Digital transformation has revolutionizing every aspect of our lives in the past few years. Health insurance sector, the fastest growing non-life insurance sector in the country, is already at a fast-track with the use of digital technologies. Whether it is discovery and comparison of products, or distribution and after sales, we are adopting technology like never before.
The impact is not only on the industry, but also on the consumer behavior, his attention span, preferred mode of communication or access to information. Further, health tech start-ups have proven to be a game-changer, through creativity and innovation, with their cost-effective solutions to deliver health service to consumers home. Thus, making the industry undergo a major race to adapt to these digital changes and win the customer with new and better offerings. The health insurance industry is also witnessing some significant structural changes, like 27 new age start-ups and organization getting a license to start their operations.
Contributing on these lines, the Regulator is also working on enabling the adoption of technological developments into the products offered by insurance companies. At the same time, with the launch of Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana, world’s largest government funded health financing scheme, the health insurance sector is set to face a paradigm shift.
Hence, the industry today is at the cusp, where the traditional existing giants are exploring how to embrace this shift with swiftness and agility of the new age startups. There is an urgent need to create an ecosystem where all these players can co-exist and deliver a stronger value proposition to the end user.
FICCI, in its Health Insurance Conference 2016, defined Insurance 2.0. In 2019, we endeavor to bring together all the stakeholders to deliberate on the roadmap to embrace the Insurance 2.0.