Innovations in healthcare technologies have been growing, which is evident by the increasing attention of the venture capital industry. Health insurers can harness these technologies directly or indirectly in many ways that may result in increasing efficiency in operations, decreasing healthcare costs and improving customer satisfaction.
Most innovative solutions use the existing power of internet, mobile phones, 3D printing, artificial intelligence, machine learning and traditional information technology to create answers to industry-wide challenges.
In this paper, Milliman professionals discuss innovative solutions that can be harnessed directly by health insurers in different parts of the world. They classify healthcare technologies into three categories.
Private health insurance
in India has seen continuous growth since private players entered the market in
2001 and standalone health insurance companies started entering the market in
2007. Even though several new products and services have been added by the
private players, such as top-ups, disease-specific programmes,
wellness-focused strategies, critical illness coverage and hospital cash among
others, the market is still
dominated by variants of Mediclaim, which public sector companies started to
offer before privatisation of the insurance sector.
While all Mediclaim
products have similar benefit designs, there are some differences, including
but not limited to:
- Waiting period for pre-existing diseases
- List of exclusions
- Sub-limits for services such as room rent or ICU
- Condition-specific sub-limits
- Inclusion of maternity benefit
- Member co-payments
- Size of hospital network
- Premiums charged for similar coverage
In this article, initially published in Asia Insurance Review, Milliman’s Rachin Aggarwal and Abhishek Agrawal examine how a standard health product would benefit various stakeholders, including consumers, insurers, providers and regulators and policy makers.
India’s National Health Protection Scheme (NHPS), when fully implemented, will be the largest of its kind in the world and is likely to be a boon for Indian healthcare consumers. The short-term and long-term challenges of the NHPS should be reviewed and tackled differently by each stakeholder—the central government, state governments, the provider community, and the insurer community. Milliman’s Abhishek Agrawal provides more perspective in this paper.