New-age insurers incentivising positive behavior among policyholders
New Delhi (India), September 2: In an era where healthcare costs are rising and chronic diseases are prevalent with 250 million chronic patients in India, insurance companies are redefining their roles beyond mere financial protection. Traditionally, insurance companies have primarily focused on reimbursing medical expenses incurred after illness or injury.
However, an increasing emphasis on preventive care and overall well-being has prompted insurers to rethink their strategies. Many new-age insurers are adopting innovative approaches to incentivise healthier lifestyles among their policyholders through wellness programs.
This approach benefits both the policyholders and insurers - policyholders improve their health and earn financial incentives, while the insurer saves costs to lower hospitalisation rates. Wellness programs offer policyholders a range of benefits like regular exercise, guidance on balanced nutrition, teleconsultations with specialists & even emotional & mental health support.
The insurers incentivise the policyholders by providing rewards like premium discounts, gift cards, or even cash incentives. Zyla Health is a leading health partner to big insurance firms and in their experience, they have seen a 20-30% reduction in hospitalisation rate among chronic patients and a similar reduction in re-admits among post-hospitalisation patients.
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