Published on November 29th, 2017 | by Sunit Nandi0
How Digital and Health Insurance Go Hand in Hand
Numerous industries have embarked on a radical transformation, owing to the advent of digitalization. The health insurance industry is no exception. Most insurance providers are offering their products to customers over the Internet. This not only helps insurers to cut down on costs but also ensures wider reach to potential customers. Insurers, therefore, use the online platform to capitalize on increasing demand for insurance plans.
Insurance providers have opened up their portals on the Internet. Through such websites, potential customers may access policy-related information. They may, therefore, compare various plan features and benefits, and make a choice based on their needs. Moreover, individuals may even apply for health insurance through the Internet and make premium payment online.
The following five points highlight the reasons why digitalization and health insurance go hand in hand.
1. Greater efficiency
Insurance Regulatory and Development Authority of India (IRDA), the statutory agency regulating the insurance industry in the country has brought about tremendous changes through paperless and electronic records. Individuals may dematerialize their policies if they wish to do so. This bringsabout greater efficiency and also helps in bringing transparency in policy maintenance.
2. Easy modification and revision of insurance policies
IRDA’s initiative to maintain insurance policies in the electronic form has numerous advantages. Individuals who wish to modify or revise their existing policies may do so without any hassles. Making changes to the health insurance plan over the Internet assures a great degree of speed and accuracy.
3. Easy comparison
Potential customers may make a well-informed purchase decision by seeking details of various insurance providers and the plans they have to offer. They may view plan features, scope of coverage, premium cost, and exclusions, besides many other things. They may analyze various plans and select one based on their requirements.
4. Time-saving and convenient option
In this fast-paced world, individuals do not have enough time to meet company representatives or visit the local branch of the insurer. The option of accessing information and applying online saves a lot of time and efforts. Customers may buy health insurance with a click of the button. Upon purchase of the policy, the insurance provider may send a PDF format of the policy document over e-mail.
5. Cost-effective option
Since the cost of paperwork is greatly reduced, insurance providers pass on the benefit of lower costs to their customers. Additionally, there is no intermediary involved in the process, and hence, the cost of brokerage is eliminated. Individuals applying online may, therefore, enjoy lower premium costs as compared to those who buy medical insurance plans offline.
Besides the aforementioned benefits, digitalization offers numerous other advantages as well. It prevents damage or loss of policy document. Additionally, individuals may seek the benefit of online assistance and customer support offered by insurance providers.
Benefit of digitalization through smart phones
Smartphones have become advanced tools to browse the Internet. Individuals may obtain plan-related details and purchase a plan even on-the-go through their smartphones. Besides, individuals may download numerous fitness-related applications on their mobile. Such mobile applications help to track fitness-related activities. This helps individuals meet theirfitness goals quite easily. Individuals may also customize the applications to include the number of workout sets and repetitions they wish to do. Some mobile applications also help connect to other people who share similar goals, thus providing the motivation to do better.
Customers these days expect fast, seamless, and hassle-free methods to seek information and purchase both public and private health insurance. Through digitization, individuals may meet their healthcare needs without any hassles.