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4 Trends Driving InsurTech Today

Updated: Nov 6, 2018

CareValidate is one of the few technology-led companies that have entered the insurance sector and the first for long term care. Insures, Payers, Operators and Family Members will all benefit from these emerging trends.


1. AUTOMATED CLAIMS PROCESSING

To capture the full value of InsurTech – Insurers should think about the entire customer journey. By fully automating back-office processes and decisions, claims can be settled efficiently and effectively. CareValidate’s SafeSense Device can also support and assist in the validation of care plan compliance. Stopping frivolous claims before they begin.


2. ARTIFICIAL INTELLIGENCE

AI tools are emerging at many points in the customer journey and will reshape claims, distribution, underwriting, and pricing.


3. ECOSYSTEMS AND PLATFORMS

Customers are not looking for services, but for efficient low cost solutions. Having a platform like the CareValidate Market Place integrates several services on a shared platform to best address the needs of your customers. Participating in ecosystems allows insurance players to add value through leveraging allies’ already-established platforms. An example of this would our predictive analytics identifying if a Skilled Nursing Facility is struggling with a particular task. Our Market Place would then provide online training suggestions and scheduling of onsite interventions via our risk management partners.



Another aspect of this trend is the emergence of third-party insurance platforms that allow insurers and even noninsurers inside the ecosystem to build insurance products and services conveniently.


4. ENGAGEMENT INNOVATION

In the insurance industry today, customer trust can be low and the technologies dated. But customer’s want a digital experience tailored made for their needs. InsurTechs offer new value propositions that generate customer engagement. Gamification can be a creative way for insurers to do that.