The next big thing revolutionizing the healthcare insurance industry is cognitive technology. With digitization becoming the norm of the day, all insurers are left with massive amounts of data. However, in order to be the game changer, it is necessary to extract insights from these data and make the entire insurance process seamless. With fast dissolving boundaries across sectors, cognitive technologies can bridge the gap between data quantity and insights, so that the trends prevailing in even unrelated sectors like defense and aviation could find application in healthcare claims process.
This paper focuses on the changing landscape in healthcare insurance industry and how adoption of cognitive technologies in claims processing can benefit the payers. It analyses the challenges in claims processing and how to control the soaring cost and shorten the turnaround time by employing the latest advancements in cognitive computing.