Health Insurance Trends in India: The Evolving Search Landscape

When Indians start thinking about health insurance, they usually begin by searching on the internet to find information about different insurance companies, compare different insurance plans, and decide which one is best for them.  

Which is why, a clear understanding of internet search behavior - also known as user intent - is essential to successfully plan healthcare SEO for hospitals .  

Health Insurance Market Size 

The India health insurance market was worth $12.86 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 11.55% from 2023 to 2030. This expansion of health insurance in India is driven by the escalating expenses of top-tier healthcare, alongside increasing income levels, longer lifespans, and a shift in disease patterns towards non-communicable diseases. 

Key Companies & Market Share Insights 

The Indian health insurance market is composed of both public and private players. Public sector health insurers recorded insurance premiums worth INR 272 billion, while private sector health insurers accounted for nearly INR 159 billion. Standalone health insurers contributed around INR 151 billion to the market. Notably, the state of Maharashtra led in health insurance premiums, accounting for 32% of the market share, with Tamil Nadu and Karnataka following closely with a 10% share in 2021. These statistics demonstrate the dominance of the private sector in providing health insurance services, driven by their reputation for prompt and efficient service delivery. (Source: IRDAI report)  

Health Insurance Market Report Segmentation 

The health insurance market in India can be segmented based on various aspects, such as the source of insurance coverage (public vs. private), premium collection, and geographic distribution. The market largely consists of public health insurance options and privately offered health insurance policies. This segmentation reflects the choice available to individuals and families in India. The market is also segmented by state, revealing disparities in coverage across regions. 

Health Insurance Statistics by State 

Health insurance coverage in India varies significantly across states. According to data from the National Family Health Survey, the coverage within households ranges from 88% in states like Rajasthan to less than 15% in regions like the Andaman & Nicobar Islands and Jammu & Kashmir. These state-wise variations emphasize the need for a more equitable distribution of health insurance services across the country. It also illustrates the regional disparities in access to healthcare and insurance coverage. 

Health Insurance Market Trends: A Search Report 

A major trend that is evolving in today’s insurance market is digitalization. This trend's goal is to make healthcare insurance more efficient, accessible, and personalized while simplifying administrative tasks and improving the patient experience. It's changing the future of healthcare insurance by serving the needs and requirements of people online. 

The Healthcare Insurance Search Trends Report from Techmagnate examines changing consumer behavior and provides advice on how to take advantage of these trends for a stronger online presence.  

The report showcases the top-performing health insurance companies and covers a variety of topics, including query volume, branded and non-branded keywords, share of voice, and growth potential.  

It's a useful tool for businesses in the healthcare insurance sector wanting to maximize the potential of search engines. 

Health Insurance Trends in India: Search Insights on Growth  

Being aware of search trends is essential when it comes to developing a strong marketing plan, and the story is no different for digital marketing - or the health insurance industry.  

The number of searches for health insurance in 2022 totaled 30.36 lakhs. For FY 22-23, this number increased substantially to 32.34 lakhs - a 6.52% increase.  

Key findings from the report 

• More people searched for "Health Insurance" in 2023, and the searches for this category increased by 6.62%, compared to 2022. 
• People searched for specific health insurance terms more than for well-known brand names. 
• The top 3 fastest-growing health insurance categories in searches were Maternity Insurance, Senior Citizens Medicover, and Accidental Insurance. 
• In 2023, three out of the top 11 brands saw their search volume increase by more than 20%, compared to 2022. 

Shifts in Health Insurance Search Behavior: A 2022-23 Analysis 

A striking shift is seen in the dynamics of search traffic in the healthcare insurance business. In the context of search volume, there are two categories: Branded and Non-Branded. 

• Volume of branded searches fell slightly in the fiscal year 2022–2023. Branded search volume in FY-22 was 13.46L (Lakhs) and decreased to 12.99L in FY-23, marking a decline of 3.50%. 
• The non-branded category, where search volume soared in FY-22 was 16.9L and increased significantly to 19.35L in FY-23, indicating a substantial growth of 14.49% and becoming a true game-changer.  
• As a result, the total search volume, which combines both Branded and Non-Branded searches, saw a 6.52% overall growth in the number of searches for health insurance, which went from 30.36L in FY-22 and rose to 32.34L in FY-23. 

These findings demonstrate the growing significance of non-branded keywords in influencing customer behavior and underscore the necessity for healthcare SEO experts to modify their marketing strategies to establish successful connections with their expanding demographics.  

The Top Insurance Categories (Branded) - Changes in Search Volumes 

Understanding the health insurance trends in India and changes in consumer preferences is essential for insurance providers as well as consumers in India's competitive healthcare insurance market.  

This analysis conducted by Techmagnate delves into the top insurance categories, with a focus on branded options, to shed light on the changing search volumes from FY-22 to FY-23.  

By examining the growth percentages and key insights, we gain valuable insights into the evolving healthcare insurance trends. 

The remarkable year-on-year (YoY) surge in search volume for Accidental Insurance and Maternity Insurance reflects shifting consumer preferences and the changing nature of the healthcare insurance market.  

The increase in maternity insurance sales indicates that expecting families are more aware of the value of complete coverage during this major life event and want to prepare for it well ahead of time.   

On the other hand, Accidental Insurance's exponential growth points to a growing recognition of the need for financial protection against unexpected accidents, reflecting the changing risk perceptions and safety concerns in today's world.  

These trends illuminate the adaptability of the insurance industry in responding to shifting customer demands and emphasize the significance of addressing evolving needs in insurance product offerings. 

Top 10 Non-Branded Keywords for Health Insurance 

The top 10 non-branded keywords offer a clear indication of health insurance search trends and the products people are looking for, making the data valuable for creating a clear healthcare insurance SEO strategy.  

Notably, search volume has increased significantly for terms like "health insurance policies" and "health insurance for senior citizens," highlighting their significance.  

Between FY-22 and FY-23, these keywords saw growth percentages of 19.71% and a substantial 10.71%, respectively. 

Contribution of Tier 1 and Tier 2 Cities to Search Volumes - A YoY Comparison 

Intriguing developments in the healthcare insurance industry are shown by the geographical distribution of search volume in India's Tier 1 and Tier 2 cities.  

This analysis looks into how these cities contribute to search volumes and highlights year-over-year (YoY) comparisons to show how metropolitan areas affect this industry's digital footprint. 

Tier 1 cities have collectively shown a substantial growth in search volumes, with Mumbai and Bengaluru leading the charge.  

This surge reflects the increasing digital interest in healthcare insurance options in these urban hubs. 

Research Background for the Health Insurance Trends Report 

We carried out an in-depth analysis of search terms using first-party data obtained from Google.  The data, which covered the fiscal years FY-22 and FY-23, allowed for a comprehensive examination and provided a thorough overview of changing trends in the healthcare insurance market.  

• The research offers a solid platform for insights with a dataset that includes 7,378 keywords and an outstanding 32.33 lakh search volume, as of April 25, 2023, using Google's Keywords Planner. 
• Additionally, the dataset used in the research utilized geo-targeting with a focus on throughout India, which was carefully divided into Tier 1 and Tier 2 cities. 
• A sample size of 55 well-known companies, with each drawing significant search traffic, was carefully selected and examined as part of the research to ensure the accuracy and relevance of the findings. 

This systematic approach ensured that the conclusions drawn from this research are not only comprehensive but also representative of the many facets of the healthcare insurance business in India. 

The healthcare insurance trends (search insights) generated from this research are valuable not only for industry stakeholders but also for decision-makers, providing them with useful data to inform their healthcare SEO strategies and decisions.