How insuretech platforms are making it easy for corporates to offer health insurance

In the past two decades, insurance in India has rebuilt itself from a broken market to an expected $280 Billion in 2020, according to IBEF's Indian Insurance Industry Report (August 2020).  

Due to the onset of technology, insurance in India has benefited not only the providers but also the consumers. The booming expectation of $280 billion shows how prominent it has become in the market.  
 
Since 2005-06, the insurance market has covered a long way to be where it is, and with the addition of technology to the mix, it has reached practically every individual. 

This easy access for the people has benefited many providers as they are also riding in the same boat insurance simultaneously.

Also Read: Insurtech startup ACKO is 34th unicorn of 2021 after a $255 mn fundraise 
 
Insuretech is basically the amalgamation of innovation and development of new ideas within the insurance sector. With certain features like artificial intelligence and customisation of large data, it has enabled a safer and easier way to choose from a number of options. 

It is a useful tool in collecting and analysing data for a larger group of people. This new way of providing insurance from the safety of customers' homes and easy to understand methods are a hit among the consumers. 

They can access everything from the comfort of their homes and with so many options to choose from, all based on the latest technologies, their trust issues have also declined. 

The risk factor has also been reduced significantly with the advent of technology. With existing HR tools and the current developing scenario, insuretech has eased the consumers into the digital world pretty quickly and efficiently. 

Now not just for individuals, companies are also offering comprehensive group health insurance plans with easy claims and customer service. 

This has not only enabled a widespread knowledge of the insurance market but also has made people aware of its benefits. 

With everything online, anybody can access the merits and limitations of every plan of insurance that they would like to invest in. 

Also Read: Insurtech platform Turtlemint acquires data science start-up IO Physics Systems

For anyone who is new to this side of the corporate market, there are many beginner's guides to take them through each step at their own pace, which has ultimately increased the reach of online insurances.   
 
Many players have come up in the market who are providing tech-enabled group health benefits. The problem of reaching out to people has been dissolved completely after technology has corrupted the digital scenario in the insurance market as well. 

According to IRDAI's annual report 2017, the insurance market has increased from 0.4% to 4.15% from 2006-07 to 2016-17 respectively. This growth can very well be linked to the bright future of insurtech in India.  

There seems to be a promising future for the insurance market as technology is developing by the day and with many more improvements to come, the market is thriving. 

The whole technology-oriented insurance providing system has grown exceedingly well, with people from every corner of the world having access to an insurance plan which suits their needs. 

This can be called the correct time to invest in insurance as the market is currently overflowing with options. You can easily navigate through the different options available to suit your needs with various types of insurance plans. 

HRs can find the right partner for their firms to get every employee insured. You can either have the same plan for every employee or you can also tweak the plan according to what is more feasible for your organisation. 

Health Insurance, personal accident insurance and term life insurance are some of the most commonly available types of insurance that companies go for. 

It streamlines your insurance, health and financial needs at one place, making it easier for the HRs to curate full-fledged benefits policy for their team.  
 
(The author is Co-Founder & CEO, Pazcare.)