Nagarro's insurance practice organized a virtual meetup bringing together leading health insurance industry experts. Experts from insurance, insuretech, academia, and technology shared their valuable insights on how health insurance is changing in the post-pandemic world and how technology can transform it. Our esteemed panelists discussed the feasibility of a CIBIL-like universal health score for intelligent underwriting.
The event featured two sessions followed by a panel discussion:
Session 1: Potential use cases and implications of a universal health score (Fedo score)
Our first speaker, Prasanth Madavana, highlighted the importance of creating an objective score to measure an individual's health and how they have successfully done this at Fedo.ai.
Session 2: Initiatives in health insurance - reducing claim risk through a wellness program
In the next session, Dr. Sandeep delved into how health insurance is evolving post-COVID and the business benefits of leveraging advanced technologies such as RPA, AI, AR/VR by health insurers.
Panel discussion on the feasibility of a CIBIL-like universal health score
Our experts discussed various opportunities and challenges associated with a CIBIL-like universal health score. The panel highlighted potential benefits the score can bring to underwriting, claims, and fraud prevention. The experts cautioned against business process level challenges, lack of data, risk of bias, and limited IT maturity in the overall ecosystem. The discussion also highlighted concerns related to privacy and how informed consent can be used to overcome them.
Towards the end, we deduced that a CIBIL-like universal health score could be greatly beneficial for providers, insurers, and insureds. Of course, the path has some challenges, but the feasibility will improve with the centralized digitization of health data and advances in AI and Machine learning. The panel concluded that the difficulties could be overcome even sooner if different start-ups, corporations, and government entities converge to benefit from the available synergies.