Portability Expected to Boost the Indian Health Insurance Market

According to our research report, “Booming Health Insurance in India”, the concept of Health Insurance Portability introduced by the IRDA will facilitate towards boosting the overall growth of the country’s health insurance industry. The IRDA has enforced the Insurance Portability from July 1, 2011. As per provisions of the policy, the consumers would be able to buy policies online and also shift to another insurance company under the same terms and conditions. The company accepting the switch over will be required to provide health coverage at least up to the sum assured (plus accumulated bonus) as in the previous insurance policy. This move will not only help in the retention of health insurance holders, but also attract other people to buy the policies. Overall, the introduction of insurance portability along with various other factors is expected to boost the Indian health insurance gross premium to grow at a CAGR of around 26% during FY 2011-2014.

After thorough analysis of the industry, we found that four-fifth of the uncovered population is yet another major driver for the health insurance market in India. Considering the potential of the market, there is an extensive scope for domestic and multi-national companies. Besides, we have also carried an extensive research on trends and drivers of various other industries, outlining the need for preventive care coverage, the enforcement of effective claims management system, cost management, product reach in rural areas, and improvement in the weak retail distribution model.

“Booming Health Insurance in India”, provides relevant statistics and in-depth analysis on Indian health insurance market. Apart from the trends and drivers, it also highlights all the key challenges confronted by the industry. The report identifies possible growth areas for expansion and also provides a detail overview of the competitive landscape.

Moreover, the report presents industry forecast based on correlation of past data, challenges, and opportunities for expansion. There is also a detailed competitive analysis in the report, which studies the prominent health insurance providers segregated in terms of public, private, and standalone. In this way, the report provides a comprehensive and coherent analysis of the Indian health insurance market that will certainly prove decisive for clients.

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