How Technology & Software playing an important role in Insurance Industry

By  MedinyX    |    Technology    |    Published- 09 August 2022

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Over the past couple of years, travel and health insurance companies have faced numerous challenges in response to the COVID-19 pandemic. In this regard, software supporting the needs of travel and health insurance industry is playing an important role to meet various requirements.

Industry Needs

The first thing that should observed is that travel medical & health are separate lines and require separate sets of skills and needs. “Even though there might be convergences, travel varies a lot to health”, observes Aby Sachdev, Group CEO at MedinyX. “Additionally, when we speak of needs, distribution and sales channel lines are completely different from claims, assistance, TPA etc.”, he says.

Software as a Facilitator

There are multiples ways in which software can act as a facilitator, according to Mr. Sachdev. “An existing client of ours prior to signing up was very limited and was not in a position to fulfil multiple market needs, multiple compliances, jurisdictions, audits”, he says. “Technology can be a great facilitator and it is only for the good. Scaling up is another key reason the use of technology is critical. The experience brought in by MedinyX made several expectations possible”.

Product Segmentation

Telemedicine or telehealth have their specific role in relation to product segmentation. “We cover both the telehealth on travel and health lines market segments and also push into specialised lines of telehealth linked with biopsy management and several additional options”, says Sachdev.“The overall enhancement certainly is not just limited to the technology piece but to the behind the scene services and successful deployment of those services, which are measurable, accountable and transparent”.

Current and Long-Term Trends

According to Mr. Sachdev, in the post pandemic period there is a strong hype of telehealth. “We have moved beyond that with our digital health assessment tools which are able to measure some of one’s biomedical parameters”, he says. “The merger of software services along with e-commerce is set as a long-term trend. We have clearly seen Amazon and some other players make moves in this direction. This does not stop here”.