Indian health insurance sector is passing through a huge transformation and introduce customized policies as well as services which specifically serve to the customers’ needs.
It can be attributed to hike in awareness amongst the customers, changing illness pattern more concerned towards lifestyle diseases, advanced technology in the insurance and medical sectors and influx of new mono line insurers concentrating on health insurance category in the Indian market. Below are the areas on which insurers need to focus for the development of this industry:
•Awareness
The segment will see various health awareness campaigns and create a need for mediclaim policies in the market. Insurers need to educate buyers that this policy is not just a tax-saving tool but also a security blanket which can protect policyholder’s lifetime savings. Today, out-patient and pregnancy expenses, Ayurveda and homeopathy treatments are insured under the retail healthcare plan.
•Accessibility and Affordability
It has been observed that Customers in tier 2 and 3 cities and rural India will have increased access to insurance and healthcare. Insurers must create simple policies for consumers with low disposable income paired with advanced technology to reach every corner of the country.
•Value-added –Services beyond Insurance Coverage
Insurance companies in India are expected to play an important role in helping customers deal with lifestyle diseases and decrease their expenses towards healthcare. These companies offer value-added-services on health checkups, IPD/OPD treatments etc.
•Preventive Care
In India, there is a visible increase in preventive care programs and it is advisable to drive such programs with other stakeholders by using digital mediums.
•Claims Management
New and digitized procedures may streamline claim processing speeds mainly for cashless claims. Also, it will involve up-to-date client’s information to resolve customer queries faster. Due to mobile-based technology, health insurance companies in India reach to the maximum number of consumers.
It will definitely ensure equitable access to appropriate and affordable mediclaim services to each person in India. Insurers must give the right policy and quick services at affordable rates. Now, health insurance industry is driven by advanced technology and customized plans beyond insurance.