Investors still prefer brick-and-mortar distributors to their online avatar.
Seven out of 10 policyholders do online research, but most of them buy policies from their financial advisors or agents, shows a recent report commissioned by Max Bupa Health Insurance, titled Pulse Report.
The study shows that 71 per cent of participants do research on health policies online; however, only 14% of them end up buy such policies through online channels. “In terms of a digital buying experience, 14% health respondents were receptive to buying through online channels,” said the report.
The report attributes security concerns and poor online experience for their reservations on buying policies online. “Nearly 68% of online buyers reported poor mobile experience and security concerns as factors for abandoning purchase of health insurance on mobiles,” says the report.
In addition, the report says that 26% of existing policyholders prefer renewing their policies online to take advantage of immediate issuance of the policy.
Keeping in mind the not-so-good response to online health insurance policies, Max Bupa recently launched Any Time Health machines – a technology solution that allows first-time health insurance buyers make instant health assessment, choose the right product and buy a health insurance policy under 3 minutes.
Ashish Mehrotra, MD and CEO, Max Bupa says, “The Max Bupa Pulse Report outlines 2 clear trends for the growth of the health insurance sector – increasing focus on wellness solutions and the growing strategic importance of digitisation. To stay competitive in the evolving environment, insurance companies must offer holistic packages geared towards enriching the lives of its customers rather than mere compensation for illness treatment or hospitalisation. Our endeavour with the GoActive Health Insurance Plan is to bridge the health insurance gap and bring more and more Indians into the ambit of health insurance.”