A Review on Challenges and Opportunities in Health Insurance

In Indian economy health insurance is one of the growing segment, 1.4% of India's gross domestic product was spent in the health sector in 2017-18 and India's per capita public spending on health increased from ₹621 (2009-10) to ₹ 1,112 (2015-16), in comparison to the US and UK which spent $4802 and $3500 respectively. 58 Insurance Companies offer health Insurance plans in India along with this Government is also taking many initiatives like “Ayushman Bharat Mission” health insurance scheme to improve the health of Indian population. Despite this health insurance penetration is very low in India. This study is mainly focused on challenges faced by health insurance segment and growth opportunities for health insurance service providers. At the end it is concluded that delay in claim settlement, high claim ratio, low awareness etc. are the main challenges faced by health insurance companies. Companies also focus on new opportunities like tie-up with new channel partners (Amazon, Policy Bazaar); innovative Schemes, complete online services that will help to increase the number of customers. Companies should try to adopt new advertisement campaigns with new models to provide knowledge towards the key benefits of health insurance policies.