How big data bring changes to insurance and health care in 2017?
Big Data analysis has made revolutionary changes to modern life- ranging from healthcare, to politics, to sport, to insurance market. In this post, big data consulting company will discuss how big data and wearable gadgets are transforming insurance and health care sector in 2017. First, let’s find out how it is changing the health care.
Wearable technology is a smart revolution in healthcare sector. Wearables are portable gadgets ranging from pacemakers, activity trackers like fitness watches, to smart watches. We cannot count how many products presently are on the market- as per the report, there are more than one lakh healthcare apps available for users and they can download them from app stores.
Pharma and healthcare industries throughout the globe are experiencing tremendous challenges like high cost, little price transparency, low access, weak R&D pipeline, over prescription, effective medication, declining trust, etc. The industries can beat all these challenges by adopting big data analysis technology.
Healthcare sector is vast and lucrative for technology sector to deploy increasing resource to form higher value propositions and calculate the opportunity benefits. It is now important for pharmaceutical and healthcare sectors to leverage technologies to answer the returning challenges.
The question is- which innovative technology is responsible for disruption in healthcare? In-depth analysis reveals that there are multiple promising technologies available that can transform healthcare. These technologies are a mix of next gen software, high performance hardware, and efficient networks.
Wearables and smart gadgets and other computing devices can be used for collecting clinical data and providing services for problems related to eyes, skin, ear, diabetes, heart rate, stress, etc. Healthcare sector lag in releasing mobile app for patients. Apps have potential to make patients learn about their health and treatment. Patients who are reminded of medication and tracked for the progress parameters on mobile apps achieve good treatment.
Social media can be innovative used but healthcare sector hasn’t completely realized its benefits. Doctors and hospital staff are using social media tools to reach out to patients and in-field healthcare professionals. It can be more useful in empowering patients.
Patients can easily get access to validate data at multiple gadgets available to limited professionals and talk to other patients dealing with similar problems.
A major challenge in healthcare is that the medical data gathered from patient’s behavior, drug discoveries, diagnosis, etc. is vast with little or zero interoperability. Big data analysis technology is recovering these differences and making the process efficient through interoperability of data.
The big impact of bigdata on insurance sector
Big Data technology encompasses the insurance sector at present. Insurers across the regions are capitalizing on data analytics, modeling techniques, and cloud computing to sharpen their market segmentation strategies, strengthen underwriting and risk management and lower claims fraud.
Though there are numerous ways that insurers are making best practices with big data and data analytics to avail benefits and there are certain areas that are being impacted by it the most-
1. Data for streamlined underwriting
Big Data is changing the future for underwriters. Real time data mining is streamlining the underwriting process by offering precise, current insights that could have consumed more days to locate and merge. With the help of quality data sources, underwriters are able to complete their tasks in less time and with efficiency.
2. Data for custom policies
Since underwriters are able to access multichannel data sources, it empowers them to base premium costs and parameters of the policies on a more realistic view. Such integration is driving more personalized consumer experience.
3. Recognizing customers at cancellation risk
Big Data insights are insanely used for providing quality prospects for businesses. However, only few people know that it can also be used to shed light on low quality prospects. With the help of advanced analytics tools, insurers are able to target loyal individuals and also to find individuals seeking cancellation.
4. Identifying risk of fraud
Insurance industry often encounters fraudulent claims. With big data analysis, insurers will be able to identify risk of fraud by using predictive data analytics. Moreover, once a claim is made, insurers can take help of data mining technology to track digital and social channels that can provide some evidence of fraudulent behavior.
This article is published by a big data consulting company. The purpose behind posting this blog is to make you aware of the changes brought by big data analytics in health care and insurance sector.