Health Insurance Sector: An Overview of Recent Developments and Revolutionizing Trends

Health insurance is a type of protection that assists individuals and families in covering the costs of medical expenses and healthcare services. This industry includes different participants such as insurance companies, individuals, employers, healthcare providers, and government entities. These bodies provide plans according to an individual’s budget, duration, and compatibility. The extent of coverage under a policy can differ based on various factors such as the specific diseases covered, the age group of the insured individuals, government policies, and other relevant considerations.   

The health insurance sector is mainly driven by factors such as a rise in the prevalence of chronic diseases, growing awareness about health insurance in rural regions, and improvement in claim management procedures. As per the recent market study by Allied Market Research, the global health insurance market is estimated to portray notable growth throughout the forecast timeframe. The industry is experiencing several technological advancements owing to digitalization, new insurance policies, and the incorporation of value-added services.   

 

Revolutionizing Trends in the Global Health Insurance Industry:  

 

Customized Health Plans:   

 

Due to the complexity of health insurance, individuals seeking to purchase a plan may be unsure about the right inquiries to make. As a result, numerous health insurance companies take the initiative to reach out to customers through different channels such as phone numbers, emails, and inquiry forms, to offer solutions.  

 

The utilization of personalized recommendations, which are generated from data triggers, assists in providing information, education, and motivation to customers to help them make more informed decisions. Additionally, these recommendations can enhance health results, promote self-service, and encourage policyholders to seek suitable and prompt treatment.  

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AI for Health Plans Recommendation:  

 

Artificial Intelligence is being used by health insurance providers to suggest suitable health plans based on factors such as health conditions, location, and age. By utilizing AI, customers can make informed decisions about their coverage and premium costs. Additionally, insurance providers are offering insurance premium calculators to enhance transparency in the process.  

 

Incorporation of Machine Learning:   

 

The advent of Machine Learning has facilitated the automation of various tasks, the efficient management of large datasets, and the implementation of predictive analysis. Furthermore, Blockchain technology has enabled automatic claim verification, expedited data retrieval, reduced administrative costs, enhanced privacy and security measures, and improved scalability. Consequently, the integration of these technologies has led to the automation and digitalization of numerous aspects, including business models, consumer experiences, and operational procedures.  

 

Mental Health Issue Coverage:  

 

A study conducted in India with 1027 participants revealed that 17.9% of the participants had clinically significant symptoms of anxiety, while 40.7% had symptoms of depression. Consequently, due to the growing demand for mental health services and a directive from the insurance regulator IRDAI (Insurance Regulatory and Development Authority of India), health insurers are now providing coverage for services like professional consultation and access to meditation apps to address mental trauma. 

 

PhonePe introduced a health insurance platform that enables individuals to make monthly premium payments  

An insurance broking service, PhonePe unveiled new health insurance plans that allow people to pay for coverage every month and could help alleviate the financial burden of making one-time payments. According to a statement from the company, leading insurers and health insurance plans are collaborating to introduce UPI's monthly mode of payment. Users of the health insurance plans, which offer coverage up to one crore rupees, are free to select any hospital room.  

 

With prices under pressure, PhonePe Insurance Broking Services on 18th July 2023, announced the introduction of health insurance plans that will, for the first time in India, allow for monthly subscriptions. This can help ease the burden of one-time payments on the populace.  

 

The health insurance plan in collaboration with leading insurance companies is introducing UPI monthly payment option, the company said in a statement. The health insurance plan covers up to Rs 1 crore and allows users to choose any hospital ward without a cap.  

 

In short, the health insurance industry is experiencing massive growth due to technological advancements, rising awareness regarding health insurance coverage, and the surging cost of healthcare facilities. However, factors such as innovative coverage plans, the rising geriatric population, strategies by frontrunners, and the integration of telemedicine are expected to provide remunerative growth opportunities in the future.