What's Trending in the Health Insurance Sector in 2022?

Posted on: May 16, 2022 | | Written by:

What's Trending in the Health Insurance Sector in 2022?

We are well into the second quarter of 2022, and there is no doubt that more and more people are beginning to realise the importance of health insurance in the wake of the pandemic. After all, COVID shook the health infrastructure across the world. And those who didn’t have insurance had a tough time meeting the treatment expenses. Hence, in such a scenario, insurance providers have become more innovative to improve their services and make health insurance accessible for as many people as possible. Thanks to digital transformation, the transition to virtual-first models have been seamless. Let’s see how these factors have affected healthcare and the insurance sector aligned to it. Here are some of the top health insurance trends in 2022.

Top 2022 Health Insurance Industry Trends

1. Digitization and Automation:

If you switch on the TV, you will see tons of advertisements by hospitals, pharmacies, insurance providers, and other major players in the healthcare industry. And one unifying theme would be how they all have improved websites and apps to get the work done faster. Just like doctors have sophisticated apparatus and advanced machines for better diagnosis, insurers too are using digital technology, and especially automation, to up their game. Here’s how:

• Artificial intelligence (AI) is helping health insurance providers to fast-track claim processes. Their claim management has improved significantly with faster turnaround time and reduced errors. It has become easier to detect fraud as well. The AI-based chatbots answer most of the frequently asked questions and reduce human labour, which can be used to enhance customer support service.

• If you are in a remote place with no access to quality healthcare facilities, then there is a solution for that too. Launched in 2021, the telemedicine initiative ‘eSanjeevani’ started by the government, aims to provide healthcare access in far-off areas through teleconsultation. It allowed insurers to expand their reach through collaborations with virtual care providers.

• Just like AI, machine learning is also playing a big part in automating processes and action steps. The machines are processing tons of data and using predictive analysis to draw patterns of customer needs. It will help in claim analysis and fraud prevention as well along with enhancing other customer support services.

• Personal health information and payment details are the data that need to be properly stored in the systems and the days of keeping files in the cabinet are gone. Say hello to cloud and block chain technologies. They not only provide quick access to data but also offer privacy and scalability while reducing administrative costs.

2. Data Interoperability:

Interoperability in healthcare means timely and secure access and exchange of electronic health data. It is used to optimise health outcomes for policyholders by keeping various players in the healthcare system connected. The exchange of aggregated data is fast and seamless, and this allows all the stakeholders (healthcare providers, insurers, and policyholders) to take steps to improve healthcare services. Keeping all medical data in one record makes it accessible and studying the data aids in predicting developing trends.

3. Mental Health Care Services:

While some people were always more deeply affected by loneliness, isolation, and grief over losing a loved one, the pandemic brought those issues to the fore. Anxiety and chronic stress related to joblessness or long recovery time can cause a lot of mental issues like depression, anxiety, and trauma. Hence, insurers recognise the need to cover mental health care services. And now, patients can seek professional help without worrying about finances.

4. Better Penetration:

To reiterate, the pandemic played a big role in highlighting the importance of health insurance, which most people in India still don’t have. This segment mostly resides in semi-urban and rural spaces where self-employment is a major source of income. Government health insurance schemes like Aayushman Bharat are providing cover to this segment at a reasonable price.

5. Innovative Health Insurance Products:

Fewer claims mean bigger profits and there will be fewer claims if policyholders lead a healthy lifestyle. That is why many insurers now offer innovative health plans that reward customers for looking after their overall wellness. The more preventive measures you take, the more rewards you reap. These schemes have helped insurance companies get more customers and motivated policyholders to adopt a better lifestyle. In addition, many insurers customise plans according to the needs and budget of the policy buyer.

Conclusion

So, it is easy to see why the above trends have played a positive role in how insurance companies are serving customers better. These trends have also brought about a change in the attitude of people towards health insurance, thereby increasing their trust in insurance providers and their offerings.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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