The National Digital Health Mission (NDHM) will come into effect in the next few months. Being an innovative approach, it promises to reform the health sector in India. It will bring the use of digital copies of the medical documents under the spotlight instead of their hard copies.
Both the insured and the insurers will stand to benefit from it. For the former, it will be a lot easier to submit the relevant documents. On the other hand, insurers will get easy access to requisite information and documents. Also, it can help health insurance companies in India in other ways. Read on to know more about it.
How digital health records will assist insurers in India
In most cases, insurers in India come across the problem of inaccurate data. Also, the available health data of individuals is incomplete. Together, these factors significant operational challenges to insurance companies in India.
With access to digital health records, insurance providers will have an easy way to overcome these challenges. It will simplify the calculation of premiums for policyholders or beneficiaries less tedious and hassle-free. The accurate figures will enable them to provide benefits without making losses. That is to say; it will place them in a better position to offer the benefits without charging an exorbitant premium from policyholders.
As a standard rule, insurance companies in India charge a higher premium to people who have an adverse medical history. This move prompts people to conceal their illnesses and medical conditions. They do it to minimize the insurer’s premium.
An insurance company can reject a claim filed by a policyholder if it can establish the concealment of material facts. However, the absence of concrete evidence based on results can make it an uphill task.
The availability of digital health records will promote transparent practices in the insurance sector. For instance, it can deter potential buyers of a health insurance policy from concealing the requisite information while signing up for a policy. Insurers can get to know about their medical history by referring to their digital medical records. This way, health insurance companies in India can offer the right benefits for hospitalization and other policy components to their clients.
It will render a positive contribution to the customer experience of the insured. In this regard, it will simplify the procedure to get an affordable health insurance plan.
Lastly, people will be able to share their health data with multiple insurance companies at once. It will ease the workload on them to draw a comparison of policies across different providers. As a result, they can identify a feature-rich insurance policy with a reasonable monthly premium effortlessly.
Final thoughts
From the above, it stands out that digital health records can be a blessing for both insurers and the insured alike. It amounts to multiple benefits for either party in many ways. These include the positive points such as the accurate calculation of premiums to transparent practices, the determination of the top health insurance plans for a potential policyholder, and more.
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