By Raghavendra Rao, Chief Distribution Officer, Future Generali India Insurance
General Insurance industry has been growing with a study pace which is considerably stimulated by soaring growth from Health Insurance segment.
Onset of pandemic in 2019 at global stage, resulted not only multitudinous increase in sales of health insurance policies but also in Product and Service augmentation.
Existing situation compelled most of the health insurers to rejig and recalibrate the existing product and process strategies.
Soon after outbreak of pandemic, IRDAI made Covid-19 cover, a mandatory offering under affordable standard COVID-19 products which would take care of expenses related to COVID-19, including expenses incurred due to ‘home quarantine’, even if one do not have medical insurance, was introduced. The existing policies would have taken care of only hospitalization expenses only.
Products like Arogya Sanjeevani, with standard coverages across all insurers were also introduced by regulator with aim of extensive coverage at competitive rates.
Covid made people realise the need to protect the loved ones without any financial impediments and health insurance emerged as one of the best solutions to achieve this.
The foremost impact has been digitalisation of entire health insurance sector. Digitalised documentation & Claim process made things easy for policy aspirants with better TATs, enhanced customer satisfaction & dwindling the chances of miss-selling.
The industry has demonstrated the ability to rise to the situation. The high growth trajectory indicates the continuous improvements and innovations across all aspects of health insurance.
Augmented products & services like short waiting period, enhanced coverages, no sub-limits policies have become the order of the day.
FGII has always been a forerunner in innovative product and service offerings. FGII introduced products that provides home healthcare services and allows insured to be treated from the comforts of home.
Introduction of Instalment facility for premium payment along with Cashless claim settlement facility has been a quantum leap making health Insurance more affordable and prompting prospects to opt for higher SI coverages. FGII with more than 6000 cashless hospitals and less than 2 hrs cashless claim settlement has played a harbinger role.
Modern day lifestyle where stress, depression, anxiety are creeping in, along with physical health a greater awareness towards mental health is required. Thereby need for health insurance that covers mental ailments is felt. FGII ensures that most of its product offerings provides such mental health coverages.
In the year 2022 in my view greater focus would be mental illness on OPD basis, wellness products and shorter waiting period for specific illness can be seen.
