To further enhance the customers’ service experience with the necessary support of technology, ICICI Lombard, along with Medway Technologies’ MedPay, has announced plans to provide customers with a cashless and seamless claims experience.
With this new service, ICICI Lombard policyholders will now be able to avail cashless OPD solutions at their neighbourhood clinic, pharmacy or diagnostic centre through MedPay’s Connected Care Network (Medpay CCN).
Health inflation in recent times has increased to 8.4 per cent from 3.8 per cent back in December 2019, because of which people avoid visiting OPD centres. In India, out-of-pocket medical expenses roughly account for 62 per cent of all healthcare costs. Industry experts point out, often while purchasing a health insurance policy, customers go for a low sum insured as they do not worry about hospitalizations and they do not take into account the consultation fees and expenses attached to tests, X-rays, etc. Given the rising medical inflation, these expenses can disturb the savings routine significantly of the policyholders.
In the last financial year, the annual report of IRDAI quoted that 40 per cent of total health claims are processed as reimbursements which are also expensive to process and time taking. This joint solution will provide the benefit of OPD claims which will give policyholders freedom from the cumbersome process of reimbursements altogether and the cashless mode safeguards their savings. Experts say this acts as a hassle-free one-stop solution while also optimizing the cost to process low ticket claims using technology. This benefit will offer comprehensive 360-degree support that an individual requires thereby reducing their expenses and increasing overall wellness. The company says this will translate into getting access to MedPay’s integrated hyperlocal network of specialized doctors, pharmacies, diagnostics and other OPD centres and the convenience of medicine delivery at their doorstep within 60 minutes.
Sanjay Datta, Chief – Underwriting, Claims and Reinsurance, ICICI Lombard says, “Given the rising medical inflation, consumers often bear the extreme financial burden as a result of paying out of pocket and waiting for reimbursements. Consumers today are aware and hence are looking out for all-around and a one-stop solution for their short term as well as long term needs. This OPD solution has been curated keeping in mind the evolving needs of the changing customer base who are more financially aware and are expecting a more holistic coverage out of their health insurance policy. The ease with which this cashless OPD product can be accessed by the consumers is unparalleled and fulfils a critical gap in the customer’s experience journey.”
Ravi Chandra, Co-Founder and CEO of MedPay says, “There is an immense need for OPD insurance in India. IRDAI the regulatory body is encouraging insurers to cover OPD and most insurers are experimenting with a variety of OPD insurance products. We as a disruptor in this space are empowering insurers by giving them access to a large hyperlocal OPD network with a cashless claims facility. Thus, also enabling stand-alone Clinics, Pharmacies and Labs with the ability to accept insurance payments without friction.”
The company claims to offer its customers several service options and features that help resolve issues instantly without stepping out of their homes, through the IL TakeCare App. In addition to other insurance benefits, the application provides OPD solutions to health customers. Not only does it help in claims and servicing customers, but also offers a bouquet of services including wellness, teleconsultation and home-based care among others.