How Digital Platforms Are Redefining Access to the Best Medical Insurance?

The Health Insurance sector in India is going through a rapid change. The 'insurance for all by 2027' is a forward-looking mission of the Indian insurance regulatory. From 2020 to 2023, the gross written premium increased to 11%, and the insurance sector growth in this period was better than in other Asian countries. One of the primary reasons for such development is the digitisation of the sector that allows Indians to buy medical insurance directly online. Let's understand how these platforms change consumers' access to health insurance and their choice of insurance plans.

The Shift to Digital Health Insurance

Traditionally, buying medical insurance involved trusting brokers to walk a customer through what was often a long and time-consuming process. People make an appointment in person or spend half an hour on a phone call discussing the available plans and their coverage details. The whole system was complex, and most customers simply got lost in mountains of paperwork and limited options because a broker would only sell what brought them higher commissions. The past few years have seen the transformation of accessing medical coverage by focusing entirely on the needs of an insurance buyer through digital-first insurers. The increasing demand for convenience, clarity, and 24/7 access are some of the reasons behind this digitisation.

These platforms streamline the process for consumers to browse and select their insurance plans through online management. The digital platform allows for quick comparison through visible price details, so you can buy a health plan that suits your needs and budget.

Key Benefits of Digital Health Insurance Platforms

The digital platforms make it easy for anyone to buy insurance directly from the insurer. Apart from this convenience, it offers several key benefits such as:

• Personalisation and Customisation: Smart digital platforms make recommendations for health coverage depending on your specific needs, budget, and preferences.
• Cost Transparency: Digital platforms offer a cost breakdown in real-time while purchasing insurance, making the whole purchase transparent.
• Speed and Efficiency: Customers can submit their applications within minutes without waiting. In addition to that, online processing also saves a lot of time by breaking down and clarifying all the documents.
• Easy policy management: You can view policy details, monitor claims, and update your information at your convenience. Digital apps will remind you to pay the premiums at the right time.
• Real-Time Support: Instant support can access most digital platforms through chatbots or customer service features for direct questions.

Latest Trends in the Digital Insurance

The latest digital advancements are changing the way Indians approach insurance. Increasing medical costs have made it an indispensable part of financial planning. With the buyer's needs considered, you will always find a plan that is just right for your health care needs. Some of the latest trends include:

• Preventive Health Focus: Digital insurance platforms promote preventive health with free annual check-ups, some of which can even be connected to the individual's fitness trackers to track your health continuously.
• Quick Access to Health via Telemedicine: One of the integral features of digital platforms is the integration of telemedicine, offering users fast access to healthcare professionals using video calls or chats. It thus offers users a quick, on-the-go consultation directly from home. Wearable devices will be the norm, leading the way to future healthcare of policyholders.
• Personalised Coverage: AI-based platforms offer personalised coverage based on the customer's specific needs and let the consumer acquire a plan that fits perfectly according to their health needs or lifestyle. This enables more relevant and cost-effective insurance aligned with personal health goals. 
• Digital Claims Online: New digital platforms make submitting claims easy. The whole process of submission and tracking is online, thereby reducing paperwork. This speeds up customer reimbursement. Cashless insurance policies make it more convenient because policyholders do not incur any out-of-pocket expenses while getting their treatment.
• Insurance Portability: IRDA has created its web facility, which makes the insurance portability process easier to navigate.  You can easily change your health insurance provider without experiencing any lapse in coverage through the digital form because the online application allows insurance portability.
• Lifetime Renewability: Lifetime renewability is becoming a standard feature with digital insurers. Through this, users can have long-term security and peace of mind, irrespective of age or health changes.

Takeaway

Digital insurance platforms have changed how consumers perceive and experience medical insurance. From super-fast policy purchase and cost transparency to customer support, you can now easily customise the best medical insurance plans, review policies, and get answers to your health coverage questions quickly. Pressure from customers wanting ease and accessibility, plus having a highly customised experience, continuously pushes an insurer into fully digitising its offerings. This makes way for inclusivity, which increases insurance penetration in India.