actually
want--prompt and clear quotes.
"In
our specialty," says Rich, "which is helping seniors and insurers
match up to make the right Medicare choices, we sit at the busiest corner of
the busiest neighborhood in the entire insurance industry." Ensurem's
primary goal is to educate its consumers, match customer to
product, simplify application, automate underwriting, and instantly produce
finished documents. AI applications are problem-solving for seniors, decreasing
patient care error, and vastly improving efficiency plus speed for insurers.
In
health insurance, AI applications currently fall into two primary categories,
cost efficiency and fraud detection. On the cost efficiency front, both
insurers and healthcare providers are developing software platforms to
recommend healthy habits and behaviors, such as nutrition strategies and
exercise plans. Under fraud detection strategies, the development primarily
focuses on AI analysis of databases of previously processed claims to isolate
and identify possible fraudulent behaviors on the part of current
policyholders. (4) Recent applications of artificial intelligence (AI) to
insurers' products and processes, however, have been hailed by industry
insiders as showing promise for rapid, significant improvement in critical
areas such as risk assessment and customer service. (3)
AI
Focuses on the Consumer
While
most of these AI applications are still in a fairly early stage of development,
the promise they hold is causing the insurance industry to re-examine its
attachment to legacy IT systems and outmoded (but still common) procedures such
as the manual re-keying of data between systems. (5) As competition for market
share increases, Rich notes, the combination of inaccurate data and balky
customer service will simply become unsustainable. Speed, clarity, accuracy,
and price are areas in the healthcare insurance industry that are in desperate
need of improvement. A recent Deloitte study summarized, that insurers
gravitate towards developing complicated, difficult-to-understand products
based on what they know how to produce, instead of focusing on what today's
seniors need--clarity. (2)
About
Ensurem:
Ensurem, headquartered in Clearwater, FL, is a leading technology and product distribution company serving carriers and consumers within the massive U.S. senior market. The company provides end-to-end solutions for carriers, including product development, digital marketing, and consumer-centric front ends and back end. For more information, please visit Ensurem.com.
Ensurem, headquartered in Clearwater, FL, is a leading technology and product distribution company serving carriers and consumers within the massive U.S. senior market. The company provides end-to-end solutions for carriers, including product development, digital marketing, and consumer-centric front ends and back end. For more information, please visit Ensurem.com.
1.
Coombs, Bertha, "The 2020 Medicare enrollment season brings fierce
competition for baby boomers among insurers," CNBC, October 16,
2019, cnbc.com/2019/10/16/the-2020-medicare-enrollment-season-brings-fierce-competition-for-baby-boomers-among-insurers.html
2. "A catalyst for change: How fintech has sparked a revolution in insurance," Deloitte, 2018, deloitte.com/content/dam/Deloitte/global/Documents/Financial-Services/gx-fsi-cataylst-for-change.pdf.
3. Mire, Sam, "What's The Future Of AI In Insurance? 9 Experts Share Their Insights," Disruptor Daily, September 30, 2019, disruptordaily.com/whats-the-future-of-ai-in-insurance-9-experts-share-their-insights/.
4. Senaar, Kumba, "Artificial Intelligence in Health Insurance--Current Applications and Trends," Emerj, December 13, 2019, emerj.com/author/kumba-sennaar/.
5. Vargas, Nik, "Are Insurance Industry Legacy Systems Really Worth Keeping?", Switchfast Technologies, March 29, 2017, blog.switchfast.com/are-insurance-industry-legacy-systems-really-worth-keeping.
2. "A catalyst for change: How fintech has sparked a revolution in insurance," Deloitte, 2018, deloitte.com/content/dam/Deloitte/global/Documents/Financial-Services/gx-fsi-cataylst-for-change.pdf.
3. Mire, Sam, "What's The Future Of AI In Insurance? 9 Experts Share Their Insights," Disruptor Daily, September 30, 2019, disruptordaily.com/whats-the-future-of-ai-in-insurance-9-experts-share-their-insights/.
4. Senaar, Kumba, "Artificial Intelligence in Health Insurance--Current Applications and Trends," Emerj, December 13, 2019, emerj.com/author/kumba-sennaar/.
5. Vargas, Nik, "Are Insurance Industry Legacy Systems Really Worth Keeping?", Switchfast Technologies, March 29, 2017, blog.switchfast.com/are-insurance-industry-legacy-systems-really-worth-keeping.
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