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Scope of Phygital in Insurance

The Indian insurance market is undergoing a rapid change. The focus on digital cannot be limited to customer acquisition since customer engagement is the key. However, some customer segments depend on traditional insurance channels of interaction. 

Problems With Traditional Insurance

With customers split into different segments, insurers require hybrid methods to satisfy the needs of all. A reimagined approach to the network and methods of interaction to provide seamless and frictionless experience is the need of the hour. 

Phygital, as a paradigm, challenges the cascaded approach of traditional insurance and bridges the gap between both the worlds effortlessly.

The insurance industry is expected to touch sales of US$ 280B by 2020. However, there is still a trust deficit between customers and insurance companies primarily due to suspect products with unrealistic returns being sold in the past decade. This causes the customer’s experience to be very different both online and offline for the same customer. 

Enter Phygital

The amalgamation of ‘Physical’ and ‘Digital’  or ‘Phygital’ experience can help the insurance industry amplify their yield, manifold. Phygital models can enhance the insurance buying experience. It can increase customer interactivity in insurance and enhance the overall customer experience. The sole objective of Phygital is to provide the ultimate 360-degree experience, i.e focus on relationships, life-cycle, and even life-stages.


Source: Accenture 

What’s After the Death of Traditional Retail?

Ever since Marc Andreesen predicted the death of traditional retail, the e-commerce vultures have been circling. Consumers worldwide, purchased US$2.86 trillion on the web in 2018, up from US$2.43 trillion the previous year. In India, growth is even stronger. Online retail in India is growing at a faster pace and is expected to be worth US$170 billion by FY30, growing at a CAGR of 23%.

The insurance purchase process today mostly take place in the digital medium before the customer consciously seeks a sustained physical engagement. The insurance companies then take initiatives for either influencing their conversion or closure.

In this, the customer journeys are mostly “ phygital ” – i.e. customers jump between digital and physical touchpoints while making a purchase decision. 

All these possibilities have spun a whole new disruption story through well-orchestrated alignment along the phygital retail journey.

Along with large marketplaces, the Indian insurance sector is the sandbox for medical operators, payment platforms, and insurance aggregators.

Brands Bringing Phygital Disruption in Indian Insurance 

Flipkart and Amazon

Both the consumer-tech giants have a strong understanding of how to track and influence customer journeys. With a large and loyal customer base who come to them for buying “everything”, they have a clear edge at Phygital disruption in insurance.

Google

“Insurance” is the highest revenue-generating keyword for Google. The recent announcement of Google car (Waymo) to join hands with Trov to provide car insurance for its driverless cars. This demonstrates the innovative path Google seems to be favoring at this stage in the insurance space.

PolicyBazaar

Large aggregators like PolicyBazaar, originally just a portal to compare quotes, realized the significance of “phygital marketing” in Insurance and invested in “last mile feet on the street” for adequate engagement.

PayTM and Phone Pe

Payment platforms like Paytm and Phone Pe also are in a strong position to build an insurance distribution franchise. They are already distributing a selected set of products tailored exclusively for each customer, in their mall/store, leveraging their phygital distribution reach. 

Practo

Medical platforms like Practo has created a large data-rich ecosystem of customers and medical service providers; making them a powerful channel to distribute health insurance – and in due course life insurance. 

Final Thoughts

Phygital is a bridge between traditional processes and the swiftly growing digital space. Insurer distribution models that blend both digital and physical experiences for its customers will stand to gain a significant advantage over competitors that are yet to embark on their digital transformation journey. An omnichannel marketplace that brings the customer on a unique buying experience will draw the most visibility complete with data-driven analytics and insights to personalize the modern ‘buyer-seller’ relationship.

What is your take on the future of Phygital insurance?

Let us know by commenting.

To know us in person, drop a Hi at hello@mantralabsglobal.com  

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Conversational UI in Healthcare: Enhancing Patient Interaction with Chatbots

As healthcare becomes more patient-centric, the demand for efficient and personalized care continues to grow. One of the key technologies that have gained traction in this domain is Conversational UI (CUI) — a user interface where interactions occur through natural language, often with the help of chatbots. For developers, building a robust CUI in healthcare requires a balance of technical proficiency, understanding of the healthcare landscape, and empathy toward patient needs. Let’s explore how CUI can improve patient interactions through chatbots and what developers should consider during implementation.

Why Conversational UI is Gaining Popularity in Healthcare

From scheduling appointments to answering medical queries, healthcare chatbots have become vital tools for enhancing patient engagement and streamlining healthcare workflows. Conversational UIs enable these chatbots to interact with patients naturally, making them accessible even to non-tech-savvy users. By incorporating AI and NLP (Natural Language Processing), chatbots can now simulate human-like conversations, ensuring patients receive timely, relevant responses. 

Image credit: https://www.analytixlabs.co.in/blog/ai-chatbots-in-healthcare/ 

Key Areas Where Chatbots Are Revolutionizing Healthcare

  1. Appointment Scheduling and Reminders – Chatbots can automatically schedule appointments based on patient availability and send reminders before the visit, reducing no-show rates. For developers, this feature requires integration with hospital management systems (HMS) and calendar APIs. The challenge lies in ensuring secure and real-time data transfer while adhering to healthcare compliance standards like HIPAA.
  1. Medical Query Resolution– Chatbots equipped with NLP can answer common patient questions related to symptoms, medications, and treatment plans. This reduces the burden on healthcare providers, allowing them to focus on more critical tasks. Developers working on this feature need to consider integrating medical databases, such as SNOMED CT or ICD-10, for accurate and up-to-date information.
  1. Patient Monitoring and Follow-ups – Post-discharge, chatbots can monitor a patient’s condition by regularly asking for health updates (e.g., vital signs or medication adherence). Developers can integrate IoT devices, such as wearable health monitors, with chatbot platforms to collect real-time data, providing healthcare professionals with actionable insights.
  1. Mental Health Support – Chatbots have shown promise in offering mental health support by providing patients with an outlet to discuss their feelings and receive advice. Building these chatbots involves training them on therapeutic conversational frameworks like Cognitive Behavioral Therapy (CBT), ensuring they offer relevant advice while recognizing when a human intervention is required.

Key Considerations for Developers

1. Natural Language Processing (NLP) and AI Training

NLP plays a pivotal role in enabling chatbots to understand and process patient queries effectively. Developers must focus on the following:

Training Data: Start by gathering extensive datasets that include real-life medical queries and patient conversations. This ensures that the chatbot can recognize various intents and respond appropriately.

Multi-language Support: Healthcare is global, so building multi-lingual capabilities is critical. Using tools like Google’s BERT or Microsoft’s Turing-NLG models can help chatbots understand context in different languages.

Contextual Understanding: The chatbot must not just respond to individual queries but also maintain the context across the conversation. Developers can use contextual models that preserve the state of the conversation, ensuring personalized patient interactions.

2. Security and Compliance

Healthcare chatbots handle sensitive patient information, making security a top priority. Developers must ensure compliance with regulations such as HIPAA (Health Insurance Portability and Accountability Act) in the U.S. and GDPR (General Data Protection Regulation) in Europe. Key practices include:

  • Data Encryption: All communication between the chatbot and the server must be encrypted using protocols like TLS (Transport Layer Security).
  • Authentication Mechanisms: Implement two-factor authentication (2FA) to verify patient identity, especially for sensitive tasks like accessing medical records.
  • Anonymization: To avoid accidental data breaches, ensure that the chatbot anonymizes data where possible.

3. Seamless Integration with EHR Systems

For chatbots to be truly effective in healthcare, they must integrate seamlessly with Electronic Health Record (EHR) systems. This requires a deep understanding of healthcare APIs like FHIR (Fast Healthcare Interoperability Resources) or HL7. Developers should aim to:

  • Enable Real-time Updates: Ensure that chatbot interactions (e.g., new appointment schedules, and symptom checks) are instantly reflected in the patient’s EHR.
  • Avoid Data Silos: Ensure that all systems (EHR, chatbot, scheduling system) can communicate with each other, eliminating data silos that can lead to fragmented patient information.

4. Scalability and Performance Optimization

In healthcare, downtime can be critical. Developers need to ensure that chatbots are scalable and capable of handling thousands of patient interactions simultaneously. Using cloud-based platforms (AWS, Google Cloud) that offer auto-scaling capabilities can help. Additionally, performance optimization can be achieved by:

  • Caching Responses: Store frequently used responses (such as FAQs) in memory to speed up interaction times.
  • Load Balancing: Implement load balancers to distribute incoming queries across servers, ensuring no single server is overwhelmed.

Tools and Platforms for Building Healthcare Chatbots

Several tools and platforms can aid developers in building healthcare chatbots with conversational UIs:

  1. Dialogflow (Google): Offers pre-built healthcare intents and integrates with Google Cloud’s healthcare APIs.
  2. Microsoft Bot Framework: A scalable platform that integrates with Azure services and offers AI-driven insights.
  3. Rasa: An open-source NLP tool that provides flexibility in creating highly customized healthcare bots.

Conclusion

Conversational UI in healthcare is transforming patient care by offering real-time, scalable, and personalized interactions through chatbots. However, for developers, building these systems goes beyond programming chatbots — it involves understanding the unique challenges of healthcare, from regulatory compliance to seamless integration with hospital systems. By focusing on NLP capabilities, ensuring security and privacy, and integrating with existing healthcare infrastructure, developers can create chatbots that not only enhance patient interaction but also alleviate the burden on healthcare providers.

References

  1. NLP in Healthcare: Opportunities and Challenges
  2. HIPAA Compliance for Chatbots

About the Author:

Shristi is a creative professional with a passion for visual storytelling. She recently transitioned from the world of video and motion graphics to the exciting field of product design at Mantra Labs. When she’s not designing, she enjoys watching movies, traveling, and sharing her experiences through vlogs.

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