INSURERS TO TURN FINTECH PLAYERS

COVID-19 MAY BE A BLACK SWAN EVENT, BUT HEALTH INSURERS ARE PREPARING BY CASTING A WIDER NET BY USING TECHNOLOGY TO EXPAND THEIR REACH

- BHARGAV DASGUPTA

Large-scale health catastrophes aren’t new. The world has already witnessed a series of epidemics, including SARS, MERS, Ebola and Zika. But Covid-19 is different, a pandemic that swarmed the planet at one go, leaving no place for us humans to take refuge. Certain developments over the years allowed the virus to spread far and wide.

On one hand, we root for interconnectedness, to make the entire world our playground and on the other, we are sobered by its consequences. Today, it wouldn’t be surprising if an out break in a remote village in one part of the world spreads to a major city on the other side within a matter of days.

Of course, we cannot reverse gears or turn our back on all the benefits and opportunities of a global world. But we need to be cognisant of the associated risks. We should not be like the frog who remains comfortable in a pot of water that is being gradually heated until it boils to death — a story that is perhaps more accurate for humans than frogs. The key is to be aware and prepared.

THE PROBLEM IS THE SOLUTION

While interconnectedness has now become a bane in the physical world, it is a boon in the virtual one. There is a possibility of 15-20 per cent of healthcare systems shifting to virtual platforms by 2025. The telemedicine market is expected to be worth $5.5 billion in the next five years by growing at a CAGR of more than 30 per cent. This includes teleconsultations, remote monitoring, epharmacies and more. While Indian health-tech is at a nascent stage, the recent mushrooming of start-ups and inflow of private capital are expected to fuel the growth of this segment. Moreover, this feeds into changing consumer preferences for digital healthcare.