The Indian health insurance industry has expanded rapidly over the years. In the year 2020, COVID-19 had a significant impact on the health and health insurance industry. The health insurance industry has evolved by introducing new products and continuously increasing its revenue. A sector that previously relied on face-to-face interaction before the COVID-19 pandemic has adopted work from home and client interactions via video conferencing as the new standard. The following trends are projected to impact the health insurance industry in 2022.
Health insurance companies are realizing that due to the outbreak of COVID-19, it is now necessary to sell health insurance products online as customers cannot be reached in person. As a result, they have opted to sell health insurance policies using the telephonic process. For customers to buy health insurance products from the convenience of their homes, health insurance companies also promote e-KYC process for customer verification. Customers have multiple options to select the best health insurance plans as per their needs and requirements, thanks to the ease of use in the buying process by digital channels.
Introducing New Health Insurance Plans
Health insurance has become more widely recognized since the outbreak of the coronavirus. Health insurance has become an essential part of our life due to which more and more people start buying health insurance. As per the needs and demands of the customers, health insurance companies have introduced many new health insurance plans at affordable premium amount in the recent years.
The health insurance industry is changing day by day, and applying a 360-degree approach to attract maximum customers. They are also rapidly expanding their network of hospitals. In addition, health insurance companies are also offering a wide range of value-added services like lifetime renewables, maternity coverage, daycare treatments, regular health exams and 24x7 customer service.
Health insurance companies started covering online medical consultations from October 2020. Customers can avoid travel expenses and inconvenience by using telemedicine consultation, which is a practical and economical option. Additionally, it prevents COVID-19 from infecting consumers. Health insurance companies have been ordered by the Insurance Regulatory and Development Authority of India (IRDAI) to resolve any claims involving telemedicine consultation.
Transparency and Artificial Intelligence
Customers need to be aware of this important information as we know that the cost of health insurance can change depending on the insurance provider, region and many other factors. Hence, the use of artificial intelligence has increased in the health insurance industry, where insurance companies recommend the best health insurance plans based on your information so that you can make an informed decision. In addition, health insurance companies have introduced a cost estimator tool to help customers compare health insurance premiums and plans and provide cost information.
Below mentioned are the some of the Latest Developments in Health Insurance Industry are:
- Apollo Munich Health Insurance was acquired by HDFC LTD. for a 50.80% ownership, and is currently known as HDFC Ergo Health.
- Religare Health Insurance has rebranded itself from Care Health Insurance.
- Max Bupa Health Insurance has changed its name to Niva Bupa Health Insurance.
- Bharti Axa General Insurance has merged with ICICI Lombard General Insurance.
Since it is commonly known that health insurance companies prioritize the well-being of their customers, these trends will enable them to remove barriers and provide uncomplicated, affordable and high quality care.