The transformative phase of the health insurance industry picked a rapid pace after the COVID-19 pandemic, which made people realise the need for a health insurance policy to cope with rising healthcare costs.
Even today, India's health insurance sector is undergoing a drastic transformation due to growing demand, rapid digitalisation, and innovative regulatory changes.
In this blog, we are going to highlight the top health insurance industry trends with the potential to revolutionise the way health insurance works.
Top Healthcare Insurance Industry Trends 2024
Understanding the health insurance landscape of the country helps you stay ahead and leverage maximum benefits from your health insurance plans. Having said that, below are the hottest emerging trends in health insurance:
1. Digital Evolution
Like every other industry, the health insurance industry has welcomed technological and digital advancements with open arms.
From online policy purchases to automatic claims processing and support for telemedicine, the sector is witnessing an impressive digital evolution.
a. Online Insurance Platforms
Gone are the days when you have to either visit a physical branch or make appointments with agents to purchase health insurance plans. Today, the majority of reliable insurance providers offer online services through their user-friendly and responsive websites.
Not just that, some insurance providers like Reliance General Insurance went a step ahead by providing mobile-based services to the customers.
We have introduced the
Reliance Self-i mobile application, which allows you to manage your insurance plan with your smartphone. From purchasing a new plan and renewing the existing policy to filing claims and tracking claim requests, you can do everything using this highly intuitive and easy-to-use mobile application.
b. Telemedicine
Telemedicine is a rapidly expanding technology that has completely changed the scenario of healthcare in India. It is a facility that allows you to avail healthcare remotely. It includes services such as video consultation, remote patient monitoring and so on.
Looking at the growing demand, IRDAI has made it mandatory for all health insurance companies to offer coverage for telemedicine.
This means you can access high-quality healthcare online without worrying about whether your insurance policy will cover it.
c. Healthcare IT Trends - AI and Big Data
Similar to other industries, the health insurance industry has also experienced a notable AI penetration.
Today, insurance companies are using AI to understand customer requirements, provide personalised policies and devise better risk mitigation strategies.
Apart from this,
Artificial Intelligence in insurance is also making its way into the claims settlement process to make it faster, more efficient and free from any biases.
2. Next Level Customisation
Every individual has different health insurance requirements that need to be addressed for efficient financial coverage.
Today, health insurance providers are aware of this fact and thus offer a great scope for customisation in their plans.
In addition, several new types of policies have been introduced to offer dedicated coverage to policyholders.
a. Dedicated Plans
The rule "one-size-fits-all" is not applicable to health insurance. It means, a standard health insurance plan may not be enough to offer sufficient coverage to certain groups of individuals.
Keeping this in mind, insurance providers have started offering dedicated plans, such as
Reliance Specially Abled Health Insurance and Senior Citizen Health Insurance, for individuals who experience unique healthcare requirements.
Similarly, there is
International Health Insurance that offers coverage to policyholders for planned medical treatments worldwide.
b. Customisable Policies
As previously dictated, policy customisation is among the current trends in health insurance. Trusted health insurers allow their customers to customise their plans as per their needs and budget.
For example, at Reliance General Insurance, you can select your coverage type, premium and sum insured amount and even adjust the policy's members based on your requirements. In short, all our health insurance plans are fully customisable, subject to your preferences.
c. Add-on Covers
Add-ons or insurance riders are great for enhancing the coverage of existing health insurance. Today, you can select from a wide range of useful add-ons such as Maternity Cover,
Critical Illness Insurance cover and many more.
3. Integration of Modern and Traditional Healthcare
The amalgamation of modern and traditional healthcare is among other emerging trends in health insurance. Insurance providers have started offering coverage for traditional healthcare treatments along with basic medical coverage.
With our health insurance plans, you get coverage for alternative treatments such as Ayurveda, Unani and Homeopathy.
At Reliance General Insurance, we believe in making the required medical care readily accessible to our policyholders.
4. Government Initiatives and IRDAI Regulations
The Government of India has played a big role in the transformation of the health insurance industry of the country.
Multiple initiatives have been taken to make health insurance an integral part of financial management, from launching various insurance schemes to offering excellent tax benefits.
Besides, the Insurance Regulatory and Development Authority of India (IRDAI) has also introduced many favourable regulations to accelerate the growth of the insurance sector.
a. Government Schemes
Ayushman Bharat, aka Pradhan Mantri Jan Arogya Yojana (AB - PMJAY), is a commendable initiative that aims at providing medical coverage of ₹5 lakh per year for eligible families.
Similarly, around
44.6 crore individuals were covered under PM Jeevan Jyoti Yojana and PM Suraksha Bima Yojana in FY 2023.
b. IRDAI Regulations
Apart from government schemes, the IRDAI has also brought significant changes to the country's health insurance segment. Here are some of the latest regulations you should be aware of:
i. Covid-19 CoverWitnessing the havoc caused by the coronavirus pandemic, the IRDAI has made COVID-19 coverage mandatory for every health insurance plan.
This means that every health insurance provider must offer coverage for COVID-19 treatment, vaccinations, hospitalisation, etc.
ii.Cashless EverywhereEarlier cashless treatment facilities were only available at the insurance provider's network facilities.
Recently, the IRDAI introduced the cashless everywhere facility, which allows you to get cashless treatment at any hospital across the country.
This is a major step towards making healthcare services easily accessible and cost-effective.
iii.TelemedicineAs discussed above, the IRDAI has also mandated that Indian insurance providers include telemedicine coverage in their health insurance plans.
5. Strong Focus on Preventative Healthcare
A strong emphasis on preventative healthcare is also among the latest health insurance trends in 2024.
The reputed health insurance companies have started offering coverage for preventative healthcare through wellness programs, routine check-ups, vaccinations and so on.
Not just physical health, mental health awareness is promoted through various programs and campaigns.
Stay Updated and Prioritise Your Health with Reliance General Insurance
Reliance General Insurance helps you stay ahead by providing you with tailored health insurance plans to meet your unique requirements.
We offer well-designed and feature-rich health insurance policies that offer broad coverage for your health-related emergencies.
By purchasing our plans, you can enjoy benefits such as dedicated coverage, fast claims settlement, affordable premiums and a variety of modern add-ons to meet your diverse needs.
What's more? You can purchase the
best health insurance plan online without having to go through a lengthy purchase process. You can buy your plan today with zero paperwork and in a few minutes.
Frequently Asked Questions
Which is the best cashless health insurance plan in India?
Reliance General Insurance offers ‘Cashless Everywhere’, i.e., you can avail of cashless hospitalisation at almost all hospitals across the country. You can opt for plans such as Reliance Health Infinity Insurance and Reliance Health Gain Insurance and access a cashless treatment facility at any authorised hospital in the country.
Should I purchase health insurance online or offline?
The easiest and most convenient way of purchasing health insurance is online. You can explore multiple insurance products and compare several plans when buying a policy online.
Apart from this, you don't have to deal with a lot of paperwork and documentation when buying insurance online. Plus, you can also avail impressive discounts on online purchases.
Which health insurance plan is suitable for aged individuals?
A Senior Citizen Health Insurance plan is excellent for elderly individuals. It offers dedicated coverage to suit the growing healthcare needs of senior citizens. It covers pre- and post-hospitalisation, surgeries, critical illnesses, routine follow-ups, daycare, etc. For more information, contact us.
Do youngsters require health insurance?
Yes. Every individual, regardless of their age and health status, should invest in health insurance. The reason is simple: Health insurance helps in financial management by covering the hefty expenses resulting from unforeseen health emergencies.
Moreover, there are many benefits to buying health insurance at a young age. Some of them include low premiums, no pre-medical screening, excellent discounts, tax benefits, etc.