Health Insurance in the Digital Age

Management

The nature of competition in health insurance is shifting as new entrants, changing consumer behaviors, and technological innovations threaten to disrupt established business models. Though the traditional insurance business model has proved remarkably elastic, digital has the power to reform the industry as a whole. Transformation from paper to e-paper, text books to e-books, branch banking to e-banking and many more have upended value chains and redistributed value pools in industries as diverse as financial services, travel, film, music, and publishing. As new opportunities emerge, the insurers go forward fast enough to keep up the technology with them will gain enormous value; the slowpoke will fall further behind. To succeed in this new landscape, insurers need to take a structured approach to digital strategy, capabilities, culture, talent, organization, and their transformation road map. With the dawn of the internet, the avant-garde globe is witnessing a massive evolution in the digital atmosphere. Health insurance is the insurance against the risk of incurring medical expenses among individuals. In other words it is a plan that covers or shares the expenses associated with health care. This paper presents a broad view of health insurance scenario in India, the need for marketing of insurance services through the online platform, the emerging challenges, opportunities and the role of online tool in insurance business.

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