For the last few years, the Indian health insurance industry has been at a rapid high. As a result, in 2020, the health insurance industry encountered a very large impact, given that COVID-19 had brought a drastic change in the global healthcare scenario. The health insurance industry has evolved in the variants of products available, and it is increasing every day. The prevalence of the virtual-meeting type, in which employers and clients interact on video-conferencing programs, has become the new normal.
It is an operational method that many industries could practice extensively, including a sector that had relied on physical interaction before the COVID-19 pandemic. The changes indicated that the health insurance market was evolving to encounter and exhibit more changes in the year 2024. Hence, here are some key trends that are bound to shape the health insurance market of 2024.
2024 Health Insurance Trends
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Introducing new insurance policies
Since the pandemic, sensibilities towards the significance of health insurance have heightened. Nowadays, because more people have started to invest in health insurance, it has become essential to introduce new health insurance as well.
In the past year, insurance companies have attempted to significantly improve the quality of services they offer by providing the best health insurance for senior citizens policies based on the needs and demands of their customers.
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Digitalization
Amidst the COVID-19 pandemic, health insurance organisations have discovered that the promulgation of insurance products through advanced stages is a need since the customer couldn’t be physically present. Therefore, they have a process where telemedical doctors prescribe medical treatment to sell health insurance products.
These firms also support the e-KYC process to ensure the validity of the customer and allow them to purchase their health insurance products from their homes. Digital channels have helped ease the process of buying.
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Value-Added Services
Besides insurers, the range of services is growing, with several value-added features coming up with various fact-in policy options like lifelong renewability, maternity cover, daycare treatment, regular health checkups, and 24×7 Customer Care service.
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Coverage for makeshift hospital setups
Make-shift or temporary hospitals serve as network hospitals in case of an insurance settlement made by the insurers. Temporary makeshift medical facility setups developed by the government during emergencies, when no beds & other medical amenities are available in hospitals, are called makeshifts.
This new edition during the COVID-19 insurance is going to mark a new path in the future. This change shall bring a more positive effect on the health insurance Industry.
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Cost transparency and artificial intelligence
Since there are factors that will influence the cost of insurance such as locals and companies, hence consumers are obliged to know these important details. This void can be filled through the assistance of a tool to enable the customers to find a plan that can suit the individual. As such, Artificial Intelligence applications have gone up in the health insurance sector for developing coverage and analytics.
The insurance companies, in turn, advise you about which proposed plans best suit you based on the personal information you supply so that you can choose wisely.
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Telemedicine Coverage
Private Insurance companies are required to pay for virtual consultations using telemedicine from Oct 2020. Customers should have telemedicine access which is beneficial as it saves the patient’s medical costs and time for travelling. This also eliminates the possibility of the customers developing the disease.
The Bottom Line
The medical trends of 2024 have revealed that there are several new facets that have been and are going to be introduced in the medical sector. The use of technology integration is increasing. From AI-based tools for tracking claims processing and preventative care being on the rise along with reducing wastage. Insurers are also focused on transparency, cost-consciousness, and ease of access to respond to the changes according to consumer demands and preferences.
