Technology is disrupting the old guard of group benefits providers, much the same way we used to line up at Blockbuster to rent a movie for $5. Insurance has come a long way in a short time period, what used to take days or a week to accomplish, is now finished in seconds without ever leaving your home. The established players traditionally set the rules and controlled the majority of the market, now new players are entering and upsetting the status quo.
Established brands are realizing they need to embrace change or else give up market share. Many have already partnered with innovative technology start-ups to offer services that are geared towards a new digital society. How is technology disrupting the old guard of group benefits providers? Here are just a few of the changes we have seen:
The old way of trying to force the market into accepting a new idea is now non-existent. Insurance companies are engaging their customers early in the design process and letting consumer data shape their products. The goal is to make things simpler and more convenient, the more redundancies that can be removed the better. This line of thinking takes the shape of mobile apps that take self-service to the next level. You can check coverage, review balances, find health-care providers and submit claims all on your mobile device.
There was an entire industry built around employee benefits booklets (those thick booklets no one ever read). Now, some companies are seeing less than 10% of claims submitted on paper vs digital mediums.
Avoiding and Preventing Risk
Why assume risk when you can invest in avoiding it? Many group benefit providers are now taking a more holistic approach to health care and investing in exercise, eating right and mental health issues. Technology is allowing insurance companies to digest massive amounts of data and seeing how they can influence all elements of the health-care cycle. From prevention, diagnosis, treatment and wellness monitoring.
Closing Treatment Gaps
Having the latest tech gadget to improve the customer experience is important of course. But where technology can be really disruptive is when the consumer data is used to offer new solutions to old problems. For example, some providers are focusing on mental health as evidence emerges that is one of the biggest problems facing Canadians today. New programs have emerged enabling people to get mental-health support at their convenience, bypassing older out-dated channels.
Technology is disrupting the old guard of group benefits providers, and DENT has embraced change by aligning itself with health benefit providers that see the value of change and disruption of the status quo. If you want to learn more about group benefits technology and how it can take your business into the future, contact the experts and DENT Benefits today!