Search Results for: health insurance

AI and machine learning are propelling the insurance sector forward – willingly or unwillingly – while offering organizations the ability to make substantial improvements. The technologies can help to enhance customer service, claims processing, fraud detection, and much more. They also potentially transform underwriting, risk assessment, and personalized pricing.

AI and machine learning have promising potential in the field of healthcare. However, there is one significant hurdle healthcare companies often encounter when trying to implement AI and machine learning. The data architecture of current legacy systems in healthcare settings prevents implementing many use cases and limits a company’s ability to benefit from these technologies fully.

This interview analysis is sponsored by iMerit Technology 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.

The healthcare industry has experienced several changes in recent decades. The Health Insurance Portability and Accountability Act (HIPAA), signed into law in 1996, represents one such change. HIPAA was initially intended to simplify how healthcare is administered. However, the law also contributed to the increased administrative burden for healthcare practitioners. 

Insurers have been long aware of the perfect storm of converging market trends pointing to the permanency of digital disruption and change. Yet, the industry – especially the big players – always seemed to move their collective house further away from the shoreline. 

COVID-19 did not just bring waves of diseases and contagious variants across the world starting in early 2020 – a tsunami of fraud soon followed the broad sweep of a pandemic that would engulf the global insurance industry. 

Healthcare is an increasingly complex sector of the global economy, and AI is playing an active role in the worldwide evolution of the industry throughout its many disciplines. In a Deloitte study released earlier this year, 85% of respondents among healthcare business leaders said their enterprise was increasing AI spend before 2023. 

UnitedHealth Group, Inc. (NYSE: UNH) is an American multinational managed healthcare and insurance company based in Minnetonka, Minnesota. It offers health care products and insurance services. UnitedHealth Group (UHG) is the world's eighth-largest company by revenue, the second-largest healthcare company behind CVS Health by revenue and the largest insurance company by net premiums. 

This article is sponsored by SambaNova, and was written, edited and published in alignment with our transparent Emerj sponsored content guidelines.

The Allstate Corporation, or simply ‘Allstate,’ was founded by Sears, Roebuck & Co., then-president General Robert E. Wood in 1931. Auto liability insurance began as the company’s flagship product and remains so today. The company added various coverage types throughout the 50s and 60s, including commercial, health, life, and personal liability insurance.