According to the latest statistics, accident rate in India is expected to grow 22 percent in the next five years. As a consequence, health insurance market is also forecasted to rise at 22% in the next 5 years. Despite the fact that the competition between public-sector insurance providers will be very tough, there is still room for new entrants in the next five years 2011-2015. A BRICdata report shows that the major problem new entrants have to face with is mainly represented by brand awareness, as people are having trust issues with unknown brands. In other words, Indian people tend to be very picky with the companies they entrust their health plans to.
Moreover, the report revealed that this quick increase that the health insurance market and life insurance India has achieved, is due to higher health care costs, and also due to a financial prosperity and new lifestyle patterns. As a consequence, health insurance specialists find this market more and more dynamic, and assume that they can reach out to other market segments, such as second and third-tier Indian cities. Moreover, they also expect to be able to penetrate rural areas.
Since Internet has become such a common tool, online life insurance seems to be the future innovation in Indian healthcare industry. Although it can be extremely challenging to introduce on the market such a concept, once it is prepared, Indian healthcare insurance market will develop and become a more and more interesting area, both for the insurers and customers. In addition, health plans trend is an ascending one, and there are lots of opportunities to take advantage of at the moment and in the future, as well. So, if life insurance specialists manage to understand in what direction may this key market trend extend, they will succeed in dealing with all the challenges this industry may bring.
Moreover, the report revealed that this quick increase that the health insurance market and life insurance India has achieved, is due to higher health care costs, and also due to a financial prosperity and new lifestyle patterns. As a consequence, health insurance specialists find this market more and more dynamic, and assume that they can reach out to other market segments, such as second and third-tier Indian cities. Moreover, they also expect to be able to penetrate rural areas.
Since Internet has become such a common tool, online life insurance seems to be the future innovation in Indian healthcare industry. Although it can be extremely challenging to introduce on the market such a concept, once it is prepared, Indian healthcare insurance market will develop and become a more and more interesting area, both for the insurers and customers. In addition, health plans trend is an ascending one, and there are lots of opportunities to take advantage of at the moment and in the future, as well. So, if life insurance specialists manage to understand in what direction may this key market trend extend, they will succeed in dealing with all the challenges this industry may bring.
