The health insurance industry is currently undergoing a tremendous change. The key variables that are driving the global health insurance market are growing healthcare expenses, an aging population, an increased understanding of the value of health insurance, and technological advances in medicine and connected sectors.
All these elements are contributing to the growth and adaptability of the health insurance sector.
A number of noteworthy trends are changing the face of private health insurance and important metrics provide information as to their viability and effectiveness.
The results of a study carried out by Spherical Insights & Consulting show that the size of the global health insurance market was estimated at US$1972.78 billion in 2023 and is projected to grow over the next 10 years at least, reaching US$3206.22 billion by 2033.
Let’s delve into this market and discover the trends worth following.
Trends in the Health Insurance Market
Increased Use of AI
Just as in many other industries, Artificial Intelligence has its place in the health insurance sector. AI is being used by insurance businesses as well as experts to address the challenges and approaches head-on.
In addition to improving member satisfaction and business activities, this helps in the process of fraud identification as well.
It also has a positive impact on auto-adjudication, leads to a reduction in friction between payers and providers, and allows prompt payment for any liability.
Rising Popularity of Telemedicine
Telemedicine services are being added to the offers of private health insurers on an increasing basis. With their help, policyholders are able to receive medical treatment remotely which aids accessibility and convenience.
Preventive Health Benefits
To promote better lifestyles, insurers are placing a greater emphasis on wellness and preventive health plans. These plans provide policyholders with access to wellness applications, gym memberships, and screenings for potential health issues.
Customized Health Plans
The emphasis is shifting towards customized health insurance policies that meet each person’s specific needs. With data-driven insurance, policyholders’ health profiles can be used to tailor coverage and premiums.
Increased Cybersecurity Measures
Insurance companies will continue to make significant investments in modern cybersecurity technologies to safeguard the private health information of their policyholders with the security of digital health records being a primary focus.
Expert networks’ impact on the health insurance market
Expert networks like RightAngle link health insurance firms with experts in the field, such as technological developers, regulatory experts, and healthcare providers.
These professionals help insurance companies to understand and adjust to new regulations as well as introduce cutting-edge technologies such as AI to improve customer service and claim handling.
Expert networks also help health insurance businesses to understand and apply innovative healthcare models, such as value-based care, which requires a thorough knowledge of financial risk management and healthcare delivery.
RightAngle case studies on health insurance
RightAngle boasts a number of successful projects in the healthcare payer (insurance) market. Today, we would like to share some stories of fruitful collaboration facilitated by our company.
Analysis of the Healthcare Payer Market in the United Kingdom and Canada
One of RightAngle’s biggest clients sought to explore technology trends in the health insurance market in the United Kingdom and Canada. Our company was tasked with connecting our client with subject matter experts in the global insurance and technology industry, specifically Chief Information Officers, Chief Technology Officers, Chief Strategy Officers as well as Chief Digital Officers, and Heads of Technology.
Through comprehensive research, we successfully linked our client with technology experts and senior stakeholders who were capable of providing insights and addressing queries related to the key technology trends, major digital innovation areas, challenges, and regulatory frameworks in place in the healthcare payer market.
As a result, our client gained detailed insights into key players and technologies, case uses, market developments, and other relevant data. This knowledge significantly improved their understanding of current and future digital priorities within the enterprise sector.
Governance, Risk and Compliance Services for Health Insurance Companies
In another instance, our client required assistance in interviewing experts with experience in risk and compliance for health insurance companies.
The client was particularly keen to get in contact with Senior Governance, Risk and Compliance Analysts, Chief Compliance Officers as well as Compliance Partners, and VP Information Security who would be capable of reviewing communications from state authorities, including general correspondence, as well as tracking license renewals and other regulatory requirements.
Through a swift and thorough examination of various subject-matter experts, RightAngle successfully identified those who met the specific criteria and could address the client’s questions within areas such as the risk and compliance value chain, key service providers in this space, and the overall regulatory framework. Consequently, our client gained valuable insights into risk and compliance services for U.S.-based health insurance companies.
Unlock your company’s potential by acquiring well-informed strategic and professional advice. Get in touch with RightAngle right now to get your project started, and begin to make wise choices in the health insurance industry.
Suggested reading:
Leveraging Expert Networks in Corporate Training and Development
The Role of Expert Networks in Talent Acquisition and Management
Key Expert Network Trends in 2024: Insights from RightAngle Global
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