The Metamorphosis of Insurance to suit evolving needs

The Metamorphosis of Insurance to suit evolving needs

PNB MetLife 16-08-2016 12:32:58 PM
The Metamorphosis of Insurance to suit evolving needs

The insurance of old
Today the products offered by insurance companies are so diversified that you can have your insurance tailor-made to suit your requirements. In the past you had basic 'vanilla' covers in life and health insurance. 'Vanilla covers' would provide basic coverage and could easily be explained by the phrase 'one shoe fits all'. Over the years though, companies have created new products to cater to the personal goals of their customers.

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For example, today, when a child is born you can buy a policy for his/her higher education, marriage or any other emergency. An insurance policy can also be used in such a way that a lump sum is made available to the individual, periodically.

Modern-day health insurance
When it comes to health insurance, there are certain policies available without any sub-limits, where the entire cost of hospitalization is reimbursed. There are also those with sub-limits where the sum insured or covered is lower and the premium payable is also lower.

The ability to facilitate cashless transactions is also available via most insurance policies. Individuals now only need to pay for an initial deposit, which is also reimbursed by the insurer. Cashless health insurance is here to stay, and with healthcare providers adopting it increasingly around the country, it will probably serve as the foundation for insurance transactions in the future.

The role of big data
The influx of big data and analytic in insurance, along with centralized medical records also brings in an element of transparency in the industry and allows individuals to insure themselves for only what they believe they need to be covered against.

In an age where combustibility is key, the health insurance sector is making strides towards developing solutions for people, which can help safeguard them in the future.