Digital footprints to determine health insurance plan

aa_survey_700Today, India is standing on the brink of rapid transformation. We are the second largest smartphone market in the world and account for nearly 10% of the global smartphone market. There were over one billion mobile phones at the end of 2015 and over 160 million of them were WhatsApp users. With the arrival of the smartphone, the balance of power has shifted from marketers to consumers. The industry is experiencing the ‘age of the customer’.  The underlying implication of this phenomenon is that there is a paradigm shift from ‘consumer acquisition’ to ‘customer accretion’ through engagement and rewarding consumer experience. This renders the marketing ecosystem highly dynamic and complex for brands across sectors. Marketing technology (martech) today provides the solution to navigate through this environment.


Insurance and healthcare have traditionally been highly-regulated sectors and consumer-focus has never quite acquired a place of importance in its business activities. Technology investments have been primarily to build a robust health infrastructure and not address customer needs.  As the lines between data, technology and consumer experience continue to blur, martech has the potential to be a crucial tool to derive premium plans for insurance companies. For instance, martech can be used to design the premium plans for life insurance by collecting digital footprints.

The evolution of healthcare technology needs to go beyond the advancement of technology equipment in hospitals or electronic medical records and electronic health records. Currently technology is confined to the time a consumer spends being treated inside a hospital.


80% of a consumers’ health is determined by non-medical factors like what they eat, where they live, whether they own or rent their homes, whether they are married or single, do they drive or ride, what is their television consumption, among many others. Thus marketers are always in an “always listening” and “always communicating” mode and this would not be possible without marketing technology.


Consumers leave their digital footprints which lend an insight into important data points such as age, geo location, health condition, family dependants, etc. By collecting these data points insurance firms will be able to derive important information that determines the kind of premium that should be levied on consumers – For example: By tracking medicine and health data, Insurance firms would be able to determine the right premium. For instance, a teetotaller will have a lower premium than a customer who is a smoker.


Thus the digital footprints left behind by customers can help insurance companies delve in to the psychographic and demographic of their customers and craft their policies to suit individual needs.


The writer is: VeerChand Bothra, Chief Information Officer, netcore solutions


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