- The commitment to digital brings with it new products and actors focused on customer satisfaction and security.
- Cybersecurity is one of the highest priorities today.
- During the last three years, the disease that caused the most expenses for health insurance agencies was Covid-19.
The future of medical insurance agencies in Mexico is digital, with special emphasis on the needs of the user. For this 2023, all companies face the challenge of adapting to the post-Covid-19 period because the slowdown in infections leads to a reduction in the demand for health insurance. This lowers premiums and the end of mobility restrictions encourages the purchase of car or travel insurance.
On the other hand, the pandemic led to an increase in unbudgeted expenses in many Mexican homes. This, coupled with the increase in prices due to inflation, could reduce the acquisition of new products.
All of the above represents an opportunity to create more flexible solutions, supported by technology, to provide a friendlier and more accessible experience. According to the Rastreator insurance comparator there are four trends in terms of health insurance agencies that will prevail during this 2023.
Customer centric experience
Digitization streamlines communication, access to information, and even insurance payment channels. However, it is not enough to have a working application or to have the information on the web; it is necessary that the product is easy to use and that it is aligned with what the user is looking for.
Online insurance comparators make it easier for the customer to choose a better option, by allowing them to compare providers, quote and even buy the product within the same platform.
On the other hand, the social aspect is becoming increasingly important when purchasing insurance: policyholders seek recommendations from other users to make a decision.
New products from data analysis
Beyond customer feedback, analyzing purchasing or usage patterns through Artificial intelligence You can detect areas of opportunity to design new solutions.
For example, with mobile data you can know the use of a car, average speed, active hours, frequent routes, etc., and create personalized insurance packages that are cheaper. It also allows access to 24-hour care through an application, and through geolocation send an adjuster to the place of the accident.
Another advantage of data analysis is offering limited-term insurance, with customizable policies in peak travel seasons, or seasonal illnesses. The coverages are extended or reduced according to the needs of the insured.
New players in the ecosystem
More companies like insurtech have entered the market, offering new products based on data analysis and user feedback.
But not only are new competitors entering the ecosystem, but the main insurers are beginning to offer equivalent services or even work in alliance with them.
Cybersecurity emphasis
When migrating processes to the digital environment, concerns about cyber-attacks, fraud or leaking of confidential information arise. However, the same digital ecosystem creates effective locks to guarantee security when acquiring or validating an insurance policy.
Thanks to machine learning and pattern analysis, modus operandi of fraud attempts are detected, to block and report them automatically. Through blockchain, secure contracts are generated, proof of falsifications or alterations. Also, through facial, voice or fingerprint recognition technology, access to the information of the insured’s accounts is reinforced.
This trend towards digitization is the opportunity for insurance companies in Mexico to offer personalized products, learn from their users, create alliances with new players, and redouble security, usability, and trust with their policyholders.
Also read:
Global Medical Trends 2022: The future of health insurance
What are Major Medical Expense Insurance and how do they work?
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