0 0
Corona Troubled the world but gave "boomed" to Health Insurance Industry
Health

Corona Troubled the world but gave “boomed” to Health Insurance Industry

Read Time:1 Minute, 25 Second

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.

 

Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %
Divya Sharma

Editor in Chief with Newsinheadlines, Author, Cover Story around Business and Entrepreneurship.

Recent Posts

Gwyneth Paltrow Biography | Age, Relationships, Career

Gwyneth Paltrow is an American actress and lifestyle entrepreneur, widely recognized for her portrayals of…

6 hours ago

Jake Paul and Mike Tyson officially banned from boxing after controversial fight

Jake Paul and Mike Tyson have both been handed 24-day suspensions by the Texas Department…

7 hours ago

Ross and Sacha’s Shocking Breakup After MAFS UK 2024: Sacha Opens Up About Their Relationship

One of the most shocking revelations from Married at First Sight UK 2024, aside from…

1 day ago

Bomb Cyclone Sweeps Through the Northwest US, Causing Widespread Damage

A powerful storm system struck the northwest US on Tuesday evening, bringing widespread power outages,…

2 days ago

Knox Jolie-Pitt’s striking Resemblance to Dad Brad Pitt Steals the Spotlight

Brad Pitt and Angelina Jolie's highly publicized and tumultuous relationship continues to make headlines, even…

4 days ago

Family Searches for Missing Hannah Kobayashi Last Seen at LAX and The Grove

The family of Hannah Kobayashi, a 30-year-old woman from Maui, Hawaii, is desperately seeking answers…

4 days ago