Prospects for growth and issues in marketing of Health Insurance in India

Presentation slides from the year 2018 in the subject Health Science, Manipal University, language: English, abstract: Health Insurance market in India has become the fastest growing segment in non -life insurance sector in India. The health insurance business in India saw a 24% growth in FY 17 with a premium of INR 30,765 Cr and a market share of 24%. It has been the fastest growing market segment registering a CAGR of 23% for the past 10 years. Health Insurance Industry is in a nascent stage with 25% of population under its coverage. There exists a huge potential for growth and penetration of Health Insurance to a large population. Going forward in the future there are both opportunities and obstacles in marketing and distribution of Health insurance products in India. This paper attempts to uncover the prospects of successful marketing of such products from the standpoint of Insurance marketers and look at issues of impeding the growth of health insurance market in India.

Manoj Pareek, based out of Bangalore is a sales professional with 21 years of experience in Insurance, Home Loans and Durables sectors Last position held by him was as Vice President - Retail Business Group at HDFC ERGO General Insurance. He has worked with HDFC Ergo GIC for nearly 9 years and during this time assumed different roles. From 2015 to 2017 he was the Vice President - Bancassurance based at Mumbai and he was responsible for handling Bancassurance for Home Loan Insurance product. This was a national role.He was also the Regional Product Manager at IndusInd Bank in 2006, Corporate Segment Manager at ABN AMRO Bank NV in 2005, Branch Sales Manager at ICICI Bank ltd. from 2004 to 2005 and an Assistant Sales Manager at BPL Engineering Ltd. Mr. Pareek''s expertise through his varied experience lies in insurance sales and marketing, financial services distribution, key account management, business development and Bancassurance. Currently he is working as an Assistant Professor at Manipal University ,doing his PhD and the topic of his research is comparative analysis of Third Party Administrators who handle health insurance claims. He has published a number of research papers in peer reviewed journals . His paper analysing government ''s Ayushman Bharat Scheme of government aiming at Universal Health coverage has been widely read and appreciated. Besides this he had written research articles on Health Insurance and Insurance Intermediaries . He is a regular contributor to his University news and views blog.