Nearly two in three Indian Startups & MSMEs opted for extensive wellness features for their employees in their corporate healthcare subscription plans in FY2022. These include a focus on mental well being, complete annual health checkup for employees and their family members, access of healthcare membership for employee's elderly family members, and segmented OPD Plans for working women population: maternity & IVF treatment focused plans.
The findings are compiled by employee benefits focused company, Onsurity, from the healthcare subscription preferences of 2000+ Indian MSMEs & Startups and the features opted by their 2 lac employees. To celebrate the National Insurance Awareness Day and MSME Day this week, the company has compiled these unique insights for creating better awareness on the emerging trends in the healthcare, wellness and insurance space.
With the cost of the above wellness features reducing by nearly 50% owing to the economies of scale and better consumer adoption, the findings indicate that companies are now increasingly focusing on stronger employee welfare benefits, especially around health & wellness, as an important retention tool.
Yogesh Agarwal, Founder, Onsurity said “The covid pandemic accelerated the need for SME's and MSME's to provide healthcare and implement wellness solutions suited to support employee’s physical and mental health. The sudden surge in demand is due to the realisation that healthcare and employee benefits provided not just to the employee but also to their family members plays a critical role in these uncertain times. As a result, tele medicine, OPD, mental wellness solutions have seen increasing demand among the wellness benefits opted for by employers.”
He further added “MSMEs being new to health and digital natives come with higher expectations and look for tech driven solutions that empower them to manage the entire journey at their fingertips. Hence paving way for tech led full stack solution providers to lead the way from the forefront and also help disrupt the market where standard solutions are prevalent.”
Teleconsultation during Pre and post covid
Given the restrictions and hesitance in the social interactions, teleconsultation services have reported a sharp rise of 61% post Covid-19. Medical professionals and patients also prefer teleconsultations rather than physical visits
Increase in maternity benefits for working women
Onsurity has also witnessed an increased demand for wellness benefits for working women especially maternity and IVF Treatment focused plans. Maternity care, as an add-on benefit, has been in popular demand especially for SMEs with an employee base of less than 10.
SMEs with an employee base of less than 10 have in the past struggled to retain working women, because of their inability to provide holistic health and wellness benefits, built specially for them. MSME’s are also availing benefits that ensure an active lifestyle for their workforces, including gym memberships, walkathons, and yoga sessions.
Increase in parental cover
Among the IT sector companies, Chief Human Resource Officers (CHRO) are willing to include parental healthcare for their workforce. Nearly 80-85% of IT/ITES/Technology companies are requesting for elderly care plans in their healthcare subscriptions. In this era of ‘The Great Resignation’, an inclusive healthcare approach is being actively employed to retain talent. “We see this demand for parental cover extending to other professional services sectors in the very immediate future,” said Agarwal.
The usage of insure-tech in humanising technology, artificial intelligence for underwriting, automation in claims, customised product bundles and rising digital adoption in smaller cities due to payment wallets and affordable data rates, have enabled insurance companies offer affordable extensive coverage to MSME’s.
About Onsurity:
Onsurity is a Series A funded health-tech company that aims to democratise healthcare in India. The company raised $16 million in their last fundraising round. The company has 2000+ startup and SME clients, and is led by World's Youngest Actuarian, Yogesh Agarwal.
For further details/clarifications please contact
Deepa Nair
deepa@commscredible.com
9930765648
