Insurance

Insurance – A close-up of the highly stylized compass face. The compass needle has a blue arrow pointing upwards to the word “Insurance” written in blue letters. To the left and right of the word “INSURANCE” the word “RISK” is written three times in gray letters. | Photo credit: olm26250

The health insurance industry in India has undergone major changes in the last two years. A major change is the perception of the category of customers and the need for a health insurance policy. The pandemic has made everyone feel the uncertainty of life and their unpreparedness in case of any health emergency.

Insurance

Insurance

Since the onset of Covid, health insurance premiums have been the primary driver of the non-life insurance industry. Despite the prolonged nationwide lockdown, the healthcare segment grew significantly at 34.2% year-to-date (YoT) in July 2022, compared to 9.9% growth in July FY21.

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While we have seen rapid growth in the health insurance sector as a whole, there are some key changes/trends to watch for in the coming year:

The growth engine/path will continue as the health insurance category has gained consumer attention. With a major shift in consumer perception of the industry, the focus has gradually shifted from health insurance to health insurance.

The main reason for this change was the rising cost of hospitalization which made people realize the need to buy health insurance.

Consumers also find that buying comprehensive coverage is a better choice as it extends to a comprehensive approach to health care with more coverage for diseases, pre-existing conditions or future life conditions.

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Therefore, many consumers have come to see health insurance as a necessary investment that brings healthy health insurance.

There is a growing opportunity for the industry to come up with new and innovative product offerings that meet unmet customer needs. A large number of consumer segments still do not have specific health policies for themselves.

There is currently a huge gap in the market that is waiting to be filled with innovative and customized products. For example, offers for people with certain conditions from day 1, offers to cover outpatient expenses, target specific customer segments whose needs are not yet met, etc.

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The Susoth Alliance, a collaborative, was launched last year by the Susoth Digital Health Foundation (a non-profit initiative) to leverage digital technologies for inclusive healthcare and improving health outcomes. This will enable the creation of a digital backbone for integrated healthcare delivery in India.

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Sosoth’s proposed Health Claims Exchange specifications for cashless insurance include improved patient claims experience, faster claims processing, better claims visibility and tracking, more innovative insurance products, lower claims processing costs and better for the industry and regulators. Data will help. It will also ensure communication between all stakeholders and standardize the entire process. This will bring about a paradigm shift in the way claims are handled in the industry.

According to a recent report by Niti Aayog, while Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) and state government programs provide comprehensive hospitals to the bottom 50% of the population – about 70 million people, the other 20% or 25 million. People are covered by social health insurance and private voluntary health insurance. The remaining 30% of the population lacks health insurance and is called the missing middle. This segment mainly consists of the self-employed (agricultural and non-agricultural) informal sectors in rural areas and a wide range of businesses – informal, semi-formal and formal – in urban areas.

We will see the emergence of major consumer technology platforms as health insurance distribution channels. With the growing need and value of health insurance, such new channels will certainly contribute to a more refined customer experience and by enabling the creation of personalized offerings. It will also help to create a model that is transparent and personal. It will be data-driven and digital, thereby simplifying the process of buying and evaluating insurance. The pandemic has also brought about major changes in consumer behavior. Such new channels will help expand the industry’s reach, especially to millennials and younger demographics.

There will be increased use of technology and digital media to create new opportunities, not only to acquire customers, but to help manage the customer’s life. If health insurers have moved to remote sales and service teams, customers have also become adept at using digital services at every step of the general health insurance process. Consumers are now increasingly using their health insurers’ apps and websites to access information and process claims. We expect the increased use of digital services to become a permanent trend in the domestic insurance industry.

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We will also see many data-driven innovations and digital tools, machine learning, blockchain and insurtech that will help the health insurance sector accelerate administrative functions such as underwriting, claims processing and customer inquiry management, to the benefit of both. Consumers and health insurance alike. .

There will be increased coordination in administrative functions such as underwriting, claims processing and customer inquiry management. Home insurance is something you should get to protect yourself from natural calamities. Here are 7 things you should know about home insurance.

Natural disasters can strike at any time. Although there is little we can do to prevent such accidents, we can protect ourselves with proper insurance.

Insurance

No one can tell when the next natural disaster will strike. “Only life, health and auto insurance are common in India. However, earthquakes and floods can happen anytime. We have to protect our assets from such accidents,” Abhishek Mishra, CEO, Bonanza Insurance. One way is to opt for home insurance. Most home insurance policies automatically cover damages like cyclones, earthquakes and others.

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Home insurance covers the interior structure of the home as well as furniture and equipment. While it is generally recommended that you choose a comprehensive plan when it comes to car insurance, choosing the right home insurance policy can be more difficult.

Before buying a comprehensive home insurance policy, find out if you need to get structural coverage. Most housing societies insure the building and hence individual flat owners do not need to opt for the structure cover. “Homeowners need home contents coverage,” says Mishra. However, check that the policy purchased by the housing association covers the cost of construction and not just the cost of the building itself. Many housing associations agree to reduce the cost of buildings to keep premiums low.

If you want to insure the contents of the house, two plans are available to you – standard and comprehensive. Most insurers offer standard plans that assume a standard set of assets. However, experts are looking for a detailed plan. “List every asset and cover it. This offers many benefits. By providing complete details at the time of policy, claim rectification becomes easier,” says Tarun Mathur, Chief Business Officer, General Insurance, Policy Bazaar. Standard plans also often exclude costs associated with repairs.

Experts say it makes sense to choose replacement value rather than cost value for household assets. “Homeowners should keep in mind that this will increase insurance costs,” says Sanjay Dutta, head of insurance and claims, ICICI Lombard General Insurance. However, this will be useful at the time of application. Suppose a TV that you bought two years ago is damaged due to lightning and the repair cost is Rs.8000. If you do not choose the alternative price, the insurance will not pay the full amount.

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Insurance laws require that you take all necessary steps to protect your property. Insurance companies usually educate people about this. “When the IMD declared Cyclone Fani, we sent a message to protect your assets like car, house etc,” says Dutta. These steps are standard practices such as sealing any areas of the home where leaks are likely and repairing old and cracked windows.

Keeping important documents like diplomas, house registration documents, etc. Bank lockers are a wise move. Damage to critical documents can cause serious problems in the future. “Due to their design, bank lockers can withstand floods, fires, etc. and are therefore safer than a home,” says Mishra. You will need to enter.

Insurers are generally lenient with claims after natural calamities and therefore settlement of claims is not difficult. “After any calamity, file a claim with the insurance. If there is a fire, file an FIR and report to the fire department. Insurers release payments when they get reports from their surveyors,” says Mishra. FIR is not required if the damage is due to other causes like flood, short circuit or electric shock.

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