The new year 2021 has started. The health insurance industry is also ready to start with a new end and new goals in the new year.
The new year 2021 has started. The health insurance industry is also ready to start with a new end and new goals in the new year. The year 2020 was different from the rest of the year. It will always be remembered because of the Kovid 19 epidemic. People’s focus on staying healthy during the epidemic period increased, due to which the health insurance industry saw opportunities for monetary and non-monetary growth. Covid 19 explained the importance of health insurance to the people.
The focus of the industry in 2021 should be on increasing the penetration of health insurance among the people and ensuring that people are adequately insured. The industry should create more awareness among the people about the benefits of health cover, which should provide the necessary and adequate health protection based on the current situation. Companies should find the need for segment-specific products, small-size products, etc. In 2021, the need for long-term business objectives also needs to be decided while keeping health paramount for the individual and the family.
Needless to say that along with customization benefits and the ‘health first’ approach, technological and digital advances will also play an important role in 2021. In 2020, the health insurance industry adopted a change in its way of functioning and the move reflected the industry’s ‘customer first’ thinking. This will continue even further.
What things are still needed?
2020 gave the health insurance industry ample opportunities to learn. Customers sought assurance and satisfaction through their health insurance cover. This situation allowed the industry to learn and improve itself during the epidemic. The lessons that were revealed to the industry are like this…
The health insurance industry should give importance to ‘health’ before ‘insurance’, the need came in. Insurance companies need to become financial protectors for customers as well as health influencers.
Internal processes should be technology-enabled to provide hassle-free and continuous service to customers.
Digitization and customization of services are needed for policyholders.
A partnership between Insurance and Technology (Insurtech) is very important. Insurtech helped the industry with the help of technology and provide facilities on various aspects such as distribution, claims settlement, servicing, analytics, etc. The growth of Insurtech Ventures helped the health insurance industry to offer facilities such as boat facilities, voice boats, and health insurance on WhatsApp.
Remote working provided many benefits along with cost savings. The health insurance industry has been able to reach the workforce like women employees, outstation employees, employees facing physical challenges, etc.
Is a new norm necessary?
Digitization and customization have become the new norm and have been adopted by almost all healthcare industry companies. This trend will continue even further. Better opportunities exist through service offerings such as e-pharmacy and telemedicine, which will be explored in 2021. In addition to digitization and customization, health insurance companies will have to generate more engagement with the customer. For example, OPD coverage should be made a new norm through a health insurance policy.
These measures will help to further strengthen the confidence in the health insurance segment and help health insurance companies manage their position by working as health influencers. This will be beneficial for both customers and companies. Apart from this, a new norm should also be established to help identify fraud and to establish systems that better manage claims.