Health insurance can be a confusing topic for many. What do appointments cost? How much are prescriptions? What does the insurance pay for? These answers are usually hard to find and may be part of the reason that 44 percent of people didn’t visit the doctor last year when they were sick or injured according to a poll by The West Health Institute/NORC at the University of Chicago.
Financial Technology Today explored this topic with Leor Catalan, CEO & Co-Founder of Robin, who is working to “create trust” in the insurance industry. Robin, a digital insurance platform, is striving to offer stress-free insurance coverage that provides users with all the information they need, including cost before they go to an appointment.
All within the app, Robin helps patients choose the best provider, forecast medical expenses, and explore payment options that work for them. Catalan compares Robin to a self-driving car. “The car takes the driver out of command,” he said. The driver may fail or make a mistake, but the algorithm won’t.
Like a self-driven car, Robin is driven by artificial intelligence that takes a customer’s information and analyzes it to help them choose the best provider. By utilizing AI technology, both consumer and insurer can focus on more important things. Customers no longer have to deal with a claim center or receive unexpected bills, and insurers know exactly what to expect, all while creating trust with their customer.
AI technology has the power to revolutionize healthcare in America by engaging customers with transparency. It’s clear that Americans aren’t attending to their healthcare the way they should and that traditional insurance methods aren’t catering to digitally driven consumers. With apps and online resources used in almost every other industry, it’s time for insurance to adapt.
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