Coronavirus Pandemic has Induced Increase in Health Insurance Spending

Over 45% of the urban Indians are planning to increase their health insurance spending in the next six months owing to pandemic-induced risk realizations, according to a joint study conducted by Facebook and the Boston Consulting Group (BCG) and reported by The Economic Times. 
 
The study forecasts not only a sharp rise in demand for health insurance products over the upcoming months but also an increased influence of digital modes for insurance purchases.
 
As per the report, over 60% of the insurance purchases have become digitally influenced whereas 58% of the insurance agents are selling products and managing renewals through virtual modes. In terms of products more than 60% of the respondents found “bite-sized” products to be useful.
 
In the urban and affluent segment, nearly 40-45% of consumers will get influenced by digital modes while deciding to purchase insurance schemes as per the study. Before the coronavirus pandemic this was at 30%.
 
A senior Facebook executive told ET that top insurers such as ICICI Prudential, Bajaj Allianz, SBI Life, Kotak, Aditya Birla Health and aggregators such as Policybazaar have increased their social media footprint over the last three months in line with the newfound surge in consumer demand for insurance to generate new leads and scale existing services.
 
While Facebook will not directly get into the business of selling insurance or other financial services in the near term, the US-based social media giants sees its position in the broader fintech ecosystem as a digital interface between customers and financial institutions for front-end communication.
 
Facebook has also tied up with several leading banks including HDFC Bank, ICICI bank, Kotak Mahindra and RBL Bank for providing basic banking services on Whatsapp.

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