The awareness about health insurance has increased due to the coronavirus pandemic which acted as a catalyst with policies rising to 200-300 per day.
The newly launched coronavirus policy of Max Bupa Health Insurance has risen to 200-300 per day according to the company officials. The growing awareness of health insurance during the coronavirus pandemic has translated to an increasing number of policy sales across the country.
The COVID-19 has acted as a catalyst for awareness amongst people. The growth of awareness in health insurance amongst people is more than that seen over the last 20 years in the industry, with health insurance-related queries increasing over the last couple of months, according to the MD and CEO of Max Bupa Health Insurance Mr. Krishnan Ramachandran.
The growing awareness has translated into the purchase of policies across the country including tier II and III markets. The awareness generated has resulted in creating a specific health cover known as Corona Kavach as mandated by the IRDAI by Max Bupa. The coronavirus pandemic has resulted in the creation of a new situation that is constantly evolving and hence has given a unique opportunity for the insurers to innovate as they adjust and respond to the situation.
The new normal after the coronavirus pandemic mandated no contact delivery. Hence, digitization of processes and shift to digital mode of selling and servicing is the most important innovation in the industry. According to a company executive, Max Bupa Health Insurance introduced a smart digital platform much before the COVID-19 hit the nation as 90% of the business were logged through a digital application.
The digital solution allowed the company to explain the policy over video calls and the doctors to do medical assessments via phone. Through online mode, the customers can buy the policy within 5 minutes and the company can issue a policy to the customers easily. The approval for reimbursement of the claim is also done based on soft copies of bills.
A comprehensive health cover is referred by people that can protect them against unforeseen medical emergencies. Short term COVID-19 specific covers are gathering traction and demand among the millennials as 43% of the buyers are between the age group 18 to 30 years.
The health insurance could reach more remote and less affluent populations including the uninsured and the underinsured as the health services will likely see a change in providing consultancy to the patients as the number of online video services and telehealth services is rising.