By Our Staff
WatConsult, the hybrid digital agency from Dentsu Creative India, has released its latest issue of monthly WATPapers. Titled ‘Consumer’s outlook towards health insurance’, the report explores how the Covid-19 pandemic has transformed the consumer perception about insurance, as more individuals felt the need to have financial backup to meet unforeseen medical expenditures.
According to the report, more than half of the respondents have purchased health insurance in the last six months. These policyholders belong to the age group of 25 to 35 years, residing in the top 4 metros as well as small metros. Most of them have purchased health insurance for themselves and their parents. With regard to the coverage duration, 32% of the respondents have purchased health insurance for up to two years. 27% of the respondents have opted for a health insurance plan for a year’s duration.
Commenting on the latest issue, Heeru Dingra, CEO, Isobar India group said: “Since the pandemic, there has been an ever-growing demand for health covers because people have realised that huge medical expenses, especially when engulfed in uncertainty can take a toll on their financial and mental well-being. In such a situation relying on savings is not enough, hence, a health insurance policy is ideal as it covers facilities like cashless treatment, maternity coverage followed by emergency room services, discounted treatment, reimbursements, and free health check-ups. This issue of WatPapers is a must-read as it showcases the trends observed in the sale of health insurance plans and how policyholders today are shielding themselves against medical emergencies.”
Added Sahil Shah, Managing Partner, WatConsult added, “The pandemic has disrupted the industry by altering how people view health insurance for themselves, and their family members. This period of an extreme health crisis, with the pandemic looming over, has led more and more people to opt for health insurance. The future looks promising for the health insurance sector with changes in the regulatory framework, which will lead to changes in the industry conducting its business. Factors such as growing awareness, the need for health protection and inclusion in the financial planning of an individual, will drive the growth of Indian health insurance sector even higher and further.”



