A fundamental component of financial planning is getting comprehensive health coverage, especially at a time when considering one’s health first is more important than ever. Unexpected health crises might happen anytime, and the expense of medical care will see a hike over time. In this article, we will explore the trends and updates that are necessary to know, for maximising your financial well-being in 2024 by utilising the advantages of health insurance.
Assessing the Health Insurance Sector in 2024
Health insurance has undergone tremendous alterations in order to meet the changing demands of individuals and families. In 2024, understanding the complexities of Health Insurance coverage is critical to carry out proficient decision-making processes that are tailored to your own circumstances.
The term ‘Health Insurance’ encompasses a wide range of coverage alternatives. There are several options available, ranging from individual plans customised to personal requirements to family insurance and employer-sponsored group coverage. The first step in improving your financial health is determining which sort of health insurance best meets your needs.
In India, a wide range of health insurance policies are now available, ranging from basic hospitalisation coverage to complete policies that include extra benefits such as preventative medical care and death benefits. A health insurance plan might result in tax savings of up to INR 75,000. ACKO’s Health Insurance Plans provide comprehensive health coverage.
Digitalisation Trend in Health Insurance
The increased demand for health insurance is a result of insurers’ initiatives to increase transparency and accessibility. Digitalisation has changed the way insurance procedures are carried out, improving underwriting efficiency and tailoring customer service through the use of AI-powered chatbots and AI algorithms combined with machine learning models. This automation improves operational efficiency as well as the client experience.
Alt text: Digitalisation Trend in Health Insurance
Trends in Health Insurance That are Tech-enabled
● Big Data Analytics: Big data has proven to be one of the most significant tools for insurers to better understand their clients. It allows for more precise pricing and underwriting, as well as the identification of fraudulent claims. Many health insurance firms are now partnering with wearable (Internet-of-Things-based activity tracker) companies to obtain the necessary data to better understand consumer requirements and behaviours. This enables them to give tailored advice, coverage options, and pricing. Notably, big data enables the storage of massive volumes of data, the optimisation of policy renewals, the acceleration of customer answers, and the availability of archived and real-time data.
● Remote Patient Monitoring: Health insurers are using Remote Patient Monitoring (RPM) to fill in the holes in infrastructure. RPM solutions are very beneficial for managing chronic diseases; one such example is smart glucometers. Additionally, it lessens the number of hospital visits. Currently, insurers are offering wellness programs, including stress and illness management and smoking cessation, in collaboration with digital pharmaceutical companies and wellness platforms.
● Cloud and AI/ML: Insurance companies are searching for cloud-based solutions to improve their scalability and agility in order to future-proof themselves. In addition, health insurers are implementing sophisticated analytics and AI/ML to upgrade their service design and boost client satisfaction. AI/ML-enabled solutions support directed selling, efficient outreach, and the detection of fraud and associated anomalies.
● Mobile-ready solutions: These solutions are the future of service assistance for health insurance organisations. They assist policyholders in making policy payments, submitting claims, and seeking online counsel. These technologies also provide real-time distribution of prescription information to pharmacies.
● Interoperable Digital Health Records: Standard code sets and data-sharing frameworks should be considered by insurers and healthcare providers. It is crucial to assess the infrastructure, system capabilities, and data governance policies before starting the interoperability journey. In addition to making digital health record maintenance easier, the use of natural language processing (NLP) and API-first strategies speeds up clinical decision-making, increases clinical documentation, and provides complete patient care.
Collaborative Ventures by the Government
The Indian government is collaborating to attain universal health care by 2030. The Unified Health Interface (UHI) is a key initiative of the Ayushman Bharat Digital Mission (ABDM), providing citizens with a unique 14-digit health ID, known as an Ayushman Bharat Health Account (ABHA) number, that allows for easy access to health history and medical records across the country. Additionally, The Insurance Regulatory and Development Authority of India (IRDAI) is urging insurers to adopt digital tools for cost containment, including telemedicine and home healthcare.
Why Choose ACKO?
ACKO Health Insurance offers some affordable health insurance coverage using its online distribution platform. Customary health plans in India are frequently presented by specialists and representatives who get a charge from the insurance agency.
These expenses are passed on to policyholders as distribution costs, leading to higher premiums. However, ACKO’s online platform eliminates the need for intermediaries, allowing customers to buy insurance directly. This lowers distribution costs, allowing ACKO to provide more affordable health insurance plans to its clients.
Some of the prominent medical or health insurance plans in India for comprehensive coverage that are offered by ACKO:
● 10L ACKO Standard Health Insurance Plan
● 25L ACKO Standard Plan Health Insurance Plan
● 50L ACKO Standard Health Insurance Policy
● 10L ACKO Platinum Super Top-up Health Insurance Plan
● 25L ACKO Platinum Super Top-up Health Insurance Policy
● 50L ACKO Platinum Super Top-up Health Insurance Policy
● 1 Cr. ACKO Platinum Health Insurance Plan
● 1 Cr. ACKO Standard Health Insurance Plan
● Unlimited ACKO Platinum Health Insurance Policy
● Arogya Sanjeevani by ACKO
● Corona Kavach by ACKO
Final Words
Automation, AI/ML, big data, and other digital technologies have transformed how Indian health insurers do business. Technology enablement in healthcare insurance has created a favourable climate for both insurers and policyholders, ranging from democratising health insurance and offering better services for beneficiaries to lowering costs and improving overall health outcomes. If you want to get health insurance, contact ACKO, a technologically enabled insurer.