Artivatic.ai [Insurtech & Healthtech] ’s Post

In my last post, I spoke about the missing middle puzzle in Indian health insurance (~400 million individuals having no access to health insurance) Going a level further, here are some interesting facts about the given dataset: ➡️ Around ~58 million households (or ~ 270 million individuals) in rural India have zero access to health insurance. ➡️ On the other hand, in the urban region an estimated 29 million households (~ 130 million individuals) are a part of the missing middle. Also, as we can observe from the picture below: ➡️ the missing middle in rural areas is more characterised by informal or unorganised work. ➡️ Whereas in the urban areas, we see a significant portion of the uninsured engaged in formal or semi-formal, managerial, or technical work. Hence, we need to understand that the missing middle is not a monolith. The target segment for health insurance is highly fragmented both on the basis of geographic locations and varied user profiles and hence the puzzle would require a sophisticated solution rather than having a one solution fits all approach to tackle the problem statement. #insurance #insuretech #startups

We need to be building for Bharat as much as we’re building for India. 30% of India’s population is devoid of any financial protection for health, 65% of Indians don’t have health insurance, and only 2% of total healthcare expenditure in India is currently covered by insurance providers. If we want to truly move the needle on making health and insurance accessible, we need to think of ways to democratize healthcare for everyone. I see technology playing a very important part in levelling the field. Think:  📱 Being able to access quality healthcare through teleconsultations on a phone 🤖 AI simplifying complex insurance terms in the langauge you speak 💬 Raising insurance claims through everyday apps like WhatsApp These are small steps that will go a long way. We want to enable each and every company in India to provide high-quality health cover to their employees, no matter how small or big they are. And we’re open to ideas. Comment with your thoughts on how Plum can make healthcare easy and accessible to every Indian, and I’ll pass it on to the team. 

🚀 Excited to share our latest article on how technology is revolutionizing insurance access in India, especially in underserved Tier 4 regions and beyond. "Transforming Insurance Access in India: A Digital Leap Forward" delves into the critical role of personalized product design, low-cost tech-based delivery systems, and innovative initiatives like BIMA SUGAM and BIMA VAHAK in reshaping the insurance landscape. 🇮🇳💡 With over 75% of Indians lacking adequate insurance coverage, the need for inclusive and affordable insurance solutions has never been more urgent. This piece explores how leveraging digital platforms, embracing generative AI, and empowering local intermediaries can significantly enhance insurance penetration and financial inclusion across the country. 🔗 Dive deeper into our insights and join the conversation on how we can collectively contribute to a more financially secure and resilient India: Transforming Insurance Access in India: A Digital Leap Forward: https://lnkd.in/gtQQhYnz #InsuranceInnovation #FinancialInclusion #InsurTech #DigitalIndia #BIMASUGAM #BIMAVAHAK #AIInInsurance

🌟 The Evolution of Medical Insurance in India: A Remarkable Journey 🌟 The evolution of medical insurance in India has been remarkable, with significant implications for the healthcare industry and the overall economy. Let's explore some key aspects: 1️⃣ Growing Demand and Competition: - From negligible demand to a surge in insurance seekers. - Increasing awareness of healthcare uncertainties drives demand. - Significant rise in the number of insurers entering the Indian market. 2️⃣ Comprehensive Healthcare Coverage: - Rising medical costs necessitate diverse coverage options. - Insurance companies offering comprehensive plans to cater to diverse needs. - Shift from traditional health practices to a risk-conscious society. 3️⃣ Impact of Data Analytics and Risk Assessment: - Advanced tools analyze historical claims data and medical records. - Accurate risk assessment models and precise pricing of policies. - Improved risk management strategies for insurers. 4️⃣ Fraud Control with AI and Machine Learning: - Algorithms identify patterns and anomalies indicating fraud. - Learning from historical cases to adapt to new tactics. - Early identification of fraud prevents financial losses and safeguards policyholders. 5️⃣ Telehealth Services: Transforming Healthcare Access: - Surge in telehealth services as a game-changer. - Insurers integrating telehealth for convenient healthcare alternatives. - Enhanced accessibility to medical expertise. 6️⃣ Integration of HIS with Insurance Portal: - Smooth information exchange between healthcare providers and insurers. - Real-time sharing of patient information, treatment details, and billing data. - Reduces paperwork, errors, and accelerates claim approvals. 7️⃣ Auto Claim Adjudication: Speed and Accuracy: - Advanced algorithms and automation for quick and accurate claim processing. - Data analytics and AI assess claims against predefined criteria. - Speedier processing, reduced errors, and consistent decision-making. 8️⃣ Blockchain for Security and Interoperability: - Blockchain enhances security, transparency, and interoperability of health data. - Secure storage and sharing of patient records and claims data. - Minimizes data breach risks and ensures accurate information for claim processing. The journey of medical insurance in India continues to shape the healthcare landscape, providing individuals and families with financial protection against unforeseen medical expenses. Embracing innovation and technology has revolutionized the sector, improving accessibility, efficiency, and security. #medicalinsurance #healthcareinnovation #dataanalytics #fraudprevention #telehealthcare #claimsprocessing #blockchaintechnology #transforminghealthcare #healthcareindustry #indianinnovation https://lnkd.in/gXvabYED

"The Disruption of Health Insurance in India by Insurtech Companies" 👉 Health insurance has become much more popular in India. Premium paid was less than Rs 500 crore in the early 2000s, but by 2022, they were Rs 74,000 crore. 👉 The COVID-19 pandemic made more people want health insurance, especially the kind you can get online. 👉 In 1999, they made health insurance more common in India because they started the Insurance Regulatory and Development Authority (IRDA). 👉 The IRDA's big plan, called 'Insurance for All by 2047,' is about making sure more people have insurance, and they want to make it easier for businesses to invest in insurance. 👉 The government and the IRDA helped different groups of people, including freelancers and contract-based workers to have health insurance. 👉 In India, there are more than 140 Insurtech companies, and they could be worth, around $339 billion. FOR MORE DETAILS:- 👉 https://lnkd.in/d_iu3kNs 👉 https://lnkd.in/dBnPKkig CA Praveen Munukutla Atmaram Cheruvu Vivek Pani Gumparthi DoMS NALSAR (Business School of NALSAR) National Academy of Legal Studies & Research (NALSAR) University Hyderabad Dr. Manish Jha Dr. Ameesh Samalopanan ECell || DoMS NALSAR #Insurtech #startups #insurance #healthinsurance #tech #innovation #business

In the last 3 months, Our team at my stealth startup has been on an exhilarating journey to transform the health insurance claiming process. We’ve been working tirelessly, fueled by a vision to streamline the complexities, enhance transparency, and significantly reduce the turnaround time for claims processing. The goal? To make health insurance claims as straightforward and stress-free as possible. And now, we're on the cusp of something big! 🚀 We are thrilled to announce that our innovative solution is currently being piloted with select insurance brokers and companies. This marks a significant milestone in our journey, bringing us one step closer to our official launch. Our solution is not just a product; it's a movement toward democratizing health insurance for all. But that's not all. We are proud to align our efforts with the Ayushman Bharat Digital Mission (ABDM). This pivotal initiative by the government aims to create a unified digital health ecosystem, enhancing accessibility and efficiency across the board. By integrating with ABDM, we're ensuring that our solution not only meets current needs but is also future-proof, paving the way for a healthier India. Stay tuned for more updates as we approach our launch date. Together, we're set to change the face of health insurance claims - making it faster, simpler, and more accessible for everyone. The future of health insurance is bright, and it begins with us. Let's embark on this journey together. 💡✨ We are proudly backed by a team of experienced angels and advisors, ensuring strategic guidance and support every step of the way. If you are a health insurance company/insurance broker feel free to DM me to discover the innovative products our startup has to offer! Rishabh Arya #HealthTech #Innovation #StartupLife #DigitalHealth #ABDM #NHCX #UHI #AyushmanBharatDigitalMission #InsuranceTech #ComingSoon