Max Bupa one of India’s leading standalone health insurance players, has released a study – ‘Max Bupa Pulse 2018’ on the occasion of ‘Global Day of Parents’ which delves deeper into the shifting trends in the health insurance segment among the older generation.
Max Bupa Pulse survey strengthens the fact that not just millennials but their parents are also heading towards living a healthier life.
It is believed that gadgets and applications tend to attract the millennials or the tech savvy generation more, however the trend seems to be reversing now.
With increasing awareness, the concept of wellness seems to be changing across the country and people are willing to spend on health plans that can improve their wellness quotient.
•The 51-55 year age bracket is equally interested in buying health insurance plans that includes fitness and health coach applications, with nearly 30% potential buyers willing to pay for it
•Further, 31% of the respondents in the age group of 51-55 years are willing to download health related applications that includes not just policy renewal and claim filing features but also functions such as: scheduling doctor’s appointments, booking ambulance, maintenance of health records, purchasing medicines and receiving personalized advice from fitness experts. This shows that consumers expect much more from their health insurance – they want it to go beyond basic health coverage.
•The survey also reveals that stress management was important for 31% of respondents in their 30s and lower 50s indicating the stages of life most impacted by stress levels.
Ashish Mehrotra, MD & CEO, Max Bupa said, “The modern-day Indian consumer has completely redefined the concept of wellness. What was once about reactive responses to medical emergencies has evolved to proactive interest in staying healthy to avoid critical illnesses. Health insurance companies can no longer afford to offer just conventional plans. A holistic package that caters to the evolving wellness expectations of consumers is critical to staying relevant.”
The study encompassed over 2100 respondents from across India. The research is an extensive study to better understand the mindset, needs, expectations and behavioral patterns of Indian buyers towards health insurance.