Indonesia Private Health Insurance Market - Industry Trends and Forecast to 2030

Indonesia Private Health Insurance Market - Industry Trends and Forecast to 2030

Indonesia Private Health Insurance Market, By Product Type (Into Mediclaim Insurance, Hospitalization Coverage Insurance, Critical Illness Insurance, Individual Coverage Insurance, Family Floater Coverage Insurance, Senior Citizen Coverage Insurance, Unit Linked Health Plans, Permanent Private Health Insurance, and Others), Business Solution (Lead Generation Solutions, Robotic Process Automation, Artificial Intelligence & Blockchain Solutions, Revenue Management & Billing Solutions, Claims Administration Cloud Solutions, Value-Based Payments Solutions, Intelligent Case Management Solutions, Insurance Cloud Solutions, and Others), Assistance/Service Type (Inpatient/Daycare, Hospital Accommodation, Accidental Death Benefit, Palliative Care, Maternity, Medical Evacuation, Repatriation Plan, Out-Patient, Dental, Oncology, Laser Eye Treatment, Psychiatry and Psychotherapy, Organ Transplant, Rehabilitation Treatment, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Type of Insurance Plans (Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Exclusive Provider Organizations (EPOs), Point-Of-Service (POS) Plans, Indemnity Private Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), and Others), Demographics (Adults, Seniors, and Minors), Coverage Type (Lifetime Coverage and Term Coverage), End User (Individual, Couple, Family, and Corporate), Distribution Channel (Direct Sales, Financial Institutions, Hospitals, Clinics, E-Commerce, and Others), Country (Indonesia) Industry Trends and Forecast to 2030

Market Definition

Health insurance is a type of insurance that provides coverage of all types of surgical expenses as well as medical treatment incurred from an illness or injury. Health insurance applies to a comprehensive or limited range of medical services providing the coverage of full or partial costs of specific services. Health insurance provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for treatment. Health insurance also covers pre as well as post-hospitalization expenses.

In the health insurance plan several types of coverage are available, which is cashless or reimbursement claim. A cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims for reimbursement in the insurance company by submitting all the medical bills.

Market Segmentation

The Indonesia private health insurance market is categorized into nine notable segments based on product type, business solutions, assistance/service type, level of coverage, type of insurance plans, demographics, coverage type, end user, and distribution channel. In 2023, the product type segment is expected to dominate the market growth.
• Based on product type, the market is segmented into Into mediclaim insurance, hospitalization coverage insurance, critical illness insurance, individual coverage insurance, family floater coverage insurance, senior citizen coverage insurance unit linked health plans, permanent private health insurance, and others
• Based on business solutions, the market is segmented into lead generation solutions, robotic process automation, artificial intelligence & blockchain solutions, revenue management & billing solutions, claims administration cloud solutions, value-based payments solutions, intelligent case management solutions, insurance cloud solutions, and others
• Based on assistance/service type, the market is segmented into inpatient/daycare, hospital accommodation, accidental death benefit, palliative care, maternity, medical evacuation, repatriation plan, out-patient, dental, oncology, laser eye treatment, psychiatry and psychotherapy, organ transplant, rehabilitation treatment, and others
• Based on level of coverage, the market is segmented into bronze, silver, gold, and platinum
• Based on type of insurance, the market is segmented into Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) plans, indemnity private health insurance, Health Savings Account (HSA), Qualified Small Employer, Health Reimbursement Arrangements (QSEHRAs), and others
• Based on demographics, the market is segmented into adults, seniors, and minors
• Based on coverage type, the market is segmented into lifetime coverage and term coverage
• Based on end user, the market is segmented into individual, couple, family, and corporate
• Based on distribution channel, the market is segmented into direct sales, financial institutions, hospitals, clinics, e-commerce, and others

Market Players

Some of the major players operating in the Indonesia private health insurance market are:
• Pacific Cross
• Allianz Indonesia
• Etiqa
• PT FWD Insurance Indonesia.
• Aetna Inc. (Subsidiary of CVS health)
• BUPA Global
• Manulife
• PT BANK MANDIRI (PERSERO) TBK
• AXA
• AIA Group Limited
• PRUDENTIAL INDONESIA
• Medibank Private Limited.
• BNI Life (Subsidiary of Bank Negara Indonesia)
• Sun Life Financial
• PT AVRIST ASSURANCE
• Great Eastern Holdings Limited
• Now Health International
• PT Tokio Marine Life Insurance Indonesia (Subsidiary of Tokoi Marine Holdings)
• Cigna
• ALLIANZ WORLDWIDE CARE LIMITED

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