2023 a promising year for the insurance sector: Shreeraj Deshpande, Head – Health Businesses, SBI General Insurance
The health insurance industry has made significant strides in recent years. The health insurance industry is evolving at a rapid pace, and many insurance companies are adopting a 360-degree approach to reach out to their customers. Furthermore, insurance companies are expanding their services to include value-added features such as lifelong renewability, maternity coverage, day-care treatment, regular health checkups, and 24×7 customer service. In 2023, the insurance industry must maintain momentum through significant transformations. In the coming years, technology-enabled customization and transparency are expected to increase the demand for insurance in India’s tier 2 and tier 3 cities.
Speaking on the health insurance trends expected for 2023, Mr. Shreeraj Deshpande, Head – Health Businesses, SBI General Insurance says “Health insurance awareness has undeniably increased in recent years. While this has resulted in increased penetration, a large proportion of the population remains uninsured. As a result, insurers and regulators have launched a slew of initiatives and reforms focused on providing tailored solutions that meet the needs of consumers.”
Artificial intelligence (AI), machine learning (ML), the internet of things (IoT), and cloud computing are rapidly replacing outdated systems with more efficient ones in the industry. New technologies are enabling data-driven, secure, and automated solutions for services such as fraud detection and claims processing. There is a need for customized and innovative products in the market which will meet the changing needs of the consumers and increase insurance penetration.