With the demise of the one-size-fits-all approach, the insurance industry has recognised the critical importance of personalised policies. Such tailored approaches help avoid incorrectly priced policies and missed financial opportunities.
Co-payment, often referred to as co-pay, is a fixed amount of money that you, the insured person, must pay out of your pocket when you receive a medical service.
The National Health Stack (NHS) is a groundbreaking initiative poised to revolutionise India's healthcare sector. By establishing a unified digital infrastructure and fostering data-driven decision-making, it will expand access to healthcare services and strengthen the healthcare system.
In the fiscal year 2022, the Indian government earmarked around 860 billion Indian rupees for the Ministry of Health and Family Welfare in the Union Budget. Meanwhile, the health technology sector in India witnessed significant private equity and venture capital investments totalling nearly 1,740 million U.S. dollars in 2021.
According to the World Health Organisation (WHO), the percentage of the global population aged 60 and above is expected to almost double, rising from 12% to 22% from 2015 to 2050.
Reinsurance plays a crucial role in India's insurance industry, aiding insurers in effectively managing risks and ensuring their long-term sustainability.
The untapped potential of Tier 2 customers presents a golden opportunity for the insurance industry in India. With the right strategies in place, Tier 2 and Tier 3 customers can emerge as a key driver of future success for the Indian insurance industry.
E-insurance represents a transformative force in the Indian insurance market, reshaping the industry's landscape and opening doors to new possibilities.