Search Results for: health insurance

This interview analysis is sponsored by Uniphore and was written, edited and published in alignment with our Emerj sponsored content guidelines. Learn more about our thought leadership and content creation services on our Emerj Media Services page.

Health insurance fraud may prove especially pressing due to the opioid epidemic, and thus routing out fraud could be of greater importance in the coming years.

Health insurance is a critical component of the healthcare industry with private health insurance expenditures alone estimated at $1.1 billion in 2016, according to the latest data available from the Centers for Medicare and Medicaid Services. This figure represents 34 percent of the 2016 National Health Expenditure at $3.3 trillion.  

The applications of AI in the healthcare and life sciences industries are vast, with data-powered algorithms and analytics promising to upend the status quo. Applications, including the use of AI to interpret medical imaging, optimize drug discovery and development, analyze large-scale data sets to identify patterns among patient populations, and streamline provider workflows, are already transforming the industry. 

Insurers are looking to leverage all of the digital customer data that is now available to them, including one new data source that some of the largest insurance enterprises claim are actively collecting: real-time data streams from the Internet of Things (IoT).

Unlike other industrial sectors, many healthcare systems and services are embracing the roadblocks in their technological adoption processes. Thoroughly vetting systems is far more critical for most forms of patient care than having the latest and greatest technology. 

As AI continues to reshape industries, calculating the ROI for AI initiatives remains a complex challenge. According to a study by MIT Sloan Management Review, only 10% of organizations report significant financial benefits from their AI investments despite the widespread adoption of AI tools and platforms.

Elevance Health is a health insurance provider headquartered in Indianapolis, Indiana. It was founded 20 years ago as a merger between Anthem and Wellpoint Health Networks. The company offers medical, dental, pharmaceutical, behavioral health, and long-term care plans.

Nationwide Mutual Insurance Company, commonly known as Nationwide, is a primary US insurance and financial services company headquartered in Columbus, Ohio.

As a rule, AI adoption tends to take more time for legacy industries compared to digitally-native sectors. As a profile from June 2021 in Harvard Business Review explains, insurance companies are data-rich but have long relied on actuarial approaches to data and analytics.  The insurance industry has several concerns regarding the integration of AI. Insurance companies obviously have regulatory compliance as a top priority, so any AI solution implemented needs to comply with existing regulations regarding consumer protection and data security, among others.