In a recent discussion, former Deputy Governor Jessica Chew and a panel of experts emphasized the pressing need for the healthcare sector to modernize its systems. They pointed out that achieving true digitalisation is crucial for unlocking the full potential of Insurtech.
One major issue highlighted was data fragmentation across different platforms and legacy systems. Experts argued that this fragmentation not only hinders the seamless exchange of information but also impacts patient care. The inability to efficiently share data can lead to inefficiencies, resulting in higher costs and poorer outcomes for patients.
Legacy systems, which are often outdated and inflexible, pose significant challenges. These systems can slow down processes and limit the capabilities of healthcare providers to implement innovative technologies. Experts stressed that overcoming these obstacles would be essential for organizations aiming to stay competitive in the evolving market.
The implications of these insights stretch across various stakeholders. Insurers could potentially improve their underwriting processes and pricing strategies by leveraging better data integration. Health providers, on the other hand, would benefit from enhanced patient management and streamlined services.
Chew and her fellow panelists concluded by urging healthcare organizations to prioritize digital transformation efforts. They believe that doing so can lead to improved collaboration, better patient outcomes, and greater operational efficiency. Achieving these goals will require coordinated efforts from various sectors within healthcare and insurance.
Original Source: https://www.thevibes.com/articles/news/111298/healthcare-digitalisation-key-to-unlocking-insurtech-potential-say-experts