The application of digitalization and the emergence of Internet of things (IoT) have evolved significantly in the health insurance industry in the country in past decade). The industry players are now assigning chat bots to better manage the operations while bringing in the revolutionary changes. 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.
Highlighting the potential of this industry, Shushmul Maheshwari, CEO – RNCOS said, “Leveraging digital distributional channels is likely to enhance the customer experience and propel the growth of insurance sector in India. With rising medical cost, health insurance has become a necessity of the era than a business proposition”.
The insurance industry in the country is witnessing various initiatives undertaken by government in the country. For instance, the government has liberalized the foreign direct investment rules for the insurance sector by allowing overseas companies to own up to 49% of domestic insurers with the mandatory approval of the Foreign Investment Promotion Board (FIPB). Furthermore service tax on single premium annuity policies has been reduced from 3.5% to 1.4% of the premium paid in certain cases.
However, the industry is facing a major roadblock in way of growth due to inability to understand the basic concept of health insurance. Although the awareness level has grown over the decade but the momentum to popularize the health industry remains slow. Further, affordability of health insurance premium, inadequate healthcare infrastructure and lack of awareness are the challenges pertaining in the Indian health insurance industry.
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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