Corona Troubled the world but gave "boomed" to Health Insurance Industry

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Corona Troubled the world but gave boomed to Insurance Health Industry

The covid 19 has significantly disrupted the economic growth in many countries across the globe. Due to this many businesses have faced huge losses. However, the pandemic has pushed the Indian insurance industry forward.

Earlier, India’s health insurance market penetration was very less. Only about 4% of the population had retail health insurance. As per General Insurance Council data for the FY 2022 so far, the Indian GI industry has registered a GDPI growth of 12.3% on a year-on-year basis.

By the way, Kovid-19 was detrimental to the health insurance segment in terms of an increase in huge claims. But, this created a potential for growth for this class. For the FY 2022 so far, the Group Health segment has registered a yearly growth of 36.7 percent while that of Retail Health has grown by 17.9 percent per annum.

Also Read: Vaccination for Teenagers with Age Group of 15 to 18 Years Old Begins

Technology is being adopted at a rapid pace

The Covid 19 era has increased the use of telehealth and virtual care for smooth care delivery. The use of telehealth increased significantly at the start of the COVID-19 pandemic as both users and providers began to adopt safer methods of obtaining and providing treatment. The increased impact of the pandemic on the healthcare system has resulted in a sharp increase in the demand for remote care.

The emergence of user-centric digital distribution channel

Health insurers are expanding their digital distribution models to provide a better consumer experience and customized insurance with the help of the Internet and advanced machine learning.

In addition, insurers have started implementing Omni Channel Customer Communication System.