Creating Sustainable and Scalable Services for Insurance Industry Using Deep Tech and Apps

Proceedings of The 6th International Conference on Business, Management and Finance

Year: 2023



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 insurance companies to manage their premium pricing and insurance claim. 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 (Internet of things) 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 on a day-to-day basis.  Hence, a broad field of study called “Insurtech”, comprising 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. This study recommends some of the best practices to develop robust, secure and scalable applications for the insurance industry in the healthcare perspective by leveraging data from various sources and analytical solutions and highlights growth metrics for tracking the progress of the companies.

keywords: Value-Based Care, Insurtech, Artificial Intelligence, Blockchain, Internet of Things (IOT)