Awareness regarding the importance of health insurance is increasing. More and more people are now buying a health insurance policy to safeguard their families. This is in part due to the impact of the COVID-19 pandemic and the unexpected consequences it brought on a large scale.
Insurance companies saw a positive 26% growth rate in health insurance gross premiums for FY 2021, as per the ICRA. One reason for this increased awareness and growth is the rise in accessibility and technological advancement as well. Recent trends in the insurance sector, and especially the health insurance sector, highlight these aspects.
Here’s a look at the trends you may come across when buying health insurance plans for yourself or your family.
- AI-based insurance experience
Right from chatbots that answer customer queries to AI-based claim settlement, the presence of artificial intelligence in insurance is expanding each year. The computational aspect of AI ensures that errors are reduced to a great degree without compromising efficiency. This is particularly helpful when it comes to processing and/or investigating claims since detecting fraud becomes easier.
Furthermore, AI applications, such as machine learning, can also help insurers draft policies, underwrite different plans like health insurance and critical illness insurance automatically, prevent fraud and analyse claims, and so on. *
The domain of telemedicine grew exponentially as social distancing norms grew stricter due to the COVID-19 pandemic. Though social distancing norms have been eased now, the convenience offered by telemedicine continues to attract more and more people. Considering this, insurers have now begun to cover telemedicine charges under their health insurance plans for individuals and family coverage. *
- Mental health coverage
The past few years have also seen a much-needed growth in awareness about mental health. As the stigma around mental illnesses, such as depression, OCD, ADHD, and so on, reduces, insurance companies are expanding their offerings to cover these illnesses as well.
As insurers find more ways to effectively cover mental health, it is likely that buying a health insurance policy in the future would also mean access to comprehensive mental health treatment. *
- Innovative products and features
As diseases due to bad lifestyles increase, so does the awareness regarding their prevention. People are waking up to the benefits of healthy habits. To encourage this shift, insurers are now offering rewards to support their health-conscious customers.
What this means is that if you participate in wellness programs and achieve positive results, you may get rewards on your health insurance policy. This may come in the form of a reduction in the premium or a gradual increase in the coverage. *
* Standard T&C Apply
Along with such features, there has also been a shift towards offering products that fit unique needs. For instance, many insurers are now offering critical illness insurance for women that covers serious conditions, such as breast cancer and ovarian cancer, that women, specifically, are vulnerable to.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.