Navigating Healthcare Cost Hurdles with Insuretech Platforms


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Sep 11, 2023


This is a Guest Blog by By Mr.Sanil Basutkar, Co-Founder at Bharatsure

Roughly 90 Crore Indians today do not have access to health security in the form of insurance. This gap in access can be majorly attributed to lack of awareness combined with affordability. There is still reason to be hopeful, however, as the last few years seen a good number of insurtech startups rising. These platforms aim to make insurance more accessible, affordable, and efficient, thus helping in navigating the labyrinth of healthcare costs effectively.

Navigating Healthcare Cost Hurdles with Insuretech Platforms

The Insurtech Revolution

Insurtech — a fusion of insurance and technology aimed at disrupting the traditional insurance market. These digital platforms bring together insurers, healthcare providers, and consumers into an integrated digital ecosystem. They facilitate quicker underwriting, data-driven risk assessment, and instant policy issuance, faster claim settlement among other benefits.

Data-Driven Decisions

The use of Artificial Intelligence and Big Data analytics enables more accurate and personalized risk assessments. This level of personalization was unheard of in traditional insurance models, which relied on generic pricing that often worked against people from lower economic backgrounds or those with pre-existing conditions.

Integrated Care Solutions

Some platforms have gone a step further by integrating telehealth services, pharmacy delivery, and even primary care clinics. These integrated solutions not only offer comprehensive healthcare coverage but also make it convenient for users, thereby driving up adoption rates.

Enabling better tools for intermediaries

Despite the heavy push to adopt digital platforms to directly sell insurance, the market still relies heavily on intermediaries to sell insurance. At the end of the day insurance is a financial product and people would generally buy it from the people that they trust. Insurtechs have realized this and are now actively building tools to enable insurance intermediaries to easily sell insurance. This ease of access to selling insurance will definitely help in increasing penetration, get more volumes and unlock more economies of scale. 

How has Insurtech impacted Healthcare Costs

  1. Preventive Over Curative

One of the greatest impacts Insurtechs have is the shift from a curative to a preventive healthcare model. Platforms that offer health monitoring services alongside insurance can warn the insured well in advance of impending health issues. This early intervention can result in lower treatment costs in the long run.

  1. Financing and Micro-Insurance

Insurtech platforms can offer financing options and micro-insurance schemes that cater to those who couldn’t otherwise afford insurance. New underwriting models championed by insurtechs, have led to breaking down insurance products into affordable packages. These platforms extend healthcare benefits to sections of society that have been traditionally marginalized.

  1. Cost Transparency and Competition

Increased transparency can stimulate competition among healthcare providers. When consumers can easily compare prices and quality, medical institutions are more likely to offer competitive rates and improved services.

  1. Reduced Fraud

The digitization of the insurance process makes it more secure and reduces the possibility of fraud. Insurers can track claims in real-time, thereby identifying and preventing fraudulent activities more efficiently. Reduced fraud rates could lead to lower premium costs for consumers.

Challenges and Roadblocks

Despite its promise, Insurtech in India faces multiple challenges. Regulatory hurdles, low digital literacy rates, and privacy concerns are significant roadblocks. Moreover, the current infrastructure is ill-equipped to handle the data load that AI-driven platforms would generate.

Insurtech is still in its nascent stages in India, but the potential for transformative change is enormous. By leveraging technology, these platforms can democratize access to healthcare services, thereby reducing the economic burden on vulnerable populations. As technology evolves and regulations become more conducive, Insurtech could very well be the panacea for India’s healthcare cost conundrum.


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