Virtual Cards Streamline Healthcare Claims as Insurers’ Digital Transformation Gains Momentum

Insurance claims have long been associated with paperwork, delays and frustrations. Whether it’s for auto accidents or healthcare needs, the process has often been cumbersome and time-consuming. 

But the insurance landscape is rapidly evolving, with digital tools and innovative solutions paving the way for more streamlined and efficient processes.

When it comes to digitizing claims management, AXA–Global Healthcare introduction of a virtual card solution for healthcare insurance claims is a prime example of how providers are enhancing the overall experience for members, offering them greater flexibility and convenience in managing their healthcare expenses.

With the new AXA payment card, members can cover expenses for eligible outpatient treatment, such as over-the-counter prescriptions, without the hassle of submitting a claim or using personal funds. Moreover, there’s no requirement for members to seek preauthorization from AXA before proceeding with their treatment.

The convenience of the virtual card extends further as it can be seamlessly integrated into members’ digital wallets for secure storage. This feature ensures easy accessibility whenever needed. Additionally, the card is compatible with contactless Visa payment methods, enabling members to use it for treatment payments at healthcare providers globally.

“We’re looking forward to launching our new healthcare payment card as the first step to providing our members with a wallet of digital services from which they can access their international healthcare insurance policy,” said Andy Edwards, managing director, AXA–Global Healthcare. “Increasing the breadth of our offering is key to AXA–Global Healthcare’s ability to provide enhanced propositions for our customers, and central to our wider strategic growth plans. 

Overall, insurers have accepted the digital challenge, according to Ian Drysdale, CEO of insurance industry digital payments network One Inc, and today, savvy insurers are not only providing online policy renewals and payment options but also enhancing customer service through easy-to-navigate websites and user-friendly mobile apps. 

Moreover, these insurers are incorporating convenient payment features such as text to pay, catering to the evolving preferences of modern consumers.

“Insurers are also rapidly transitioning to cloud-based core systems with integrated, client-facing mobile capabilities — including payments — that deliver the best experiences to policyholders and help build loyalty,” Drysdale told PYMNTS. 

The insurance sector’s embrace of advanced technologies, such as artificial intelligence (AI), is also beginning to yield significant dividends, PYMNTS reported last month.

Speaking to investors on the company’s latest earnings call, Githesh Ramamurthy, chairman and CEO of CCC Intelligent Solutions, said that there has been a “significant change” in the “accelerating demand for AI solutions” from CCC’s customers and clients, including major players in the insurance space. 

That surge in demand involves the processing of a record number of U.S. auto insurance claims using AI-enabled solutions, which company executives said underscores their commitment to innovation and operational excellence around integrating AI into existing workflows.

“Like every other solution we deliver, AI solutions also have to deliver ROI,” Ramamurthy added. “But customers continue to be more and more interested … and the scale of the feedback loop and the quality of the data has allowed us to improve quality substantially.”