Navigating the new normal how COVID-19 reshaped health insurance

Covid-19 health impact created a shift in the lives of people. Everything and everyone around us went through a change, every aspect of human life shifted including the landscape of health insurance. As the entire world grappled with the unprecedented health crisis called COVID-19. The pandemic was a wake-up call for the insurance and healthcare system. However, it proved as a catalyst for transformative changes in healthcare policy shifts and reshaping the way policyholders and insurers perceived health insurance and health care.

Impact of COVID-19 on healthcare sector

The COVID-19 health impact aided the critical importance of India having robust health insurance updates in the healthcare sector. The pandemic signified the importance of having adequate health insurance coverage in times of emergency.

In India, many insurers like the Zurich Kotak General Insurance and many others introduced pandemic insurance changes to the insurance plans thereby incorporating COVID-19-related coverage, treatments, hospitalisations, and diagnostic tests. These proactive changes incorporated by the insurance sector alleviated the financial burden and ensured proactive healthcare for all policyholders.

Changes COVID-19 brought to healthcare

COVID-19 fundamentally changed the people’s perspective on the insurance sector. Being at home all the time surrounded by grim news about the rising COVID-19 cases and the imminent risk of the disease had, it made people much more conscious about investing in health and health insurance.

Before COVID-19 only 10% of Indians were interested in investing in health insurance however, post-pandemic around 71% of people found investing in health insurance a necessity. The pandemic insurance changes refer to the shift in buying patterns and perspectives of people in the insurance sector. The COVID-19 pandemic was an unpleasant experience for many people, thus inquiries and health insurance buying rose steeply.

Steps taken by IRDAI

During the COVID-19 pandemic, there were restrictions on people's movement and a surge in demand for health insurance. Seeing this IRDAI took instant measures to regulate and digitise the insurance sector.

The government introduced the National Digital Health Mission which offered a complete digital health ecosystem of an individual.

Digital services have been improved after the COVID-19 health impact; they have included tele-consultation so that people can connect with doctors in case of emergencies.

24*7 live chat support to assess health, furthermore the 24*7 chat support is being incorporated to help their customers every step of the way for seamless claim processing.

Numerous health insurance updates were designed and incorporated by the insurance providers. Specifically, designed health insurance policies were mandated to cover COVID-19 and the medical cost associated with it.

Conclusion

Thus, the pandemic had a strong influence on the insurance sector and numerous healthcare updates were designed, introduced, and incorporated to suit the requirements. Health insurance saw digitisation and ease of online accessibility. Previously health insurance seemed to be a daunting and complicated process but post COVID-19 the reshaping of the insurance industry occurred making it transparent and trustworthy. All the pandemic insurance changes made health insurance accessible and the entire insurance industry came together to provide top-notch products to the country when it needed it the most.

source: https://www.niti.gov.in/insurance-industry-india-lessons-covid-19

Related blogs

Documents required to file health insurance claim

Get optimum coverage with Health Premier Plan

Home care services covered by health insurance

Hidden benefits of consumables in health insurance policies