Regulatory Role in Health Insurance Innovation Adoption and Rural Coverage Strategies: A Study in India
DOI:
https://doi.org/10.53739/samvad/2024/v28/173683Keywords:
, Health Health Insurance, Innovation, Regulation, SandboxInsurance, Sand boxAbstract
The healthcare industry in India is facing a range of challenges and opportunities that are driving the need for strategic interventions. In this paper, we examine the role of breakthrough innovations as part of strategic interventions in the health insurance industry. We begin by defining strategic interventions and discussing their importance in addressing challenges and opportunities faced by the health insurance sector in India. We then explore the role of breakthrough innovations in driving strategic interventions, including examples of how these innovations have been successfully implemented in the health insurance industry. Strategic interventions can lead to improved performance, increased efficiency, and enhanced customer satisfaction. This paper provides a comprehensive overview of the role of strategic interventions and breakthrough innovations in the health insurance industry and highlights the potential benefits of these interventions for industry stakeholders, the government, the healthcare sector, and consumers. Emerging technologies such as artificial intelligence, blockchain, telemedicine, and personalized health plans are expected to revolutionize the healthcare sector digitally and transform the design of health insurance covers. These advancements offer insights for insurance practitioners to leverage opportunities for reshaping the future of health insurance.Downloads
Downloads
Published
How to Cite
Issue
Section
References
Barney, J. B. (1991). The resource-based view of strategy: Origins, implications, and prospects. Journal of Management, 17(1), 97-211.
Binny, M. G. & Gupta, M. (2017). Health insurance in India – opportunities and challenges, International Journal of Latest Technology, Engineering, Management and Applied Sciences (IJLTEMAS), 6.
Can a Basic Bundle of Health Insurance Cure Coverage Gaps Spur Innovation? (No publication date available). HBS Working Knowledge. Available at: https://hbswk.hbs. edu/item/can-a-basic-bundle-of-health-insurance-curecoverage- gaps-and-spur-innovation
Capponi, G., Martinelli, A. & Nuvolari, A. (2022). Breakthrough innovations and where to find them, Research Policy, 51(1):104376. https://doi.org/10.1016/j.respol.2021.104376
Chesbrough, H. W. (2003). Open innovation: The new imperative for creating and profiting from technology. Harvard Business Press.
Christensen, C. (1997). Disruptive Innovation, Christensen Institute.
Expert, O. S. M. (2022). Strategic organizational development interventions. Strengthscape. Retrieved January 8, 2023, from https://strengthscape.com/strategic-organizationaldevelopment- interventions/.
Health Insurance Statistics, (no date). Forbes. Available at: https://www.forbes.com/advisor/in/health-insurance/ health-insurance-statistics/.
Inkoom, L., Ansu-Mensah, M., Bawontuo, V. & Kuupiel, D. (2022). Mapping evidence on the use of health promotion and disease prevention interventions as a strategy to sustaining pro-poor health insurance schemes: a scoping review protocol, Systematic Reviews, 11(1):1-7. https://doi. org/10.1186/s13643-022-01942-3
Itumalla, R., Acharyulu, G. V. R. K. & Reddy, L. K. V. (2016). Health Insurance in India: Issues and Challenges, International Journal of Current Research, 8(2):26815-26817.
Keshri, V. R. & Ghosh, S. (2019). Health Insurance for Universal Health Coverage in India: A Critical Analysis Based on Coverage, Distribution, and Predictors from National Family Health Survey–4 Data. https://doi.org/10.21203/ rs.2.16513/v1
Mangla, D. & Aggarwal, R. (2020). Covid-19 India: A review of opportunities, challenges, and its impact on the health insurance sector, Juni Khyat, 10(7):217-225.
Murray, J. E. (2007). Origins of American Health Insurance: A History of Industrial Sickness Funds, Yale University Press.
Nayak, B., Bhattacharyya, S. S. & Krishnamoorthy, B. (2019). Integrating wearable technology products and big data analytics in business strategy: a study of health insurance firms, Journal of Systems and Information Technology. https://doi.org/10.1108/JSIT-08-2018-0109
Park, D. & Ryu, D. (2019). Blockchain in health insurance: sharing medical information and preventing insurance fraud, Korean Journal of Financial Studies, 48(4):417-447. https://doi.org/10.26845/KJFS.2019.08.48.4.417
Pozo Rubio, R. (2022). Designing Organizational Processes through Strategic Interventions: The Learning Experience of Board of Innovation.
Product Innovation in Health and Life Insurance with Marion Hämmerli, McKinsey & Company. Available at: https://www.mckinsey.com/industries/ financial-services/our-insights/insurance/women-ininsurance- leading-voices-on-trends-affecting-insurers/ product-innovation-in-health-and-life-insurance-withmarion- hammerli
Rogers, E. M. (2003). Diffusion networks. Networks in the Knowledge Economy, 130-179.
Swathi, K. & Anuradha, R. (2017). Health insurance in India – An overview. IOSR Journal of Business and Management (IOSRJBM), 49-52. https://doi.org/10.1509/jmkg.69.2.42.60756
Zhou, K. Z., Yim, C. K. & Tse, D. K. (2005). The effects of strategic orientations on technology- and market-based breakthrough innovations, Journal of Marketing, 69(2):42-60.
