Though there exists many agencies offering health insurance, there are not many takers for them. One reason could be that in case of health insurance, the premium paid is not of any use unless the insured person gets hospitalised and his claims satisfy the terms and conditions of the insuring agency. Also, the insurance schemes providing better coverage demand a higher premium which itself acts like a deterrent. The other plausible reason could be that people do not see health insurance as an instrument for investment since there are no returns involved.
Now-a-days, people have become health conscious. Sensing that feeling, health gyms have started mushrooming in the city. However, the clientele has remained restricted to a particular strata of people who can afford the steep membership / subscription charges.
With technological advancement, setting up of health gyms having sophisticated exercise equipments, has become relatively easy and affordable to be taken up as a line of business. A business model is proposed where the agencies offering health insurance can tie up with gyms maintaining certain minimum standards, in the process benefiting both the parties.
The insurance agency can offer health insurance policies at a lower premium to people who subscribe to the gyms tied up with that particular agency. The gym owner as well has to lower the membership / subscription charges of his facility to make it affordable for a larger group of people while trying to recover the reduced margins through increase in the number of memberships. Once the insured person buys a policy, he / she would certainly take out time to utilize the services of the gym for which he / she is paying as a part of the policy conditions, in the process paying attention to his / her health.
While the usage of a health gym as a part of this insurance package does not guarantee that the insured persons would not fall sick, under proper guidance, it would definitely improve the quality of health leading to less number of insurance claims as these people would be less susceptible to lifestyle disorders like obesity, diabetes, hyper-tension; a foundation for further complications.
It is envisaged that in such a scenario, the gym owner, the insuring agency and the insured, all the three stand to benefit from technology.
Now-a-days, people have become health conscious. Sensing that feeling, health gyms have started mushrooming in the city. However, the clientele has remained restricted to a particular strata of people who can afford the steep membership / subscription charges.
With technological advancement, setting up of health gyms having sophisticated exercise equipments, has become relatively easy and affordable to be taken up as a line of business. A business model is proposed where the agencies offering health insurance can tie up with gyms maintaining certain minimum standards, in the process benefiting both the parties.
The insurance agency can offer health insurance policies at a lower premium to people who subscribe to the gyms tied up with that particular agency. The gym owner as well has to lower the membership / subscription charges of his facility to make it affordable for a larger group of people while trying to recover the reduced margins through increase in the number of memberships. Once the insured person buys a policy, he / she would certainly take out time to utilize the services of the gym for which he / she is paying as a part of the policy conditions, in the process paying attention to his / her health.
While the usage of a health gym as a part of this insurance package does not guarantee that the insured persons would not fall sick, under proper guidance, it would definitely improve the quality of health leading to less number of insurance claims as these people would be less susceptible to lifestyle disorders like obesity, diabetes, hyper-tension; a foundation for further complications.
It is envisaged that in such a scenario, the gym owner, the insuring agency and the insured, all the three stand to benefit from technology.
