Insurance broking companies can present plans across all health insurance providers that they are associated with.
Broking firms act as a reliable go-between for consumers as they provide impartial advice that is insurer-neutral.
The role of brokers in the Health Insurance segment has been cemented with their ability to offer multiple product options and unbiased advice to consumers using intelligent technology and efficient processes
The Indian Health Insurance industry witnessed unprecedented growth last year primarily as a result of pandemic-driven demand. Moreover, a hundred plus new plans were launched by health and general insurance companies, along with innovative processes for better reach and customer service, in compliance with regulatory directives.
Despite this, health insurance penetration still remains below par in India. This gap can be bridged substantially by licensed insurance brokers as intermediaries that wholly favour the customer and not any particular insurance company.
Insurance Brokers play a pivotal role in the health insurance industry in India in the following manner:
1. Customer Focus: Broking firms act as a reliable go-between for consumers as they provide impartial advice that is insurer-neutral. As licensed intermediaries for all health and general insurance companies, brokers do not fancy any particular company; instead suggest options to interested buyers based on their personal health insurance requirements.
2. Needs-based Approach: A reputable broker will always assess the consumer’s demographics and demands to offer the right counsel for the most suitable and customized plan option. With thorough knowledge of products, brokers can convey complex health insurance terms in a simplified manner to empower consumers.
3. Multiple Options for Smart Decision Making: Insurance broking companies can present plans across all health insurance providers that they are associated with. Additionally, those who deploy the use of smart technology can do so in an insightful and intelligent manner to enable the purchase of the right choice.
4. Technology-based Information Sharing And Gathering: Using automated technologies such as Cloud Computing and Intelligent Automation allow digitally sound brokers to collect and disseminate personalized information from and to customers, respectively.
5. Multiple Communication Channels: Brokers also facilitate systematic, expedited and prompt customer service by using Chatbots and other electronic modes of communication. It allows for seamless data management and personalized correspondence.
6. Hassle-free Claims Handholding: Convergence of insurance companies and third-party administrators over a common technological platform hosted by digital brokers assists policyholders with paperless claims management and speedy turnaround time.
7. Consumer Insights: Brokers are capable of offering insightful information on consumer profiles and needs to insurers, for creating innovative and comprehensive products.
Health Insurance Brokers support the sector by liaising with insurance firms and TPAs to extend several product options, manage customer requirements and skillfully handle claims operations in a balanced and perceptive manner, thus benefiting consumers in the long run.
by, Nayan Goswami, Head – Group Business and Sales, SANA Insurance Brokers