Page 30 - The Insurance Times May 2025

Health Solutions

Customisable

health solutions

for diverse

employee needs Sajja Praveen Chowdary

Director
Policybazaar for Business

What was once a customary inclusion in an employee's CTC is now evolving into a strategic
component. The idea of group health cover might not be new, but the way benefits are structured
and designed today definitely is. India's corporate structure is changing with the fresh influx of
companies and so are the workplace dynamics.

W hat was once a customary inclusion in an From basic medical cover to holistic

employee's CTC is now evolving into a strategic
wellness
component. The idea of group health cover
might not be new, but the way benefits are structured and Traditionally, corporate insurance policy used to be a need-
designed today definitely is. India's corporate structure is based coverage focused on hospitalisation and basic medi-
changing with the fresh influx of companies and so are the cal expenses. With rising awareness around preventive
workplace dynamics. healthcare, companies are now integrating holistic wellness
programs that include teleconsultations, mental health sup-
Employers, therefore, are rethinking their approach to port, fitness incentives, and stress management solutions.
employee wellness and healthcare. Beyond medical cover- According to industry reports, over 70% of employees now
age, companies are exploring mental wellness programs, prefer organisations that offer comprehensive wellness ben-
preventive healthcare benefits, and flexible coverage options efits beyond conventional medical insurance.
tailored to diverse workforce needs.
Similarly, teleconsultation, which was a crucial post-pan-
This shift is particularly pronounced for SMEs and MSMEs demic addition, provides employees with instant medical
that have to perform a delicate balancing act between
budget and benefits. After all, competitive benefits play a ͳ¿´´ ¿²¼ ³»¼·«³ »²¬»®°®·­»­ øÍÓÛ­÷
crucial role in talent acquisition and retention for them. ¿²¼ ³·½®±ô ­³¿´´ô ¿²¼ ³»¼·«³
»²¬»®°®·­»­ øÓÍÓÛ­÷ ¸¿ª» ¬®¿¼·¬·±²¿´´§
Meanwhile, the rise of the gig economy is encouraging the
insurance industry to extend coverage beyond the traditional º¿½»¼ ½¸¿´´»²¹»­ ·² °®±ª·¼·²¹
framework of corporate insurance. As businesses navigate ½±³°®»¸»²­·ª» ¸»¿´¬¸ ·²­«®¿²½» ¬± ¬¸»·®
this evolving space, customisable health solutions are emerg-
ing as the answer for diverse employee needs. »³°´±§»»­ò

28 May 2025 The Insurance Times