Insurtech and insurers helping to fight the COVID-19 pandemic

Insureers with Technology in COVID 19

Last Updated on August 23, 2022 by user

With offices reopening and cases slowly dropping, people have started to adapt to the ‘new normal’ way of living. But in reality, while COVID-19 is still spreading, people are still facing daily challenges and adjusting to daily routine changes. That’s why it is essential that their health and wellbeing is at the top of their minds every day. 

The need for insurtech during this time

It is evident that the outbreak of COVID-19 has caused a significant impact across all markets, industries and the global economy. And continuing as the top public health and humanitarian emergency, companies now prioritize health and safety at the workplace more than ever, taking immediate actions and rapid decisions to ensure business continuity and shifting into remote working, even permanently, with support of technology to succeed during challenging times. 

Additionally, while people are more concerned about their safety, health, and wellbeing every day, they rely on their insurance coverage, benefits, and healthcare facilities to provide solutions that help soothe any feelings of stress or worries with falling sick. In fact, a study surveying a thousand residents within the UAE shows that about almost 50% of people now consider life insurance as their top financial priority and has become more important than ever before since the wake of the pandemic. Half of the respondents were also likely to buy life insurance online during this time. 

Seeing the effect and disruptions the pandemic has caused, it has forced the healthcare industry to reshape through technology, changing the way in which insurers and healthcare facilities operate and accelerating the use of insurtech. Now, all insurance companies are relying on technology in order to meet with current trends provoked by COVID-19, including:

  • Online self-directed purchases of insurance and streamlined binding and issuance of insurance policies through digital platforms.
  • Expanded use of digital distribution channels and enabling virtual care and messaging, telemedicines, and home care solutions.
  • Increased data collection and analytics.
  • Faster “paperless” claim processing. 

According to PWC’s CEO survey, 70% of insurance CEOs will now prioritize and invest in customer experience for the next 12 months given the change in new regulations, technology, and shift in customers needs. As a result of this, the immediate focus for the healthcare sector is to ensure their ability to meet customers expectations while adapting to new technology advancements. Insurers are now continually investing in digital innovations and online platforms, such as mobile apps, in order to take care of customers now and in the long term. 

Insurers responding to the crisis to help fight COVID-19

Ultimately, people are feeling anxious and want to make sure they can be protected by their insurer, whether it’s for COVID-19 treatment, travel emergencies, or being covered while becoming critically ill due to the virus. And despite the pandemic being considered an exclusion for standard policies, health insurance companies now have adapted their policies in order to help their customers feel protected and safe, as directed by the Ministry of Health and Prevention in UAE.

Currently, any confirmed cases of COVID-19 must be treated as an emergency case, free of cost, no matter what insurance the patient has. This means that while the patient is insured, insurance companies will take care of any claims received related to COVID-19 and costs for eligible treatment required by doctors will be covered until recovery. 

When it comes to life insurance, most insurers do not exclude death within their life policy cover due to epidemics or pandemics. However, in times of facing critical illness, insurance companies will only cover any critical diseases listed within the policy, in which as of now, does not include COVID-19. That’s why it’s important for patients to carefully review and understand their policy documents to be aware of any epidemic exclusions and what is exactly covered. 

As the idea of  insurtech has become vital within times of crisis, insurance companies have also rapidly shifted their operations online by relying on the use of telehealth services in order to help their customers feel safe at all times. Companies like AXA insurance, ADNIC, and Daman have extended their use of their own mobile apps, providing virtual health services in real time and access to talk to a doctor when feeling worried for symptoms or unwell. Additionally, most insurance companies have also facilitated the process of making insurance claims by submitting and tracking forms online. 

With uncertainty of the future and the long term effects that COVID-19 will bring, the way you work today won’t work tomorrow. That’s why Bayzat is exactly what you need to ensure your wellbeing is well taken care of. Whether you need to talk to a doctor, get your medicines delivered, or submit a claim online, we give uncepreceed access to medical benefits so that you can use your insurance policy like never before. Find out more about how Bayzat can help boost your group health and financial wellbeing, especially during this time.