Revolutionising Health Insurance With Technology

Munish Daga, CEO, Remedinet Technologies, expounds on the scope and possibilities of digital platforms for healthcare insurance in India.

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DESPITE THE technological evolution of the healthcare sector over the past two decades, health insurance in India continues to grapple with the same difficulties such as lack of adoption and complex utilisation. As a result, the adoption numbers struggle to make it past a disappointing percentage figure in a country with the second largest population in the world. On the flip side, the situation in which the health insurance industry currently finds itself, also presents tremendous opportunities to evolve, possibility to scale, and scope to become profitable. The emergency of the situation, in several cases has not only served as a business opportunity, but also led to the adoption of digital frameworks as foundational pillars that ensure last mile delivery of health insurance for the policyholder.

The Gap

Back tracking to the gaps in the health insurance industry, one of the key problems that is making health insurance utilisation complicated for the policyholder is the lack of coherence between the provider – the hospitals and the payer – the insurance company/third party administrator (TPA). Owing to the current claim exchange process, the policyholder has little or no information or awareness regarding the status of their claim when the policy is being utilised. Worse yet, lack of a standardised and transparent process to adjudicate claims adversely affects the patient’s experience of utilising their health insurance policy at the time of hospitalisation.

Digitising health insurance