There has been a significant surge in the demand for health insurance among people due to the surge in the cases of various diseases such as cancer, dengue, and diabetes. Besides, the rise in the geriatric population in various countries, an increase in awareness about health insurance among people living in rural areas, growth in the standard of living, and disposable income among people are expected to drive the growth of the global health insurance market. According to the report published by Allied Market Research, the global health insurance market is expected to reach $4.15 trillion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.
Numerous players in the market are launching innovative health insurance services to effectively cater to the needs of people in times of crisis. For instance, SBI General Insurance, the largest state-owned banking and financial services company in India owning 70 percent of the total capital, announced the launch of its new health insurance vertical. The company envisions becoming one of the top general insurers in health insurance over the period of the next three years.
With the help of this new health insurance vertical, the company aims to entrench health insurance penetration in tier 3 and 4 markets across India, thereby offering affordable and comprehensive health insurance products by leveraging the parent company’s expansive footprint and network. This vertical will enable the company to manage all health-related claims in-house and also reach various market segments with a dedicated health sales agency, enhancing the overall customer experience.
SBI General Insurance has also collaborated with Apollo 24/7 to offer its customers full access to innumerable, distinctive and effective services offered by Apollo 24/7. These include tele/video medical consultations from over 9000+ verified Apollo doctors anywhere, at any time. Apollo 24/7 also facilitates customers’ medical journey by providing digital health records through a digital vault, a tech-enabled concierge service for Apollo 24/7 Services, and online consultations with nutritionists for diet planning and nutrition management.
PC Kandpal, the Managing Director & Chief Executive Officer of SBI General Insurance, mentioned in a statement that the launch of the new health insurance vertical will enable us to meet the rising demand for health insurance and provide best-in-class customer service.
The trend of launching new health insurance services continues to gain massive momentum in the BFSI industry. For instance, TATA AIG General Insurance Company Limited, an Indian general insurance company and a joint venture between the Tata Group and American International Group, announced the launch of its new health product called MediPlus.
MediPlus is a top-up health insurance policy that is designed to enhance the effectiveness of current insurance with the aid of higher coverage at a considerably affordable premium. The entry age of this insurance is from 18 years to 65 years. This plan provides pre and post-hospitalization medical expenses up to 60 days immediately before hospitalization and up to 90 days immediately post-discharge. It also offers daycare procedures, domiciliary treatment, emergency ambulance, in-patient hospitalization, hassle-free and faster claim settlements, and lifelong renewal.
Thus, persistent health insurance service launches and an increase in cases of chronic diseases among people are expected to create ample opportunities for the growth of the market.
