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Digital Technology Transforming Health Insurance Sector

By Finserv MARKETS - Dec 24,2019
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How Digital Technology is Reshaping Health Insurance Sector

When considering India’s population and economy, two important things come into account. One is the growth of the population and the other is the high disposable income of urban adults. Considering this, it is seen that the country has a huge uninsured adult population. Moreover, awareness about the necessity of a health insurance policy is a big challenge in India. The tech-savvy youth wants a health plan that is convenient and customized.

Individuals spend a significant amount on the treatment of medical illnesses. Doing this drains the savings and a patient can land into a financial crisis. This is where a suitable health plan can make a huge difference. Insurance providers have become a significant part of the digital revolution and are offering convenient ways to buy health insurance.

Digital initiatives

A health insurance plan is a slightly complicated product offering as compared to other insurance products and potential buyers might need assistance. Insurers now offer the option to buy health policies through digital means. At present, they are building consumer-friendly websites and mobile apps to guide prospective clients and explain health insurance benefits. This leads to an improved user experience.

Companies are using voice assistants and chat-bots to build awareness about the plans offered by them. The queries are resolved quickly and jargons are simplified instantly. Now, it is quite easy for the buyers to clarify any queries without facing any limitations related to time or location. Voice assistants and chat-bots are proving helpful in relation to healthcare activities, which include assisting an elderly individual by reminding them to take their medicines on time.

Befriending technology

Third-party administrators, as well as, insurers can track information related to health by making use of Internet of Things devices. This type of continuous monitoring can be beneficial in making the correct health decisions. They can help to take preventive measures in case of problematic health parameters. Insurers also offer special discounts on the premium to those who lead a healthy lifestyle such as exercising in the gym or walking a specific distance to enhance the overall wellbeing. Today, it is easy to avail of the right treatment at the right time. Even people in remote locations can get access to quality healthcare.

Insurance companies consider smartphones as the main distribution channel and offer several additional services through the platform. Policyholders can settle claims and pay premiums through their smartphones. They can also schedule appointments and seek information regarding health issues by taking advantage of the tie-ups between healthcare providers and insurers. The insurance industry is helping policyholders make well-informed decisions. It has built a system where the customers’ concerns are resolved promptly. The traditional health insurance set-ups have transformed into modern set-ups to serve the policyholders in a much more efficient manner.

Healthy competition has helped policyholders build a strong insurance portfolio and remain adequately covered. Embrace this digital revolution and purchase a health insurance policy on Finserv MARKETS today! Such a plan will help protect your savings in times of a medical emergency because paying a nominal amount annually towards medical insurance is always more beneficial as compared to spending heavily from one’s personal sources.

If you are looking for health insurance plans, take a look at different health plans provided by us at Finserv MARKETS online. With health insurance plans available on Finserv MARKETS, you can benefit from features like swift claim settlement, reinstatement benefits, bespoke insurance plans, extensive coverage, and so much more.

So, don’t wait! Get health insurance with us, right away.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”


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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522