Federation of Indian Chambers of Commerce & Industry: Health Insurance Companies Need To Focus More on Illness Specific Policies– Member, IRDAI – Insurance Coverage News Net

20August 2020

Targeted News Service (News Release)

NEW DELHI, India, Aug. 20– The Federation of Indian Chambers of Commerce and Industry provided the following press release on Aug. 19: Ms TL Alamelu, Member, Non-Life, IRDAI today worried upon the need for increasing the health insurance market in the nation. She urged the health insurance companies to focus on introducing disease particular policies to increase the customer base. Advertisement Attending to a webinar’Virtual Health Insurance Conference 2020-Innovation for Bridging the Space ‘, arranged by FICCI, Ms Alamelu stated, “This is what the customer is searching for. “Health insurance companies must focus on establishing disease particular policies to cover a larger population rather than focusing just on healthy people, she added. Ms Alamelu further added that there is a need to establish a mechanism that the person with insurance policy gets advantages even at the diagnostic centre and drug store. Stressing the need for more awareness in the health insurance sector, she stated, “It is better to have minimal health insurance with all the exemptions, than a circumstance of no health insurance.” Advertisement Ms Alamelu also stressed the need for a much better complaint redressal system to gain consumers trust.”Throughout this time, the number of complaints related to COVID authorities are extremely less and resolutions are also favorable by the companies. Health insurance companies must extend this mechanism to all other kinds of health insurance policies as well. This is the only way, trust can be constructed amongst the general public,”she added. To promote the use of Expert system in the sector, Ms Alamelu stated, “We are planning to come out with a regulatory sandbox for fintechs and insurer

for bringing innovation through the use of blockchain, AI which can be further broad based with recommendations.”Elaborating on the development experienced in & the health insurance sector, she stated that the existing development experienced in the health insurance sector is on a fast forward phase.” Today, health has actually ended up being the greatest line of work under the basic insurance category and by the year end, it will overtake motor insurance also,”she added. Highlighting the impact of COVID-19 spreading to tier 2,3 cities and rural areas, Ms Alamelu stated that there is an increase in the health protection gap in the health insurance sector.”96 percent of the population don’t have a health cover. Throughout this time also a little out of pocket expenditure in healthcare facilities can financially impact the customer. There is a need to reduce this gap,”she stated.

Mr Prasun Sikdar, Co-Chair, FICCI Health Insurance Committee and MD & CEO, Manipal Cigna Health Insurance discussed the shifting paradigms of organisation, consisting of changes in customer behaviour and state of mind in the middle of COVID -19 break out. He pointed out that today health insurance is no longer a'top priority’ but a'need’for people. He spoke about making health insurance affordable, predictable and simple in order to bridge the gap in between customer expectations and experience. Mr Mayank Bathwal, Co-Chair, FICCI Health Insurance Committee; CEO Aditya Birla Health Insurance stated that OPD expenditures, adding to more than 60%of health care spend and crucial for driving preventive care are still mostly not covered under the insurance policies. With the development of digital health and substantial federal government and regulative interventions like the NDHB & guidelines for tele-medicine, epharmacy etc. this is the ideal chance to boost the scope of health insurance advantages to cover OPD expenditures.

Mr Ritesh Kumar, Co-Chair, FICCI Health Insurance Committee and MD & & CEO, HDFC Ergo General Insurance coverage stated that the industry has actually risen to the occasion to minimize the discomfort of its insurance policy holder affected by COVID-19 to make sure protection and faster turn-around time for claims approval, specifically cashless.

FICCI-PwC report ‘Revamping India’s Health Insurance Sector with Blockchain and Smart Agreements’ & &'Health Insurance Customer Pulse Study’ were also launched throughout the webinar.

Key highlights of FICCI-PwC report ‘Revamping India’s Health Insurance Sector with Blockchain and Smart Agreements’:

* Health insurance sector in India collected premiums worth INR 516 billion in FY20, accounting for 27% of the overall basic insurance (non-life) premium collected in India in FY20, which stood at INR 1,893 billion.

* Health insurance is second just to the vehicle insurance segment in regards to premium contribution to the insurance sector in India.

* Roughly 10% of India’s population is approximated to be covered under personal health insurance (omitting government-sponsored health insurance schemes).

* To improve the interaction process, it is important to develop a trusted blockchain network that would improve execution of procedures through several nodes in a decentralised manner with immutability, traceability, and auditability.

* Blockchain and clever contracts could be the perfect way to keep records and execute deals through involvement of all stakeholders in a responsible way.

* Blockchain adoption may go a long way in making sure trust, improving customer experience, and hence helping in the further development of health insurance penetration.

* Data quality, data requirements, protocols and dependability are crucial at the start of a blockchain cycle and require to continuously improve for it to be successful.

* The National Digital Health Mission (NDHM) has actually been revealed and digitised health records will play an instrumental role towards automation of health insurance, specifically in adjudication of claims.

* The health insurance sector will also see the adoption of blockchain innovation and clever contracts through liable involvement of all stakeholders.

Source: insurancenewsnet.com

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