Thread by @DeepakRKhemani

#Health #Insurance #India
Public sector general insurance companies in India are facing a huge challenge as they continue to lose market share in their #healthinsurance portfolio to private insurance Cos. Should you switch from a PSU to a Pvt Insurer
A thread🧵
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According to #Statista Pvt insurers across India held around 49 %  of the industry’s market share in FY 2021, compared to 36 % by public sector insurers. Standalone health insurers had a market share of around 8 % and specialized insurers had a market share of over 6 %
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Public sector insurers are facing challenges such as low profitability, high claims ratio, outdated products, poor customer service, and lack of innovation. They have also been unable to compete with the aggressive pricing and marketing strategies of the private players.
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Private and stand alone health insurers are offering more innovative health insurance products to meet the evolving needs of customers. They often provide a wider range of coverage options, including add-ons for critical illnesses and comprehensive wellness programs.
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They have customized plans, digital platforms, wellness benefits, cashless facilities, and value-added services. They have also been leveraging data analytics, artificial intelligence, and blockchain to improve their efficiency and customer satisfaction.
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The standalone health insurers (SAHI) have been growing rapidly in the Indian health insurance market. They have increased their market share from a mere three percent in FY 2008 to 26 percent in FY 2021.
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The SAHI providers have been able to offer lower premiums, higher coverage, better claim settlement than the PSU insurers. They are partnering with hospitals, pharmacies, diagnostic centers, and wellness providers to offer integrated health care solutions to their customers.
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Public sector insurers, on the other hand, are struggle with bureaucratic processes, archaic products and rules and delays in claim settlements. This leads to customer dissatisfaction and a loss of trust in their services.
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So, what should an insured person do if they are healthy? Should they switch over to private health insurers or SAHI providers? The answer depends on several factors such as their age, income, family size, medical history, lifestyle, and preferences.
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You should weigh the pros and cons of switching over to private health insurers or SAHI providers carefully before making a decision. Compare the features, benefits, costs, and reviews of different plans and providers before choosing one that suits your needs and budget.
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Look into coverage limits, waiting periods, exclusions, and network hospitals. Assess the insurer's reputation, claim settlement record, and customer reviews to make an informed choice.
Health insurance is not a one-time purchase but a long-term commitment.
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Health insurance is a vital for protecting oneself and one’s family from unforeseen medical expenses and ensuring quality health care. By choosing the right plan and provider, an insured person can enjoy peace of mind and financial security.
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Seek advice from insurance experts or consult an insurance advisor if needed.
Stay insured Stay healthy and Wealthy!
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