Monstarlab and IptiQ by Swiss Re, have teamed up to present a new report on the health insurance industry, that examines ways to reduce costs and improve risk factors.
The study, called Data and Behavioural Science: The key to reducing claims and costs in health insurance? Discusses the two-factor stresses health insurers are currently facing.
In a statement released by Monstarlab, which is a digital consultancy established in 2006 in Tokyo, Japan, the organisation said:
“Health insurers are facing pressure from two directions. The costs of providing health services are rising thanks to higher inflation and the emergence of new but costly treatments. At the same time, consumers expect an ever-greater level of personal service. Could combining data science and Artificial intelligence (AI) with the insights of behavioural science be the key to reducing claims and costs, while also meeting those rising customer expectations?”
The report includes insights from Alex Holdsworth, Executive Strategy Director at Monstarlab, a global digital consultancy focused on helping companies effectively leverage technology, and William Trump, who leads the Office of the Customer at iptiQ, the digital insurer owned by Swiss Re, and presents three “critical building blocks for insurers to harness the power of data and behavioural science effectively.”
Those building blocks are:
- Focus on small high-value steps and learn to walk before you jog. Insurers shouldn’t aim straightaway for an all-embracing solution. Aim for small changes in customer behaviour such as attending doctors’ appointments, taking medication on time, or activating their online account.
- Timing is everything – deliver the right intervention at the right time with personalisation. Insurers should identify the optimal moments to nudge consumers and do so in a personalised way. Knowing when a consumer has visited their doctor or had a scan will allow for follow-up actions to be encouraged at just the right moment.
- Setting a realistic path to quickly realise value. Those initial small steps will quickly deliver value but will also form the foundation on which to build a wider solution. As more data points are collected, everything from engagement with consumers to risk analysis will become easier and more effective.
For more information on the study by Monstarlab and IptiQ by Swiss Re, visit here
