Technology has revolutionised how families acquire and deal with family health insurance. As Insurtech automates processes, it becomes more effective in insurance and even cost-reducing. Technology allows families to access insurance plans without the hassle of taking lengthy hours to get the service or wading through complicated documents.
With technological advancement, it is easier and cheaper to hold family health insurance in India today. Financial security for medical bills is now available to more families without much ado. So let us see how Insurtech is changing the insurance business.
What is Insurtech?
Short for “Insurance Technology,” Insurtech refers to applying technology to purchase and use insurance products more efficiently and less expensively. Just as you may use apps to shop, order rides, or stream movies, Insurtech uses technology to facilitate insurance purchasing by eliminating much of the confusion and waiting time typically associated with it.
Why is Family Health Insurance Important?
Family health insurance is insurance that covers your whole family under a single plan. For instance, if in your family, any of your parents, siblings, or grandparents fall ill, the insurance will cover the medical expenditures that accrue due to it. Medical expenses in India are rising very fast, and a hospital visit turns out to be very costly. Therefore, family health insurance means that no one in your family should worry about finances when they fall ill.
How is Insurtech Making Over Family Health Insurance in India?
In past years, the process of buying health insurance was truly exhausting and long drawn out. There was an endless filling up forms, talks with agents, and a long waiting period for approval. But Insurtech is changing things in many ways:
1. Simple Online Buying
Now, you don’t have to go to an office or meet an agent. Insurtech websites enable you to purchase family health insurance online with a few clicks. You can compare various plans, view what they cover, and select the best one for your family—all from your phone or laptop.
2. No More Paperwork
Filling in lengthy forms was once a headache. But not any more, with Insurtech. All forms are done online. You upload the documents, electronically sign documents, and finalise the process easily.
3. Faster Claims Process
One of the major issues with old insurance was the long claims process. When a member of your family got ill, you would have to wait for days (or even weeks) to receive money from the insurance company. Insurtech has brought AI (Artificial Intelligence) and automation to make things faster. Now, claims are settled fast, and you receive the money when you need it the most.
4. Affordable Plans
With technology, businesses can lower their expenses, and that translates to lower insurance plans for families. Most Insurtech startups provide affordable plans, so family health insurance is within reach for all.
5. Improved Customer Support
Insurtech businesses employ chatbots and online support to respond to your questions in an instant. Some even employ WhatsApp, so it’s easy to get assistance.
6. Customised Plans
Each family is unique. Some may require maternity benefits, others may require coverage for elderly persons. Insurtech platforms leverage intelligent technology to recommend the ideal plans according to your family’s needs.
The Future of Insurtech in India
Insurtech continues to expand in India but is already having a sizeable impact. More families are insured now that it’s simpler and cheaper. With advancing technology, we can anticipate even better services such as instant claims approval and more tailored plans.
Final Thoughts
Family health insurance is no longer the preserve of the affluent. With Insurtech, all families in India can now access quality health coverage without the hassle of paperwork and waiting. If you have not tried Insurtech yet, now is the ideal time to give it a try and ensure your family’s future!
Write and Win: Participate in Creative writing Contest & International Essay Contest and win fabulous prizes.
