Proceedings of The 6th International Conference on Business, Management and Finance
Creating Sustainable and Scalable Services for Insurance Industry Using Deep Tech and Apps
Joseph Pablo Varun, Babu Devendiran
The concept of value-based care is gaining momentum as lots of technology-oriented companies have started acquiring healthcare-based startups to extend their services to the insurance companies to manage their premium pricing and claim reimbursements. The Big tech companies leverage the data that was previously collected by the acquired startups to add value to the insurance services. With the advent of IOT based systems, the big data technologies, Artificial Intelligence and various Blockchain platforms, the collection and, storage and processing of health-related data related to the user is more reliable and sophisticated and the insights obtained from the outcomes the model predicted based on the historical data have a profound impact on the revenues of the insurance providing companies. The study examines the role that these technologies have in monitoring and diagnosing the health of patients in the day-to-day basis. Hence, a broad field of study called “Insurtech” comprising of business, technology and healthcare has emerged. This study is an explorative qualitative research based on a case study approach to share best practices for developing robust applications and data pipelines for achieving sustainable and scalable solutions for the general practitioners, patients and the insurance companies. The study recommends some of the best practices to develop robust, secure and scalable applications.
keywords: Insurtech, Artificial Intelligence, Blockchain, Internet of things (IOT)