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The slowly expanding health insurance industry in India was given a big push by the pandemic. Recent times have witnessed a major change in the way people perceive their health and health care. With a 17% CAGR, Compound Annual Growth Rate, in the last 20 years, industry experts are confident that the growth trajectory will continue in the future as well.
The growing demand for comprehensive, customised and affordable health insurance plans has been fueling the health insurance industry to undergo a digital transition. To understand the health insurance trends in 2023, read on.
1. Digitization has Simplified Health Insurance
Technological advancements have transformed the health insurance sector into a digital world. The era of insurance agents selling insurance plans from door to door is long gone. From buying insurance plans to raising a claim, just about every procedure can be carried out in a few clicks. Online procedures have also made health insurance less complicated. With so much information available online, the health insurance seeker is in a much better position today to make smarter and well-informed decisions.
e-KYC, online procedures, teleconsultation, and use of artificial intelligence tools like chatbots to make webpages simpler and more illustrated, have worked well not just for the insurance provider but the customer as well. Without a salesperson breathing down their neck, customers can take their time to make their decisions, that too from the comfort of their homes.
2. IRDAI is Proactive
ET Money’s reports that the financial year 2022 witnessed a 25% YOY (year-on-year) growth in the health insurance sector. A very big credit goes to the IRDAI, for making health insurance more accessible and affordable for the common man. Post-covid number of covid-specific health plans introduced people to how insurance could be a big financial support in their times of need.
Regular initiatives and updations have brought some very positive health insurance trends in the country. Flexibility for the insurers to launch new products and the expansion of choices available for the customers have empowered both parties.
3. Addition to the List of Value-added Services
One of the major health insurance industry trends has been the introduction of various value-added services. Customers can easily supplement their healthcare requirements; thanks to the basket-full of value-added services insurers are providing.
Restoration of sum insured, E-consultation, wellness programmes, Doctor on Chat, a Digital locker for medical records and a plethora of health tips are some of the value-added services offered on our portal. Such services help you inculcate a healthier lifestyle and can significantly reduce the chances of hospitalisation.
4. Increasing Focus on Mental Health
One of the major health insurance trends that we have witnessed is the shift towards mental health issues. Covid, not just affected people in a severe physical and financial manner, but also hit the mental health of a majority of people. Under the directives of the Regulatory body, IRDAI, health insurance providers include coverage for mental health consultation, counselling, access to meditation/ relaxation applications etc.
5. Companies Now Follow a more Customer-centric Approach
The entire healthcare domain seems to be going through a transition. Keeping in mind the health insurance industry trends, insurance companies do not mind going a step ahead to provide their customers with customised plans that offer not just coverage for treatment but also preventive care. Customers are offered multiple options to choose from.
As health insurance becomes an important part of life, we at Care Health Insurance understand the changing needs and demands of our customers. As one of the best health insurance companies in India, providing the most comprehensive plans at affordable prices is our endeavour.
6. Alternate Treatments are Now a Part of Health Insurance
One more very positive health insurance industry trend has been the introduction of AYUSH treatments in health insurance. While alternate treatments were already a part of health insurance, before 1st April 2020, they were offered with some caps and sub-limits. The IRDAI has now mandated all health insurance companies to cover AYUSH treatments up to the sum insured.
In India, a lot of people still believe in the traditional forms of treatment and medicine. The inclusion of AYUSH, which stands for Ayurveda, Yoga, Unani, Siddha and Homeopathy treatments, has been a very welcome step.
7. More Power to the Consumer
With the healthcare industry applying an almost 360-degree change to attract customers, it is ultimately the policyholders who can turn things to their benefit. The competition in the industry makes the insurance provider keep their plans and products in line with the customer’s specific needs.
Options like portability have made it easier for a customer to shift if he/ she is not completely satisfied with the services that are being offered. Also, tools like health insurance premium calculators, tailor-made health plans, online quotes etc., give the customer the opportunity to make well-informed decisions, at their convenience.
>> Also Read: Know What are the Challenges of Health Insurance in India
Bottom Line
As one of the fastest-growing industries in the country today, advanced features in health insurance are certainly the way forward. Given the low penetration, the opportunities for insurance in India are huge. The years post the pandemic have remarkably reformed the sector, and there has been accelerated growth, not just for the health insurance companies but the entire healthcare ecosystem, including the customer. These health insurance industry trends can surely be expected to have a long-lasting as well as positive impact on the businesses, penetration rate, products and customer experience.
Disclaimer - The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
