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Creating a Digital Insurance Ecosystem: Best Practices in SingaporeCreating a Digital Insurance Ecosystem: Best Practices in Singapore

Published by IDC Product code 1009060
Published Content info 17 Pages
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Creating a Digital Insurance Ecosystem: Best Practices in SingaporeCreating a Digital Insurance Ecosystem: Best Practices in Singapore
Published: May 31, 2021 Content info: 17 Pages
Description

This IDC Perspective aims to bring out the best practices being followed in the insurance sector in leveraging the emerging technologies to mitigate the pain points. The health insurance industry is undergoing a digital transformation around the world, signaling a new age of patient experience. Payer and provider integration plays a vital role in seamless patient entry and exit from the treatment processes. "Developing ecosystem partners plays a crucial role in defining how successfully pain points could be replaced with desired outcomes. Particularly, when the digital adoption drive is from the government level, public/private partnership (PPP) model will ensure defined outcome strongly backed up by compliance, data sharing and governance, along with outcome-based key performance indicators (KPIs). From a higher altitude, a government mandate for digital patient data as part of electronic medical record (EMR)/electronic health record (EHR) with care providers will accelerate the desired outcomes", says Manoj Vallikkat, research manager, IDC Asia/Pacific Healthcare Insights.

Table of Contents
Product Code: AP47629721

Executive Snapshot

Situation Overview

  • Healthcare Provider Landscape in Singapore
  • Growing Relevance of Healthtech in Insurance Sector
  • Landscape Study - Best Practices in Mitigating Pain Points
    • Pain Point: Need for Insurers Integration for Improved Patient Experience, Lack of Sufficient Data for Insurance Claim
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Pain Point: Consent Forms Are Not Standardized Across the Healthcare Providers
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Pain Point: The Final Bills and LOGs Are Submitted by the Healthcare Providers to the Insurers via Hardcopy and in Batches, Leading to Delay in Claims Processing
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Pain Point: Possibility of Duplicate Claims
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Desired Outcome: Healthcare Providers Can Provide EMR Related to Diagnosis, Treatments, and Other Medical Records to the Insurers Digitally
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Desired Outcome: Patients Can Provide Consent for the Release of Medical Details or Records by Healthcare Providers to Insurers
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Desired Outcome: Healthcare Providers Can Submit All Types of Claims Digitally to Insurers, Eliminating the Need for Paper/Email-Based Processes.
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Desired Outcome: Patients Can Enquire About the Status of Claims
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Desired Outcome: Insurers Can Provide Patient's Relevant Policy Coverage Information and Timely Updates
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
    • Desired Outcome: Healthcare Provider Can Monitor Status of Payment
      • Use Case(s) from Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
  • Developing and Engaging Across New Digital Insurance Ecosystems
  • Strategic Sourcing - Managing the Operating Model of Amalgamated yet Complex Digital Ecosystems
    • Strategic Sourcing
    • Build-or-Buy Dilemma
    • Setting Up Partnerships with the Private Sector
  • Taking a Cautious Approach to Emerging Technologies Adoption

Advice for the Technology Buyer

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