Trends in employee healthcare benefits in India this year are in large part shaped by the uncertainty caused by COVID-19. Many global workforce managers and employers want to understand the:
- Capacity of India’s healthcare systems to meet this extraordinary challenge.
- Extent of pandemic-induced shifts in consumer spending patterns.
- Insurers’ outlooks towards health risks.
- Dynamics involved in the changing outlook toward projected risk.
- Availability of sufficient and effective alternatives for primary care needs.
Prudent, Asinta’s Partner in India, produced a report that evaluates these issues and addresses their effects. Specific topics include the impacts on:
- Hospitals – Increased pressure on hospitals will have a larger impact on overall hospital rates thus increasing the average cost of corporate insurance.
- Insurers – A crisis such as COVID-19 affects all business sectors – but it especially puts a spotlight on insurers who can expect to be inundated with general inquiries and claims across multiple different lines, whether for Health, Life or Non-Life cover. The volatility and falling interest rates within the financial markets will likely impact the earnings and solvency of general insurers.
- Insurance claims – For the most common ailments under any corporate program, there seems to be a sudden decline in hospitalization and average claim size. After analyzing approximately 2,500 existing clients’ claims, we observed a significant decline in claim volume. We expect out of pocket expenses to increase due to increases in claim deductions.
- Primary care – Employers must continue to invest in an alternative model of care. The two-fold advantages of virtual care are supporting employees and their families, and reducing overall insurance claim costs.
Read the full report about trends in employee healthcare benefits in India.
If you have questions about the report, or about India’s mandatory and supplementary benefits in general, contact Asinta, and we will put you in touch with Prudent.