Market Trends of Germany Health And Medical Insurance Industry
Increase in Usage of Advanced Technologies is Driving the Insurance Market
The administration of health insurance claims has improved in Germany. This is due to the use of Nuxeo, a healthcare claims management software, by health insurance companies across Germany to streamline the medical claims process. By using insurance claim management software, insurance firms may shorten the time it takes for patients to pay and stop fraudulent claim settlement operations. Additionally, the increased use of cutting-edge technologies in claim management systems, such as artificial intelligence and machine learning, to provide reasonable insurance premiums accelerates the selling of health insurance plans among consumers.
Additionally, as wearable devices like fitness trackers, smart watches, wearable ECG monitors, and wearable blood pressure monitors become more popular among consumers, insurance companies can gather a tonne of information about the health of their insured and enhance claim processing. As a result, German market growth is accelerating due to health insurance companies' usage of advanced technologies.
Developments in Legislature to Boost Market
The recent legislative changes in the country's health code are one of the major driving aspects of the market in Germany over the forecast period. Aside from encouraging the increasing use of telemedicine and mHealth, the bill includes essential measures for electronic health records (EHR). For example, the new legislation states that all individuals covered by statutory health insurance (SHI) will have access to electronic health records. Nearly 90% of the German population is covered by statutory health insurance (SHI), with the remaining 10% covered by private insurers, who are also expected to reimburse various smart types of healthcare solutions under the new law, which is expected to drive the adoption in Germany. As a result, significant R&D investments and increased participation of major and emerging players in the development of new technologies are likely to drive market expansion over the forecast period.
