Mobile-enabled micro-health insurance is escalating at a good rate with advancement of digital healthcare technology. It has the potential to deliver quality healthcare services to people by improving accessibility and keeping people well-informed about health issues, thus reducing out-of-pocket expenses. Consumers are prioritizing health above other needs as the rise of digital services in India has enabled catering to the at-home population In India.
Practice of healthcare through mobile can be made interactive by integrating services that can cater to customer needs:
More than 2.4 billion people worldwide live on US$2 or less per day. Most low-income families will see their savings be completely wiped out owing to higher out-of pocket healthcare expenses and are likely to be pushed further into poverty. Below are a few mobile micro-health insurance products that are helping such low-income families cover health risks with minimal costs at difficult times.
MNOs have been the major drivers to enhance the microinsurance industry. Mobile being the dominant in healthcare technology, can be used to structure niche insurance products and serve to educate people on various health issues. Mobile micro-health insurance can serve as a protective blanket against health emergencies as mobile can bridge the gap between the insurers and low-income families, be it mobile policy information, claims filing, renewals, query and claim payments. An adequate balance can be achieved between affordability and accessibility by partnerships with MNOs to deliver real value to the customers.
In developing countries, the estimated volume for microinsurance is between 1.5 and 3 billion policies. These policies typically account for demand in health, agriculture, property, and disaster cover. At present, only 5% of this market is currently tapped and is being driven by large commercial insurers. To expand the market, commercial insurers should partner with innovative startups, NGOs and other facilitators. As mobile penetration deepens, it will also open more doors for low income groups to have access to better quality financial savings products. For instance, WhatsApp which has a total of 400M users in India, 15 million of which are small businesses, is targeting financial services such as insurance, micro-credit & pension for the rural/informal sector through ‘WhatsApp Pay’. The ‘Digital for Bharat’ challenge needs simplicity in the products & services being designed for the rural mass and finding innovative distribution channels to truly establish the roots of this market.
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