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The Digital Journey :: Insurance and Medical Industries

The Digital Journey :: Part 1

To date, there is a strong push for enterprise CIOs to go digital. To fully evolve, there are three transformational shifts individual organizations and entire industries go through. To better understand the process, one must be aware of the urgency involved with the transition. The competition is fierce and the need to succeed even greater. To survive the digital journey, CIOs must take a clearly defined path as mentioned below.

Healthcare Providers

The idea of the informed patient has changed the face of healthcare in a tremendous way. It shaped future interactions between the healthcare provider and patient by making deliverable care collaborative and more about outcomes. Finding the perfect method of management to do so posed challenges until population health management or PHM was born.

The multistep process improves outcomes clinically and financially. Not only does it save time by aggregating patient data across multiple IT systems, but it also puts the important data into a record that can then be used by the provider. In doing so, it keeps patients healthier than before.

The need for ER visits, lengthy hospitalizations, and imaging tests such as CAT scans, PET scans, and MRIs lessens because of the adoption of PHM. It helps hospital CIOs keep costs low by prioritizing patients that create greater expenses due to their higher risk for illness. It plays a role in preventive and chronic care by addressing those needs more effectively and efficiently.

PHM takes over the role that IT once played in hospital settings. It automates data to discern who requires the most immediate care based on geographic location, the current state of health, demographics, and the use of available resources. The automated system saves hospitals a great deal of time and money, making it a viable option to explore in the very near future if it hasn’t already been adopted today.

The end result is personalized patient care. Data isn’t just accumulated and not processed. It’s turned into meaningful information about the patient and how to improve their overall experience in a healthcare setting.

It also empowers the individuals it affects by encouraging them to advocate for their own health. By taking charge of certain areas of their lives, patients are able to make the changes necessary to improve their health and therefore, lower their risk for life-threatening disease. PHM takes all the data that has been collected and makes it easier for providers to use it in a way that changes people’s lives for the better.

The Digital Journey :: Insurance and Medical Industries

Insurance Providers

Among the most pressured industries to-date, the insurance industry has high expectations to live up to. Customers expect immediate information from insurers the way they receive it from the institutions they bank with. They want to get on an app and do everything they would do in an insurance agency in half the time.

If that wasn’t enough to consider, insurers also face a lot of competition from industries outside their realm of knowledge. They’re being given a run for their money by finance, retail, automotive industries who seek to grab their customers’ attention at any cost. That means that the insurance industry must take note and follow suit.

New business opportunities await insurers willing to make changes. By embracing the transformation journey, they’re able to better control infrastructure costs and secure a foothold in the ladder of successful future interactions. Rather than focus all of its energy into loss prevention, the insurer will provide value to customers by making them a partner in the process throughout the digital journey.

By focusing on education and prevention, insurance companies empower their customers. Policyholders don’t do the absolute minimum to protect themselves and their assets. Instead, they partner with the insurer by taking actionable steps that prevent loss and damage so they’re not required to file claims.

There are three shifts that help insurers adapt to digital transformation easily. The first is to adopt a different mindset on how to operate. Rather than focus strictly on policy, insurance companies now take a vested interest in the customer.

Serving as an adviser, they provide detailed information that educates the customer and reduces the amount of risk a policyholder carries. Creating an authentic relationship that is mutually beneficial is the aim of insurers worldwide. It’s not just about selling policies and paying out damages but more about putting the customer’s future into their own hands by providing excellent information.

Next, it’s not enough to capture data. It’s more important for insurers to use the data in a way that increases the value of their products and services. Doing so allows insurance companies to gain a better understanding of their customers as well as the needs they have. It gives the insurers an advantage by allowing them to take this data and develop better, more adoptable offers in the future.

The last shift is transitioning from manual to digital processes. Eliminating antiquated systems involving paper forms is wise. It requires less effort, reduces room for human error, eliminates the need for additional storage, and streamlines the process in a way that is far more efficient than the past.

Digital insurance is the way of the future. It is convenient, customer-focused, and automated. It has the ability to change the industry completely by making customers better stewards of their bodies and property to prevent the need to file costly insurance claims.

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By |2019-08-21T09:27:53+00:00August 1st, 2019|Business, Technology|0 Comments

About the Author:

Emilio Diaz
As the founder and chief technology advisor of nQuery Telecom Solutions, Emilio Diaz uses his 25+ years of experience in the telecom industry to help build cost-effective telecom solutions for growing businesses who need to plan properly for growth and scale. He believes that technology as a whole must serve one purpose - to elevate the customer experience to directly improve revenue growth. His experience as an innovative technology entrepreneur and a long-term business owner gives him intuitive insight to help boost productivity and maximize future growth. You can reach Emilio at emilio@nquerysolutions.com or call 305-910-2324.

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