When you think about AI in healthcare, what comes to mind? Robot-assisted surgeries? Faster medical reports? More streamlined hospital processes? What if it could also personalize your health insurance based on your unique health profile?
This might seem like science fiction, but it’s closer to reality than you think. Slate while analyzing AI patents in healthcare revealed over 30 patents filed in the past year specifically for the insurance industry.
What does this mean for you?
- Faster Claim Payouts: No more waiting forever for claim approvals! AI can analyze mountains of data quickly, getting you the money you need faster like US11657912B2
- Enhanced Fraud Detection: Machine learning can identify suspicious patterns in claims data, helping to combat fraud and keep insurance costs down for everyone like US20240029166A1.
- Improved Revenue Management: AI can predict patient revenue streams and optimize reimbursements, leading to better financial management for healthcare providers like US20230253100A1.
How will Big Data be used in Insurance?
AI will rely on your past data to understand your medical profile. These are various segments which can be used by it to study you:
- Your Medical History: Past health issues can provide valuable insights for predicting future risks and tailoring your insurance accordingly.
- Your Active Lifestyle: Information from wearables and fitness trackers can reveal your activity levels and overall health. This could lead to personalized wellness programs or even lower premiums for healthy habits.
- Your Financial Snapshot: AI can analyze spending habits and risk tolerance to recommend the most suitable insurance coverage, ensuring you’re not paying for something you don’t need.
These patents will not only help in improving the insurance process. But, these will also help in the following:
- Health Analytics: AI will be able to analyze patient data to predict health risks, identify potential fraud, and even forecast healthcare costs.
- Telemedicine: AI could analyze user data to recommend personalized plans based on medical spending and risk profiles. Just like you got a virtual assistant.
- Medical Billing: AI can detect fraudulent claims, improve accuracy, and even suggest personalized wellness programs to keep you healthy and your premiums low. So, no more headaches due to billing.
Who is working on these?
Major insurance companies like Nayya Health Inc., Allstate Insurance Co., and Massachusetts Mutual Life Insurance Co. are actively filing AI patents. Interestingly, individuals are also contributing, showcasing the open and innovative nature of this field. Visit here, for a detailed analysis.
Maybe the next plan you take for your family after 5 years will be personalized through AI.