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Digital expertise will change the face of the medical insurance business | Digital expertise will change the face of the medical insurance business in 2020

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Bengaluru: Digital technology will change the face of the health insurance industry in the year 2020. During the last few decades in India, significant progress has been made in the field of healthcare, financing and general insurance. Despite this, a lot remains to be done in the healthcare sector in India. Considering the population of 1.3 billion for insurance companies, there is a need to prepare and implement their plans and products very carefully. In the coming time, the future of the health insurance sector in India will be determined by the steps taken by the insurance companies. High spending on health insurance and lack of quality services for all are important challenges in this sector. The current challenges are providing opportunities for more and more private companies in the healthcare sector. Strong synergies between the private and public sector should be complementary and important objectives of each other.

Amit Chhabra, head of health insurance, policybazar.com, said that there is a huge difference in the availability of healthcare for the insured population and the total population in our country. Government schemes dominate in the field of health insurance. Private health insurance companies have expanded to only tier-1 and tier-2 cities. That too only in 'Inpatient Reimbursements' and 'Cashless Payments' segments. New business models are developing in the healthcare sector through virtualization of business models and processes. Now this is not just a strategy but has become the basis of commercial success. Medical diagnosis, artificial intelligence and big data are new discoveries that are redefining new paradigms in this field.

He said that people from all over the world are connected to each other due to the advent of data exploration, digitization and Internet of Things (IoT). Also, in view of the less insured population, increasing health awareness, data and digital progress, the possibility of using technology and data in the Indian health insurance sector is the highest worldwide. This will enable insurance companies to leverage data and digital solutions to connect with their customers.

Chhabra said that in this way, insurance companies will be able to help the customers well in times of need (if they are sick) rather than just settling the claim. Millions of people grew up with the Internet and their expectations have also increased. The rate of adoption of technology is increasing rapidly among people of all age groups. Technology will play an important role in this change and will help different players to create their own identity.

Emerging technologies such as cloud computing, mobility solutions, telemedicine and social computing are designed to carry out mainstream work. Experts also believe that the next year will be devoted to health. Most insurance companies will try to promote health by introducing new and customer-centric wellness products.

Chhabra said that insurance companies will come up with new-age health insurance plans that increase the level of fitness among the common people. Another important objective of these schemes will be to focus on creating an outcome-based preventive structure. Another important aspect on which the health insurance industry will focus in the year 2020 is to create new products for any type of specific disease. There will also be a significant increase in products that meet the diagnostic needs of customers in 2020. The ultimate focus of health insurance will be middle-class families. In view of this, the industry will prepare affordable plans to bring health insurance within everyone's reach.

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