AI-based digital health solutions
A quick look inside ALLIANZ DIGITAL HEALTH (ADH)
Top three challenges for the health insurance industry
and the ways that ADH is working to address them.
1. Pricing
The price of health insurance is ever more critical, as consumers have instant access to comparisons and become increasingly savvy. Effective pricing relies on accurate data being used in a smart way.Set the price too low, and you could potentially compromise the quality of your offering as well as profitability – which could in turn impact your ability to pay out on claims. Set it too high, and no one will purchase your product.
“ Effective pricing relies on accurate data being used in a smart way. ”
ADH has developed a sophisticated, ACM -compliant pricing tool which uses a highly-accurate pricing algorithm across a globally-aligned product catalogue. With the click of a button, real-time information is populated into the tool, which dynamically adjusts depending on which out-of-pocket limits the customer sets, which individual insurance components (such as emergency air transport) they add, and any relevant pricing discounts – instantly arriving at the perfect price.
2. Risk assessment
Having a deep knowledge of the risk you’re taking on when you insure someone new is critical to protecting existing customers, while maintaining profitability. ADH have developed a way to get a complete picture of the risk profile of a potential customer, through just three medical questions. The data behind these questions is the key. For example, a potential customer is asked which medication they take, and the tool knows exactly which illnesses these drugs are prescribed for – knowledge which also helps prevent fraud. In a process that is automated for most cases, the tool creates an instant and accurate assessment of the risk which includes separate risk premiums for the complete range of WHO-listed illnesses
3. Personalization
Customers have been trained by companies like Amazon to expect a high degree of personalization. The health insurance industry has become no different. That’s why partnerships like AXA and Microsoft are springing up.
While excellent pricing and risk assessment tools are critical, customers really want a personal feel with relevant information. The app “Vivy” will deliver this experience. Vivy users – even those who aren’t Allianz customers – can see highly-relevant, useful and personalized updates and content in the app, based on factors such as their individual health parameters, their risk of developing certain diseases, and their health goals (quitting smoking, losing weight).
Beyond this, customers can use the app for Telehealth consultations, to find local doctors and medical centers that fit their insurance tariff level and to get end-to-end support with any treatments or courses that are recommended. This is also a huge step for preventative health treatment – something that benefits both customer and insure
Next Steps
In addition to these tools, ADH is developing claims and reporting tools that will harmonize the Allianz health landscape, and deliver value and cost-savings to the entities. In 2021 ADH has been focusing on the roll-out of its digital Health tools across the Allianz health entities. Our next story, will take a look at preventative health care: why it’s critical in health insurance and what developments are underway at Allianz.
This article was provided by Allianz Saudi Fransi for the business magazine GSBM, June 2022 issue. The article was provided by Meriyem Oubrahim, Head of Marketing and Corporate Communication.