restrictions on the health insurance provided to their employees.
Ramesh Shankar S, the executive vice president, human resources, South Asia, Siemens, however, believes that corporates are concerned about employee health and critical care.
However, Shankar agreed the insurance cost as an employee cost to the company has been growing every year. He suggests there might be some sort of simplification of procedures, which will improve transparency for the policyholder.
“India is multiple markets within one country, so we need to segment the market to manage this market properly. We are just using the common denominator now and this is where the real challenge comes,” opined Ranjit Shahani, the vice-chairman and managing director, Novartis India.
One solution that New India’s Srinivasan suggests to larger general insurers is by cross-subsidising their businesses, rather than raising premium rates on health insurance.
“Otherwise we will be limiting the number of people who can afford a health insurance product,” he said.