Ahmedabad : Bhargav Thakkar’s Acumen Advisory shares his thoughts on future of Health and Life Insurance industry on this Indenpendence Day.
Increasing Demand: The demand for Health and Life Insurance in India is expected to rise significantly in the future. Factors such as growing awareness about insurance, rising healthcare costs, and increasing disposable income are likely to contribute to this demand. Additionally, the ongoing COVID-19 pandemic has highlighted the importance of insurance coverage, further driving the demand for health insurance.
Technological Advancements: Technology will play a crucial role in shaping the future of the insurance industry. The adoption of digital platforms, mobile applications, and artificial intelligence (AI) will simplify the insurance process, making it more accessible and convenient for customers. Insurtech companies are likely to emerge, offering innovative solutions such as personalized policies, real-time risk assessment, and improved customer service through automation.
Customization and Personalization: With advancements in data analytics and AI, insurance companies will have the ability to gather and analyze vast amounts of customer data. This will enable them to offer more personalized and customized insurance products tailored to individual needs. Customers can expect policies that align closely with their health conditions, lifestyles, and preferences.
Emphasis on Preventive Health: There will be a shift towards preventive health measures, and insurance companies may encourage policyholders to adopt healthier lifestyles. Insurers could offer incentives such as lower premiums, rewards, or discounts for policyholders who engage in activities that promote wellness, such as regular exercise, healthy eating habits, and preventive screenings.
Integration of HealthTech: Health technology or HealthTech innovations are likely to integrate with insurance services. Wearable devices, telemedicine platforms, and health monitoring apps may become more commonplace, allowing insurers to collect real-time health data and offer personalized policies based on individual health metrics.
Rise of Microinsurance: Microinsurance, which provides coverage to low-income individuals and families, is expected to gain traction in India. Insurers may introduce affordable and easily accessible insurance products targeted at underserved segments of the population, thereby promoting financial inclusion and social security.
Regulatory Reforms: The Insurance Regulatory and Development Authority of India (IRDAI) is likely to introduce reforms and regulations to foster innovation, customer-centricity, and transparency in the insurance industry. These reforms may focus on streamlining processes, protecting customer interests, and ensuring sustainable growth of the sector.
