The Insurance Regulatory and Development Authority of India (IRDAI) has plans to introduce big reforms for the health insurance sector in a bid to make insurance more accessible and consumer-friendly.
The General Insurance Council (GI Council), an important link between IRDAI and the non-life insurance industry, is striving to ensure that health insurance serves as a crucial aspect of financial security for individuals and families across India, the council said in a recent press note.
The council is spearheading various initiatives to make health insurance more accessible, with initiatives like, customized products for senior citizens, simplification of policy wordings, expansion of cashless access and collaboration with hospitals and other stakeholders.
Major insurance reforms in pipeline
Efforts are underway to increase market penetration in underserved regions, with a specific focus on reducing the protection gap and enhancing insurance access through rural and social targets to insurers. Through the Bima trinity of Bima Vistaar, Bima Vaahaks, and Bima Sugam, the regulator wants insurance to reach every stratum and every corner of the country.
Bima Vistaar will be announced soon
The Bima Vistaar product which will be announced soon, will have not just coverage for life and property but will also be a health insurance cover at an affordable price, the council said.
IRDAI identifying and removing roadblocks
The industry is focused on identifying and removing roadblocks to ensure speedy claim settlements. The ‘Cashless Everywhere’ initiative is expected to set new standards for quick, hassle-free settlements and reduce incidents of fraud. The industry has come together through the aegis of the council and is aggressively looking to tackle, reduce, and ultimately eliminate fraud. This will bring in greater trust in the system, augment claim settlement, and encourage more citizens to go for insurance.
Tapan Singhel, Chairman of the General Insurance Council, said “Our collective efforts are focused on making health insurance a key enabler of not just our citizens health but societal health at large. We aim to make quality treatment accessible to everybody, irrespective of where they are from, and ensure we can take away their worries so that they can live a life of dignity. By fostering collaboration among insurers, the council, regulators, ministries, and fintech, we are dedicated to making health care affordable, accessible, and comprehensible to every citizen.”
“A lot has already been achieved and we firmly believe we are on the right path to completely revolutionize the way health insurance is perceived. The aim is to alleviate concerns and simplify the lives of people, ensuring that they have the confidence and support they need to secure their health needs,” he added.