scorecardresearchWorld Health Day 2023: How has the insurance sector transformed for the

World Health Day 2023: How has the insurance sector transformed for the consumers? What do the experts believe?

Updated: 07 Apr 2023, 01:40 PM IST

The insurance sector in India is undergoing major transformation with the emergence of customer-centric services and usage-based insurance. On World Health Day, insurance companies are focusing on promoting wellness and preventive care to increase penetration of insurance.

Buying a life insurance plan should be the first step to attaining your financial goals.

Buying a life insurance plan should be the first step to attaining your financial goals.

As we celebrate World Health Day today, it is an opportunity to reflect on our health and take necessary steps to ensure its maintenance. One of the best ways to ensure that our health is taken care of is opting of an health insurance.

As we talk about importance of health insurance, it is essential to observe how insurance sector in India is undergoing a major transformation, with the emergence of new policies, products, and customer-centric services that are making it easier than ever for consumers to purchase, manage, and use insurance coverage. As technology continues to evolve, the industry is adapting to better serve the needs of its customers and keep up with the changing landscape.

One of the major changes consumers witnessed is a shift from traditional insurance to more innovative products such as usage-based insurance. This type of insurance takes into account the driving behavior of the customer and offers discounts accordingly. This has made it easier for customers to get discounts and save money on their insurance premiums.

Adding his views, Deepak Bhuvneshwari Uniyal, CEO and Co-founder, Insurance Samadhan said, “As we celebrate World Health Day, it's essential to note that the insurance sector in India is undergoing significant changes that directly benefit consumers. With the ongoing pandemic, there has been an increased focus on healthcare and well-being, leading insurance companies in India to offer more comprehensive coverage and services. Indian consumers can now access a wide range of digital tools and resources that help them manage their health and wellness.”

“From telemedicine and virtual consultations to wellness programs and personalized health coaching, Indian insurance companies are leveraging technology to make healthcare more accessible and affordable. Moreover, insurance companies in India are also becoming more proactive in promoting preventive care and lifestyle changes that can help consumers stay healthy and avoid costly medical expenses. These changes in the insurance sector are empowering Indian consumers to take control of their health and well-being, making healthcare more patient-centered and personalized than ever before,” he added.

Parthanil Ghosh, President- Retail Business, HDFC ERGO General Insurance said, “With shifting paradigms, insurers now invest heavily in technology and innovations for seamless service delivery and quick claim resolutions so that there is no hindrance to the customers in availing best-in-class medical facilities, at the times of their need. We understand that in today’s world well-being is not just restricted to physical health and hence our bouquet of products includes protection against mental ailments as well, so as to ensure the holistic well-being of our customers.”

“However, we believe a lot needs to be done in this area. Studies suggest that out of the 1.33 billion Indian population, only 0.5 billion individuals have health insurance coverage. Hence we will continue to increase our focus to drive awareness for the importance of health insurance, which is also aligned with IRDAI’s agenda of ‘Insurance for All by 2047,” he added.

Adding his views, Amjad Khan, Executive Director - Employee Benefit Practice and International Business, Anand Rathi Insurance Brokers Pvt. Ltd said, “The insurance sector has transformed so much from the consumer point of view especially post covid. While the customer takes center stage in terms of what it needs and how efficiently the provider can manage expectations, the insurers have upped their game on bridging the rising need through advanced technology tools, efficient customer care and a robust claim redressal unit to facilitate seamless settlements. The insurers understanding on the diversity of customer requirements based on age, gender, region and community bringing in innovation to the core where tailor made solutions aligning to a segment has made choice and understanding much simpler for the end consumer.”

Commenting on the same Dr. Bhabatosh Mishra of Niva Bupa Health Insurance said, “Today a consumer is more aware of the need for insurance and there is a definite shift in perception towards health insurance. The need of health insurance to access quality healthcare is more pronounced than ever. After the covid-19 pandemic, consumers have become more cautious about their health and well-being and understand the need for adequate health insurance coverage for financial protection.”

“Additionally, the regulator has been introducing many consumer-centric reforms to promote inclusive products that allow customers to opt for comprehensive health plans and live life to the fullest without worrying about financial constraints.” he added.

The insurance industry has seen tremendous growth in the last few decades, but there is still a long way to go before it reaches its peak penetration level. To increase the penetration of insurance, insurance companies must continue to focus on creating more innovative products that meet the needs of their customers, as well as offering competitive rates and better customer service.

These are some of the ways to reduce health insurance premium.
First Published: 07 Apr 2023, 09:28 AM IST