The health insurance industry in India has evolved significantly in the recent years owing to increasing literacy rate and awareness, rise in prevalence of chronic diseases and government initiative. The public sector continued to hold the dominant position followed by private and standalone sector. Health insurance is the fastest growing sector with the CAGR of around 17% during the period 2011-12 to 2015-16, as per RNCOS analysis.
While highlighting the potential of this industry, Shushmul Maheshwari, CEO – RNCOS said, “The product offering in the insurance industry has changed significantly in the past decade. The health insurance industry players are offering flexible options to choose a health insurance plan within the budget. Moreover, the process has become seamless with the advent of online portals as the plans can be purchased instantly, anytime and anywhere.”
According to RNCOS, the stand-alone health insurers have continued to gain its share, while the public sector general insurers remained constant as compared to last year. It is expected that the share of standalone. Insurers would increase in the future as private sector continues to lose the market share while public sector witnesses slow growth rate as compared to players in the standalone health insurance segment.
With digitalization, increasing FDI limits, and trending combination plans, the insurance industry is expected to strengthen in the future. Increasing disposable income, a desire for better quality health services, and increase in life expectancy will drastically increase the demand for health insurance. In addition, transformative market forces are re-shaping the future of healthcare; and these transformative forces can be leveraged to respond to and exploit market opportunities.
With more than a decade of experience in insurance industry, RNCOS can act as a potential growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with you business and devising the right strategies.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.
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