In India, the increased medical costs are the biggest concerns among the individuals. Moreover, the kind of lifestyles people prefer nowadays can ultimately lead to several health issues and turnout in augmented expenditure on hospital bills.
Opting for an optimum health insurance plan helps in maintaining the uncertainties and instabilities by offering a financial steadiness that’s difficult to find anywhere else. Also, it’s always a wise choice to have you and your family covered for any medical emergencies that may knock your door anytime in the future.
According to a latest UN report, India has the world’s largest youth population despite having the smaller population than China. India is also termed as “Young Country”, while half of the population is under 25 and two-thirds are under the age of 35 years. It is also projected that this population would probably reach to comprise almost 2/3rd of our total population by 2021. Also, India is likely to have the world’s largest workplace by 2027 with a billion of people between the age group of 15 to 64 years. Additionally, it is expected that by 2020, the average age in India will be 29 and it is set to become the world’s youngest country with 64% of its population in the working age group.
InsurTech is the combination of two words Insurance and Technology. The concept of InsurTech involves the inclusion of new innovations and modern technologies to acquire profits and productivity from the present Insurance Industry Model.
With the help of Insurtech, various Insurance companies are now able to explore paths to an innovative platform with its customized policies, social insurance, and dynamically price premiums as per the observed behaviors.
Insurance is one of the oldest and traditional methodological financial markets; hence it tends to favour those with bulky pockets and plentiful experience in the market. Initially, the broad actuarial table method was used to assign policy seekers to a risk category. Meanwhile, the adjustment was done in this way that enough people are aggregated together to ensure that the policies bring profit to the companies. In this method, there was a very basic level of data which were used to club people into groups which eventually resulted in few people paying more than they should actually pay.