Saturday, June 3, 2017

IT Business Trends implementation in Health Insurance Industry

In today’s techno-centric world IT strategy is highly crucial for business transformation and expansion. The introduction of innovative and advanced technologies is creating new opportunities and pathway for these businesses. On the other hand, technology advancement has created a challenging environment for the business growth. It has changed the entire industries perspective. The success of business not only depends on innovative technology usage but also on innovative business strategy planning. An organization should prior define their vision, mission, business goals and outlines their steps needed to achieve these goals.

The McKinsey article- “Ten IT-enabled Business Trends for the Decade Ahead”, delivers an important vision about the IT-enabled business trends for the next decade. These trends can be observed in health insurance organization, which follows visionary competitive environment, i.e., an environment that is both predictable and shapeable; and developing a good strategy will lead to its dominance. From my past working experience in an insurance company, I know their strategy could easily be molded to advantage. Their objective is obvious and cautious steps could be taken to achieve it without having many other options. Health insurance firm can easily implement the framework of trends discussed in McKinsey article in their business-

1) Competing with Big data and advanced analytics: Insurance organization can gather data about their customer, their policies. They can apply analysis to understand customer’s requirements and provide them offers as per their needs. Health organizations can determine the highest selling policies and improvements needed in these policies for better sales. Finding the root cause of the issues and addressing them can further help in improving customer satisfaction. Thus, analytics can help the insurance companies to view the organization in border perspective, enabling them to improve the process.

2) Joining the social matrix: Health insurance organizations can enhance the customer experience by creating an infrastructure for the organization, hospitals, customers to connect and resolve the claims as soon as possible providing a better user experience. Insurance organization can educate customers about the importance of their insurance and numerous benefits of their product. Using the platform, they can connect to the business partners and can promote their new products. Thus, creating a social matrix can help the insurance organization to achieve their business goals.

3) Offering anything as service: Health insurance organizations can revolutionize their online presence using cloud platform. This will decrease their operational cost and will provide greater sale and service agility. This will allow the company to store and recover data safely from the cloud in case of some natural calamity. Thus, investing in cloud infrastructure can prove to be beneficial in the long run.

4) Automating knowledge work: Health insurance organizations can shape the task of insurer efficient by automating their web portal processes such as creating a customer profile, selecting and updating plans. Thus, automating the repeated task will help the organization to improve their productivity and reduce the operational cost.

Thus, we can say that following IT Business trends can help Health Insurance organization to develop their IT strategy for the next decade

References:

https://www.the-digital-insurer.com/mckinsey-article-ten-it-enabled-business-trends-for-the-decade-ahead-the-digital-insurer-attempts-to-map-them-to-insurance-in-asia/

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