How prioritizing a digital advice model will enable one insurance platform to seize market opportunities

Ernst and Young research predicts that the experience of receiving advice through digital channels will be radically different by 2030. They envision a future of fully personalized advice that will improve clients’ quality of life. Advice will evolve in response to a growing demand for financial protection and KindHealth is already leading the way.

What sets us apart? First and foremost, we’re driven by an unyielding model of service. As an agnostic provider of third-party products, our advice has the user’s best interests in mind.

The power of personalization

KindHealth delivers personal insurance strategies — which include specific plan recommendations — that truly cater to individual needs, thanks to people’s willingness to provide more information about themselves than ever before. This exchange is possible because people today hope to receive product suggestions that offer greater financial protection.

Thanks to our intuitive UI, KindHealth customers can see details about the ancillary and supplemental insurance products we suggest and learn how they can work together to safeguard policyholders against financial risk. Even after their purchase, our engagement engine will leverage machine learning to ensure our customers take full advantage of their coverage. This level of personalization and transparency creates a higher perceived value for money, which should lead to strong retention rates and word-of-mouth.

How we’ve built our algorithms ensures we can continually update our advice based on individual circumstances. This means we’re able to anticipate someone’s changing needs. We can also let them know when a “better-fit” product is newly available, perhaps one offering the same coverage for a lower price. And should customers ever have a question, our simple, SMS-like interface eliminates the need to call (and wait) to speak with someone.

Because we establish a sense of trust by using people’s data responsibly — and to their own benefit — KindHealth can explore improvements in automation and personalization over time. Our proven lack of bias and absence of misconduct will only encourage users to share even more info with us.

This commitment to innovation and iteration reflects our dedication to providing an excellent shopping experience. We feel this focus will allow us to increase our market share, especially when Salesforce reports that 84% of customers say the experience companies provide is as important as their products.

How KindHealth compares to others

As revealed in McKinsey & Company’s 2022 Global Insurance Report, the marketing and distribution of policies is more crowded in the Property & Casualty space than in the Health and Life categories.

Insurtech concentration within marketing & distribution

This lack of competition, however, won’t be KindHealth’s only edge. Unlike much larger enterprises, we aren’t burdened by legacy systems or entrenched company culture. We can be more nimble in responding to customer needs and competitive threats. With our alpha having launched in November 2022, and our beta slated for Q1 of 2023, we’ve already shown we can move ahead of the market by making significant investments in AI, data usage and management, and other crucial areas.

As a point of comparison, Deloitte research tracked how insurers themselves are choosing to invest in 2022.

Percentage of insurers significantly increasing their spending in key areas

It’s evident most insurers don’t value these areas. This apathy creates an opportunity for KindHealth to become a platform of choice as insurers’ internal investments lag.

Large insurers’ shortcomings in tech bolster our potential to be the preferred platform. In Deloitte’s 2022 Insurance Industry Outlook, survey results revealed companies’ struggles with AI:

1. Technology that’s not mature enough
2. Regulation & compliance
3. Short-term focus on returns

Executives’ cited similar obstacles in advanced analytics:

1. Reliance on legacy systems
2. Implementation complexity
3. Technology that’s not mature enough

Beyond KindHealth’s ability to offer dynamic recommendations based on data provided by our customers, we can also pull in third-party data sets to refine our advice. In the coming years, we’ll pursue even more granular insights to serve customers better.

To learn more, visit KindHealth today.

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About KindHealth

KindHealth is an AI-powered platform that provides and maintains a personalized insurance strategy for individuals and families to help them protect against financial risk by guiding them to the best coverage for their specific needs. Visit https://www.kindhealth.co.

Photo credit: “Doctor Stethoscope On Laptop KeyPad” by focusonmore.com is licensed under CC BY 2.0.