With the advent of cutting-edge technologies like Artificial Intelligence, changing demographics and a significant focus on preventive care, the Indian healthcare industry is undergoing rapid growth. In 2024, two main trends- AI and Preventive healthcare are expected to reshape the mediclaim policies.

Preventive healthcare

Preventive healthcare can be defined as taking measures to deal with the illness in the future. Waiting around to get sick in future and then scrambling for treatment helps us to act wisely in advance. This step can make a lot of sense for better health outcomes and saving vast amounts of money and mental health.

Preventive care mainly involves:

• Doing regular health check-ups– monitoring blood pressure, blood sugar, etc., so you can catch issues early before they spiral out of control and take precautions for them. 
• Undergoing screening tests – mammograms, diabetes tests, etc. that can predict and detect diseases even if symptoms are not visible.
• Taking all vaccines on time – prevent infectious diseases rather than taking chances.
• Improving diet, exercising, quitting bad habits–working on health habits so you don’t end up inviting diseases like diabetes, BP, and heart problems.

AI in healthcare applications

A few of the significant AI applications in the healthcare sector include:

• Drug discovery and precision medicine
• Monitoring health metrics using wearables
• Medical scan analysis
• Virtual health assistants
• Robotic surgeries
• AI augments a physician’s capabilities in helping provide personalised and proactive preventive care.

Major mediclaim policy trends in 2024

Incentives for Preventive Healthcare

2024 is reportedly expected to witness insurance providers attract Mediclaim policy customers to more preventive care mainly by offering incentives which draw more people to yearly medical check-ups instead of avoiding them. For example, we may get 10% lower premiums if we complete the standard health screening package. 

Moreover, reward points or shopping vouchers can be availed to those who voluntarily take the test for diabetes, cancer, or other heart conditions. However, these incentives encourage people to opt for early detection of illnesses through timely screening. And it allows treatment before the situation intensifies. Over time, companies can better estimate risks and price policies if many people are going for regular wellness checks.

Emergence of health management apps

In this technology-driven era, health insurers will likely use mobile apps to help policyholders manage their health efficiently. Such apps can integrate wearable devices to track activities, sleep cycle, heart rate, etc. They also offer diet charts, tips to enhance health, and appointment reminders. 

Data from these apps aids insurance providers in analysing the risk levels of individual policyholders effectively. Moreover, it improves preventive care. Policyholders who adhere to health protocols can benefit from discounted premiums. 

AI-powered services

Several insurance providers currently delve into utilising and anticipating smarter AI-backed services like;

• Automated claim settlement aided by robotic process automation
• Chatbots for responding to customer queries 
• Personalised premiums based on policyholder health data
• Fraud detection using pattern analysis

These cutting-edge technologies enhance convenience, efficiency, and personalisation for policyholders.

Outpatient department cover

Almost every basic mediclaim plan covers only the inpatient hospitalisation expenses. At the same time, insurance providers are developing plans by offering OPD coverage covering doctor consultations, dental treatment, pharmacy expenses, and more. OPD cover reassures policyholders to seek medical advice often, which prevents minor ailments from escalating into complex diseases that lead to hospitalisation.

In 2024, more mediclaim policies are expected to roll out with various OPD benefits. However, premiums for policies with OPD coverage will be 15-20% higher than basic medicare.

Studies and reports show preventive healthcare and AI-powered solutions will reshape the mediclaim landscape in 2024. Insurers are expected to incentivise the usual medical checks and introduce health apps and AI-based services to elevate engagement. 

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