The Indian health insurance sector has undergone a significant transformation in recent years, with the advent of digital technologies and online platforms. However, despite the increasing popularity of online research and applications, customers still prefer to consult human advisors for critical decisions, such as choosing a policy and navigating claims. This “phygital” approach, which combines the benefits of online and offline channels, is becoming increasingly prevalent in the Indian health insurance market.
For instance, Delhi-based Punita Paul, who was researching health insurance plans online, eventually sought guidance from an advisor to clarify her doubts about room rent limits and family floater policies. “Initially, I would be looking online and comparing the prices with multiple brands, but I had difficulty understanding what constitutes a critical illness and what constitutes a serious illness,” recollects Paul. Her friend helped her find an advisor, who explained the differences between the two and provided personalized guidance.
The role of tech-enabled advisors is evolving to cater to this new reality. Gurleen Kaur Tikku, a Delhi-based advisor, notes that her workday now includes a digital dashboard and smartphone as much as a diary and pen. “For me, my workday now includes a digital dashboard and a smartphone as much as a diary and a pen. I frequently log into insurer portals to generate real-time quotes and show my clients on-screen how adding a deductible or adding a Super Top-up can drastically alter both their premium and their protection,” she explains.
To make complex concepts more accessible, some advisors create short explainer videos or voice notes in local languages, sharing them via messaging apps for clients to refer to later. For example, Kaur creates videos on topics such as “Things to know before buying a health insurance” and shares them with her clients. In smaller towns, advisors might record audio clips comparing individual and family floater plans, using relatable examples and sending them to clients before in-person meetings.
The “phygital” approach is particularly significant in non-metro areas, where access to digital technologies and online platforms may be limited. In these regions, tech-enabled advisors play a crucial role in bridging the access gap and providing personalized guidance to customers. As the Indian health insurance market continues to evolve, the role of human advisors will remain vital, even as digital technologies become increasingly prevalent.
In fact, a recent report by finance news highlights the growing importance of tech-enabled advisors in the Indian health insurance sector. The report notes that the use of digital tools and local support can help bridge the access gap, especially in non-metro areas. As the Indian health insurance market continues to grow and evolve, the “phygital” approach is likely to become increasingly popular, offering customers the best of both worlds – the convenience of online research and the personalized guidance of human advisors.
And while the Indian health insurance sector is poised for significant growth, there are still challenges to be addressed. But with the rise of tech-enabled advisors and the increasing adoption of digital technologies, the sector is likely to become more efficient and customer-centric. As Gurleen Kaur Tikku notes, “The enablers and instant solution give instant gratification, which leads to faster decision-making.” This trend is likely to continue, with customers seeking a combination of online research and human guidance for their health insurance needs.
In conclusion, the Indian health insurance market is undergoing a significant transformation, with customers embracing a “phygital” approach that combines online research with human advisor guidance. As the sector continues to evolve, the role of tech-enabled advisors will remain vital, providing personalized guidance and support to customers, especially in non-metro areas.
