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AI or artificial intelligence has revolutionized our world. Ever since its conception, the concept of AI evokes both excitement and fear among all of us. It has been popularized as the next big thing that will change the world entirely as we know it. It is set to become an indispensable part of our lives in the coming years and this journey has been initiated with virtual assistant technologies like ‘Alexa’ and ‘Siri.’ Soon robots will be an essential member of our families with them dominating tasks in every facet of our lives be it home or office.
The medical insurance industry is sited to be the biggest recipient of the benefits of artificial intelligence, especially in the form of robots becoming our new companions. The healthcare space is set to be abuzz by an army of automated and smart robots that will accomplish quotidienne tasks with ease and efficiency, thus replacing the need for dependence upon humans. It is said that they will replace our trusted and trained clinical professionals, reducing human interaction by a huge fraction, further impacting the health insurance industry. It is for this specific reason that the subject of artificial intelligence is shadowed by an atmosphere of fear regarding the loss of livelihoods owing to robots taking over the world!
So what is this buzz all about? Read on to find out more..
According to a publication by Mckinsey & Company, an American management consulting firm, that discusses the rampant digital transformations occurring in the health insurance industry, the landscape is changing. Many new technologies have emerged at the same time, having a significant impact on the medical industry, very rapidly. The first signs of the same can be observed in the advancements made in next generation genomics, machine learning as well as automation programs, sensor enabled devices, robotics, and 3-D printing among many more. The developments made in these fields are sure to have an impact on the workings of medical insurance and can therefore not be overlooked. All of this together has the potential to change the entire industry in the future.
The next question thus arises, whether artificial intelligence as the next digital frontier in the medical industry cost us the skills and expertise of professionals? Will your proficient neurosurgeon, cardiologist, and the radiologist will suffer owing to this all-encompassing wave of technology and robotics? And will this have repercussions on the way the health insurance industry operates?
The answer is NO. While the medical industry today just like the health insurance industry is utilizing the assistance of artificial intelligence in order to continue their practice, there is no way AI can replace an actual doctor. The reasons are simple-
1. Nothing can replace or mimic the empathy of a human
2. Treating a patient after diagnosing him or her is not a linear process that can be attained with algorithms fed to a robot
3. The use of complex technologies also requires the aid of competent professionals
4. There are always certain tasks and responsibilities that require circumstantial decision making that a robot can not perform
5. This is not about them versus us. It is about utilizing the resources available to us in order to cater to the needy
There has been a certain degree of acknowledgment that AI can not replace and will instead become a powerful instrument in the hands of the trained professionals, delivering greater results for all of us.
As per theories that initiate a sense of fearmongering, the reliance upon the human judgment and the way the system of care delivery works in the healthcare industry as well as the medical insurance sector will be overtaken by automated machines. They are well-equipped to store vast amounts of data as compared to a human brain, are competent enough to analyze as well as compare statistics, thus diagnosing and creating a perfect prescription plan. But the crux of the matter is that it is ultimately a mere theory that lacks any substance.
However, all these capabilities of artificial intelligence can be put to good use, thus enabling businesses like the health insurance industry to improve their performance by decreasing the possibility of error and delivering faster and more accurate outcomes. Combining thus, the best of both worlds and achieving what is beyond human capacities. For instance, an MRI scan can read the flow of blood in the ventricles in just a few seconds, but it is the radiologist who uses the machine to analyze the patient’s images. Hence, while the machine accomplishes an important part of the diagnosis, ultimately, it is the radiologist who performs the analysis and makes judgment calls by further communicating with the surgeons if a problem surfaces.
Artificial intelligence in the field of health care and simultaneously in medical insurance sector seems to be promising. Specialists and physicians can incorporate their skills and experience with technological advancements to reach greater heights in offering the best healthcare to the patients.
A lot of it has already commenced with booking appointments using a smartphone before visiting the clinics. AI manages, keeps records, and coordinates the data from the apps for greater efficiency. The can be observed in the post-COVID health insurance industry where buying a policy is merely a click away with the aid of smart bots and apps.
The world in the wake of the pandemic could definitely use a robotic assistant that performs the tasks of billing, processing insurance claims as well as reimbursements as per the needs of the policy holders. Furthermore, buying a policy could be simplified with the AI operated assistant comparing personalized data with the vast reservoir of information stored in its system to offer an accurate prediction of the policy buyer’s current as well as future medical insurance needs.
Another arena where AI could have possibly revolutionizing impact is the pharmaceutical industry. This sector has also recently awakened to the power of AI in being able to significantly decrease the time taken in drug discovery to merely a few months from the earlier time frame of years, thus helping make great strides in attaining drugs for diseases that were previously incurable.
The Bottom Line
The UAE has always embraced innovation. With health and wellness being a top priority of the nation, the country is bound to welcome any technological advancements in the sector with open arms. The United Arab Emirates will surely champion a foreseeable future where it’s not going to be machine versus humans, rather it is going to be about humans taking advantage of the unbridled potential of machines to further the cause of accessible health care and medical insurance for one and all.