The health insurance sector in India has now become privatised, which means there is fierce competition for new customers amongst many private entrants because they want to grab market share of this potentially hugely lucrative market. However, because of IRDA rules, there is little difference between the policies offered by most health insurance companies, so it's hard for them to offer a USP.
So what can companies do to attract customers ? I think the trick is to offer their customers additional services which will help them to take better care of their own health.
One of the easiest things they can do is to offer their customers a free PHR
( Personal Health Record). Not only will this help their customers to take a more proactive role in managing their own health ( thus reducing unnecessary medical expenses, thus saving the insurance company a lot of money ); it will also ensure that the customer sees the Insurance company's logo every time he uses a PHR - a great way to build a brand !
An additional benefit is that customers who have a PHR will have well-organised medical records, which means that processing their claims will be much
more efficient !
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