Rising Awareness and Increasing Internet Penetration in the Country is Propelling the Health Insurance Industry

?The health insurance industry is benefiting immensely from the increasing penetration of the internet users, says RNCOS?

According to the Internet and Mobile Association of India, the internet penetration in Urban India has reached to 60%. This has greatly influenced the Indian Health Insurance Industry. The shift from offline to online has brought about a tremendous change amongst the industry players that are experimenting on artificial intelligence. Indian health insurance industry is all set to head for a significant growth pace in the next five with the advent of technology and other measures induced by the industry. Although, the country has low insurance penetration of health insurance, the rising awareness and initiatives taken by the government has resulted in growth of the insurance industry.

Our report, ?Health Insurance Market - The Changing Dynamics?, covers comprehensive analysis of market size of health insurance industry on the basis of premium underwritten, number of policies covered, market segmentation by public, private and standalone premium underwritten and schemes such as government, individual and group. While the number of people insured continued to increase, people covered by the government sponsored scheme continued to hold the dominant share of 76%. 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.

With digitalization, increasing FDI limits, and trending combination plans, the insurance industry is expected to strengthen in the future. Increasing disposable income, a desire for better quality health services, and increase in life expectancy will drastically increase the demand for health insurance. In addition, transformative market forces are re-shaping the future of healthcare; and these transformative forces can be leveraged to respond to the market opportunities in the health insurance industry.

Our study further explores the market dynamics of the industry in terms of trends and drivers along with the roadblocks such as high premium, low awareness amongst the population etc. The Indian health insurance industry has an untapped potential in the eastern part of India as the region accounts the lowest in terms of gross premium incurred during the period 2015-16.

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ABOUT RNCOS

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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