Why should metros have all the fun?
Updated: Jun 11, 2022
Tech is helping us at Kenko expand our reach. Tier-2 and Tier-3 in India are benefitting as a result.
The Insurtech Wave
The Covid-19 pandemic has forced the world at large to shift to the digital space. Everything from education to grocery, healthcare to entertainment has gone online. Finances are no different. And this applies as much to tier-2 and tier-3 cities of India as it does to the metros.
There are three main heroes giving the health insurance sector in India a new life. These are: more awareness about health in general due to the pandemic, the shift to the digital space, and the new wave of startups hoping to reinvent digital financing for the ‘new normal’.
The millennial connect
The bite-sized subscription model is quite relatable for the youth, especially millennials who're used to monthly subscriptions for streaming platforms.
Insurtech is helping Kenko and many other startups tap into the digital ecosystems of apps and websites to deliver super- quick and convenient solutions for our users.
Add to it the fact that at Kenko, we offer bite-sized monthly subscriptions that are easy on the pocket. With plans starting as low as 299 per month, we are reducing the entry barrier for customers from remote corners of India who were earlier left out of coverage.
The bite-sized subscription model is quite relatable for the youth, especially millennials who're used to monthly subscriptions for streaming platforms. Many young Indians are now willing to shell out some money to prevent risk and not just cover it after an incident takes place. Men between the ages of 25 to 45 have been serious about health insurance policies for their families. As a result, there’s been a three-fold increase in overall health insurance penetration in tier-2 and tier-3 cities.
Such product design and marketing innovations help Kenko reach out to niche segments by contextualising our offerings and meeting new age needs.
More than just emergency insurance
Yep, health insurance is not just about covering the costs of a possible accident/emergency. At Kenko, we are looking at a 360-degree service platter which includes discounts on routine medical costs like OPD Costs, medicines, lab tests and more. But it doesn’t stop there! We're also tying up with existing networks to provide home delivery of medicines and doctor consultation bookings. We're tying up with existing hospitals and apps to deliver the best networks out there for the consumer.
We're looking to not only provide faster services than conventional players but also have enhanced the reach of our network of hospitals and healthcare providers in tier-2 and tier-3 cities. So, there’s not only speed and convenience for the user, but also quality and reach.
The ‘3-D’ Model: Data, Data, Data
A one-stop aggregation of hospital networks and medical services is possible only through seamless data integration. Data is also important to get the right picture about the consumer being covered, their health needs, their vulnerabilities and the plans best suited for them. Whether it’s handling individual customer claims or designing plans and outreach for new customer-segments in tier-2 & tier-3 cities, data is king. All of this requires careful attention to hard numbers over myths and perceptions. Data is the way to go when it comes to sharper underwriting and better consumer-friendly pricing.
Where there’s tech, there’s a way
Powered by AI Algorithms, Kenko is skipping mountains of paperwork and opting for quicker ways to quote prices for customers.
For decades now, insurance firms in India have dreaded the ‘T-word’. But insurtech is quickly changing that! From claims to plan renewals, from customer servicing to channel partner on-boarding, everything is now faster and more intuitive with the help of technology.
The underwriting process for insurance has also been automated. Analyzing customer records, reports and risk-evaluation are not time-consuming and frustrating processes any more. Powered by AI Algorithms, Kenko is skipping mountains of paperwork and opting for quicker ways to quote prices for customers.
For the consumer too, the whole process is less cumbersome now. Most apps and websites in use today are user-friendly, quick and easy to use. Availing prepaid benefits now is literally a click away for the customer. This is revolutionizing access to and understanding of health insurance. Especially for youngsters in Tier-2 and Tier-3 cities of India.
Yet to subscribe to one of our plans? Check them out here!