Health Insurance Industry
Trends
  • New Policies & Coverages
  • Better Customer Service & Convenience
  • Enhanced Insurance Effectiveness
Buy Policy in just 2 mins

Buy Policy in just 2 mins

Happy Customers

2 lakh + Happy Customers

Free Comparison

Free Comparison

Customized Health Insurance Plan for you.

Enter Your Name

Age of Eldest Member

Health Insurance Industry Trends

Indian Health Insurance Industryis growing rapidly for the past few years. In 2020, COVID-19 created an enormous impact on healthcare and thus, health insurance industry. The health insurance industry has changed in terms of offering new products and is growing day by day in terms of generating revenue. Working from home and client interaction on video conferencing has become the new normal for an industry that relies on face-to-face interaction before the COVID-19 pandemic. Here are a few trends that are expected to impact the health insurance industry in 2022.

  1. Introducing New Insurance Policies

    Ever since the pandemic, awareness around the need for health insurance has increased. Health insurance has become necessary with more and more people starting to invest in health insurance. Insurance companies have launched several new health insurance policies in the past 1 year as per the needs and requirements of the customers. For instance, Corona Rakshak Plan is one of the newly launched products in recent times by keeping an eye on the coronavirus situation. It is available for 3.5 months to 9.5 months at an affordable price of 100/month.

  2. Digitalization

    During the Covid-19 pandemic, health insurance companies are realizing that selling insurance products through digital platforms has become a necessity as the customer is no longer available in person. Hence, they have adopted telemedical process to sell health insurance products. These companies also promote e-KYC process for the verification of the customer so that they can buy health insurance products from the comfort of their homes. Digital channels make the buying process easy and provide customers with a wide range of options for choosing the best Health Insurance Plans as per their needs and requirements.

  3. Value-Added Services

    At present, the health insurance sector is transforming day by day and the major insurance companies are adopting a 360-degree approach to get the maximum customers. While they are quickly expanding their network of hospitals. Additionally, insurance companies are also expanding their bandwidth of services with various value-added options like lifelong renewability, maternity cover, day-care treatment, regular health checkups, 24x7 customer care service.

  4. Coverage for Makeshift Hospital setups

    The Insurance Regulatory and Development Authority of India (IRDAI) announced that makeshift or temporary hospitals should be treated as network hospitals to settle claims by insurers. Makeshifts are the temporary medical facility setups created by the government for the urgent treatment of patients during the unavailability of beds & other medical amenities in hospitals. With this new inclusion in the insurance given for the COVID19, the coverage of makeshift hospitals is likely to be a part of underwritings in the future as well as the treatment for any other natural disaster will be considered valid by the insurance companies. This move will create a positive impact on the Health Insurance Industry and will create awareness of health insurance amongst the people.

  5. Cost Transparency and Artificial Intelligence

    As we know that the cost of health insurance can vary based on the insurance provider, location, and many more things, customers are subject to know about this valuable information. This gap can be filled with the help of a tool that will help the customers in searching for a suitable plan for them. Hence the use of Artificial Intelligence has increased in the health insurance industry where the insurance companies suggest the best-suited plans depending upon your personal information so that you can make the right selection. The insurance companies have introduced a cost estimator tool that provides the cost information and helps customers in comparing prices and plans.

  6. Telemedicine Coverage

    Insurance companies began covering telemedicine consultation from Oct 2020. Telemedicine is a convenient and affordable option for customers to reduce the cost and time associated with traveling. This also prevents the customers from being infected by COVID-19. The Insurance Regulatory and Development Authority of India (IRDAI) has instructed the insurance companies to settle the claims related to telemedicine.

Health Insurance Companies

Latest Developments

Some of the latest developments in the health insurance industry are:

  • Max Bupa Health Insurance was renamed as Niva Bupa Health Insurance.
  • HDFC LTD. bought a 50.80% stake of Apollo Munich Health Insurance and now Apollo Munich Health Insurance was renamed as HDFC Ergo Health.
  • Religare Health Insurance rebranded itself into Care Health Insurance.
  • Bharti AXA General Insurance has merged with ICICI Lombard General Insurance.
  • Insurance Regulatory and Development Authority of India (IRDAI) has announced a set of notifications with regards to the underwriting of health insurance.
  • NivaBupa launched a comprehensive cancer plan at just 5 Rs/day.

As it is well established that, taking care of customers’ health is the priority of health insurance companies, these trends will help them to remove the obstacles and provide simple, inexpensive, and high-quality care.

Health Insurance Articles

What Our Customers Have to Say

Customer Review Image

Vishal Singh

Delhi

September 27, 2022

I want to thanks Atul Bhardwaj he suggested me good policy and provide me good comparison which help me to choose best plan...........

Customer Review Image

Sagar Jain

Delhi

September 14, 2022

Very Good Organization, Very Decent Staff. Sales team is very good, they are following clients in proper manner

Customer Review Image

Mahesh Malvesh

Delhi

September 14, 2022

Thanks Manoj for suggesting Best plan and even for your patience level with good knowledge and exp l..really happy to see policy x help and Good exp in industry.. Keep going Good always in fut...

Customer Review Image

Mohan Bhargava

Chandigarh

September 14, 2022

Best company I ve ever seen. Good service. Politely way of talk. An employee of policy x is Azhar (13272) a best advisor. Good knowledge about the product and companies.

Customer Review Image

Paewn kumar

Delhi

September 14, 2022

I got good services from rinku kumar in health insurance team he suggest good plan for my parents and family thank you so much policyx.com

Customer Review Image

Santokh Singh Sethi

Delhi

September 14, 2022

I was great experience with policyx, the way the compare the plan is very good and web site is also easy to understand... I will suggest go with Policyx only

Customer Review Image

Kakali Bagchi

Kolkata

September 14, 2022

The people who is seating in policyx.com are vary supportive and they guide for the best policy and they help after sale also

Customer Review Image

Subhro Jha

Hyderabad

September 14, 2022

It was great experiance with Policyx.com about the claims as i got rejection my claim from HDFC Ergo but after getting support of policyx.com i got my claim and the complete amount is given by...

Naval Goel

Reviewed By : Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.