Top Trends In Health Insurance Industry For 2022

The entire phiz of the health insurance industry has undergone giant strides over the last two years. The predominant reason behind it is the pandemic that has made everyone more aware of life's uncertainties and their lack of readiness for any health-related disaster.

It has altered the overall perception of health insurance, causing individuals to understand the value of having appropriate coverage to handle the rising expenses of medical care. Additionally, insurance companies have been pushed to develop new service models and cutting-edge products in response to the growing need for seamless service and flexible coverage.

If you wish to know about the most recent developments and trends in the health insurance industry, you are at the right place. This post will highlight the shifts in the health insurance industry that has taken place in accordance with the changed external factors.

List Of Top Health Insurance Trends In 2022

Here are a few trends that you can watch in 2022!

• Automation & Digitization

The health insurance industry has undergone a complete digital transition as a result of technology adoption. Artificial intelligence is aiding insurers in improving claim management with real-time claim processing. The government's eSanjeevani telemedicine initiative has made even the most remote areas accessible for medical care.

Machine learning is automating numerous operations, managing massive amounts of data, performing predictive analysis, and providing improved customer support. In addition, blockchain technology is enabling automated claim verification, faster data access, lower administrative costs, privacy, security, and scalability. Therefore, everything has been fully automated and digitalized, from business models and consumer experiences to operational procedures.

• Focus On Mental Health Care Services

According to a survey conducted in India, where a total of 1027 people participated, clinically severe symptoms of depression and anxiety were present in 17.9% and 40.7% of the people, respectively.

More than ever, COVID-19 has spurred discussions on the significance of mental health as a component of comprehensive treatment. As a result, insurers are now covering mental health care services including expert consultation, access to meditation applications, and the use of various other tools to deal with trauma in recognition of the growing need for such services.

• Emergence Of New Insurance Policies

Due to the pandemic, the need of having a comprehensive health insurance policy has become extremely vital. Health insurance companies have recognized that people are more aware of investing in a suitable health insurance policy. Therefore, they have launched a multitude of new health insurance policies as per the needs and requirements of their customers. For instance, Corona Rakshak and Corona Kavach policies are two of the newly launched products by keeping an eye on the current situation of the COVID-19 pandemic.

• Better Transparency

According to a Transunion study, 75% of patients want to know the price of a procedure before having it done. As a result, there is increased demand for insurers to be open and honest.

As we are aware that the cost of health insurance largely relies on location, age, health status, etc. Therefore, customers are subject to know such valuable information when purchasing a health insurance policy. Various health insurance companies are making use of artificial intelligence to suggest best-suited plans for their customers and allow using cost estimator tools, which in turn is improving transparency.

• Increased Penetrability

In India, the third-largest labor segment is employed in the healthcare sector. Health insurance is now more widely available on the ground thanks to a steady increase in the number of participating medical and paramedical providers in the healthcare network. Government-led awareness campaigns at the rural and urban levels, such as the Aayushman Bharat program, which is used to cover the self-employed population by offering affordable health insurance, serve to support this.

• Personalized Experience

Members occasionally don't even know what questions to ask because health insurance can be so confusing, which is why many health insurance companies are proactively contacting them and offering solutions. These tailored suggestions based on data triggers assist in educating, informing, and inspiring behavioural change. Additionally, they can promote self-service, enhance health outcomes, and promote appropriate in-network care for clients.

Parting Thoughts

The new-age health insurance industry is creating innovative health insurance products that match consumer needs and offer a tailored customer experience. The health insurance market will expand its reach across all segments as a result of new technologies and trends.

Additionally, several demographic variables including the rising middle-class awareness of healthcare and the understanding of retirement planning would support the slow expansion of the Indian health insurance market. This bodes more trends in the future of health insurance.

(Above mentioned article is a sponsored feature, This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever.)