Advent of Technology Rekindling the Health Insurance Industry
"The health insurance industry has embraced the technological platform backed by increasing penetration of the internet users, says RNCOS"
The health insurance industry in the country has evolved significantly in past decade with the rising penetration of internet users. The shift from offline to online has brought about a tremendous change amongst the industry players that are experimenting on artificial intelligence. Indian health insurance industry is all set to head for a significant growth pace in the next five with the advent of technology and other measures induced by the industry. Although, the country has low insurance penetration of health insurance, the rising awareness and initiatives taken by the government has resulted in growth of the insurance industry.
Our report, "Health Insurance Market - The Changing Dynamics", covers comprehensive analysis of market size of health insurance industry on the basis of premium underwritten, number of policies covered, market segmentation by public, private and standalone premium underwritten and schemes such as government, individual and group. While the number of people insured continued to increase, people covered by the government sponsored scheme continued to hold the dominant share of 76%. Health insurance is the fastest growing sector with the CAGR of around 17% during the period 2011-12 to 2015-16 as per RNCOS analysis.
Our study further explores the market dynamics of the industry in terms of trends and drivers along with the roadblocks such as high premium, low awareness amongst the population etc. The Indian health insurance industry has an untapped potential in the eastern part of India as the region accounts the lowest in terms of gross premium incurred during the period 2015-16.
With digitalization, increasing FDI limits, and trending combination plans, the insurance industry is expected to strengthen in the future. Increasing disposable income, a desire for better quality health services, and increase in life expectancy will drastically increase the demand for health insurance. In addition, transformative market forces are re-shaping the future of healthcare; and these transformative forces can be leveraged to respond to the market opportunities in the health insurance industry.
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by: Shushmul Maheshwari