Can wheelchairs and assistive technology devices be insured in India? Before we dive into the answer, let’s understand the context first. Global data shows that around 2.5 billion people across the globe require the support of assistive technology, according to the WHO Global Report on Assistive Technology. It shows that unmet needs are a roadblock as it makes it difficult for disabled persons to get their assistive technology aids insured.
How can InsurTechs Support the Disabled?
This brought us to a logical and slightly futuristic question - how can InsurTechs in India support the disabled to live a life of dignity, without having to worry about rising costs related to hospitalisation or medical treatment? And yes, most importantly, they should not have to lose sleep about the assistive devices that support their physical and financial well-being.
A logical approach now is to first understand what assistive technology is all about and why it is relevant for InsurTechs in India.
What is Assistive Technology?
The UN Convention on the Rights of Persons with Disabilities, which India has also ratified, lists assistive technology as a human rights enabler in several articles of the Convention such as articles 20, 26 and 20. Simply put, what this means is that individuals with disabilities can insure their assistive technology devices or products that support their health such as insurance coverage for expensive wheelchairs.
Typically, assistive technology is used by WHO as an umbrella term that covers all assistive products, their related systems and services which supports people to live healthy, independent, productive and dignified lives. Without assistive technology, people are bound to feel the financial impact of diseases and disabilities in a much harder way. For instance, services such as rehabilitation and physiotherapy also come under the category of assistive technology.
The University of Washington offers a simple and effective definition by terming it as ‘technology used by individuals with disabilities to perform functions that may otherwise be impossible or difficult to perform.’
What are some of the examples of Assistive Technology?
Walkers
Wheelchairs
Software that helps the blind read or work on a computer
Devices supporting those with speech impairments to speak loud and enter text via a keyboard
Special mouse to operate a computer for those who have limited hand movements
Assistive Technology: Insurance Can Empower the Disabled
Insurance for highly expensive retail goods, mobile devices and even travel tickets when booking flights online is growing in popularity and consumer sentiment. Yet, there is little discussion on the need to cover assistive technology aids for the disabled and senior citizens in India.
Yet, insurance for a wheelchair marks a bigger social impact as it ushers in a new era for empowering the disabled. It nurtures their confidence that a reliable mobility aid will be available for them. In case of any unforeseen event or damage, their financial resilience is not tested as they are covered by insurance.
Are Insurers Ready To Offer Solutions for Assistive Devices?
A related question may arise: Are Indian insurers providing insurance solutions to cover assistive technology devices?
Earlier, while such insurance coverage was almost unheard of, this has now become a reality in 2023, thanks to a relentless campaign by Arman Ali, a champion of insurance inclusion and disability rights in India. From being covered in all leading business newspapers in India to being recognised as a champion for the rights of the disabled, Ali’s relentless pursuit enabled a leading bank in the country to offer him an ‘All Risk Insurance Policy’ that covers his wheelchair.
In fact, this campaign was a hit on social media and it gave the much needed push to enable insurance empowerment of the disabled in India, besides enabling coverage for assistive technology. It is also significant in enabling a level-playing field for India to join ranks with other countries such as the US, UK, Germany, Japan, Canada and more.
Let’s also examine some facts pertaining to the disabled segment in India.
According to an official report in 2021 by the Office of the Chief Commissioner of Persons with Disabilities, here are key points to consider based on Census 2011:
Out of 121 cr of the Indian population, around 2.68 cr persons are classified as being disabled, and they comprise about 2.21 percent of the country’s total population.
Males outnumber females in the disabled population at 56 percent and 44 percent respectively.
A majority of India’s disabled population resides in rural areas - around 1.86 cr are settled in rural areas whereas 0.81 percent reside in urban areas.
Clearly, the percentage of disabled persons in India would have witnessed a notable increase since the date of publishing of the aforementioned report. Moreover, an increasing number of senior citizens now depend on assistive technology aids too. Consider how disabled individuals and senior citizens are likely to be financially burdened without proper cover for their assistive devices. It shakes their confidence to move around or do their daily tasks with ease. For many, it is simply unaffordable.
The digital-first world is fast evolving and InsurTechs are best placed to leverage technological advancements and market dynamics to offer innovative solutions. With easy onboarding and seamless digitised claims process, InsurTechs can ring in the New Year with innovative solutions. A key aspect is to remember that it is not just people who need insurance; your home, motor vehicles, jewellery, mobile devices and even your assistive technology aids require it too!
Emerging Segments for InsurTechs
“If there’s one lesson that applies universally to any story of successful innovation, it is around focus….Regardless of what area your business feels a need to evolve in, or what solutions or partners you enlist in that effort, we, as an industry, have the capacity for change,” writes Bryan Falchuk in his bestseller, The Future of Insurance: From Disruption to Evolution.
Coming back to insurance for assistive technology devices, this brings an opportunity for InsurTechs to find innovative solutions that enhance their adaptability while offering sufficient support in terms of financial resilience for disabled persons and senior citizens who want to live a qualitative life with dignity.
