Expect more use of technologies like AI and ML to reshape product design, claims processes, underwriting and distribution. Coupled with this devastating illness, this has led to financial hardship for many families.
Since the advent of the pandemic, the perception of health insurance has changed. It goes without saying that the high number of claims has put a strain on the industry, but it has withstood all odds.
Obstructive episodes in 2021 Standardization of treatment
The health ecosystem will benefit enormously from standards data standards, evidence-based medical practices, and compliance with prescription policies and procedures, customers will benefit greatly and the claims experience will be significantly smoother. More transparency in pricing and technology adoption will also help improve industry accountability.
Low awareness and penetration
The health insurance sector will grow by 30% in 2020 while growth has stagnated by 18% since the beginning of the year in October 2021. Back when life, back to normal, many people still consider this field to be complex and unclear.
High taxes
The current 18% GST rate not only makes hospital products expensive, but is also a serious obstacle to the creation of outpatient products, which actually account for about 6,070% of expenditures spending on health care. Reducing the GST tax rate will not only improve drug penetration, but will also help increase tax collection from a broader set of customers.
Prospects for Digitization 2022
In the future, we may see a more active use of technologies like AI and ML that will help reshape product design, claims processes, underwriting, and distribution, creation, and distribution out better connection with customers.
Product innovation
People will choose products that offer a higher amount of coverage due to the increasing cost of medical care.
Focus on delivery models
The demand for health insurance from Tier 2/3 markets has increased sharply, requiring a re-adjustment of distribution channels. Today, more and more women and younger generations are interested in purchasing financial instruments such as insurance. Therefore, there is a need to innovate the way insurers interact with the growing group of buyers.
Customer experience
Customer experience will be a priority for insurers, and investing in digital capabilities will help insurers bring new products and services to market faster, thereby helping improve customer experience.
What awaits us?
We need to understand that epidemics like Covid are here to stay. Building on the resilience the health insurance sector has demonstrated over the past two years, it will play a key role in empowering people in practice, while enabling them to adapt with the new normal development.
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