Page 50 - Insurance Times October 2023

Sri Hans Raj Gangwal, Chief Guest, General Manager, Claims Service Provider of the year, BFSI Silver for SKOCH
Marketing, UIIC, HO, Chennai in his address said that the Awards 2023, Finnoviti Awards 2023 Trophy for
agents' welfare was his highest preference. He said the Centralization of Motor Third Party Claims.
motto of Public Sector Insurance Companies is not just to
He also gave real life examples of client dealing and servicing
earn profit but to help in development and growth of the
whilst he was into operations.
overall sector. He said United India never cancelled the
License of Agency force even when business was less or ICR He asked agents to discuss with clients in details for their
was high. He said they always tried to hand hold the fellow needs and keep close coordination with team from local
agents. He also urged them not to leave the PSU companies Regional Office to offer best service. Regarding the issues
with whom they have worked for years together for more raised by the agents, he assured that it shall be looked into
commission from other players. by top priority.

He said he still has inclination towards Individual Insurance Sri Gour Gopal Ghosh, President, GIAWOI in his concluding
Agents compared to other distribution Channels. I want you address said that the Seminar aims to bring together our
to perform. He said if ICR is good, commission will be more. esteemed Agents and discuss crucial matter pertaining to
In our company the claim rejection is around 5-6 % whereas our collective growth and success and motivate the Agents
in Private Sector, out of 14 Lakhs claims, around 4 Lakhs to retain their premium in our esteemed company. He said
many agents are switching off their premium to the Private
claims are rejected. UIIC is the most ethical company. He
Players who are alluring them by offering higher commission,
asked the agents to give stress on field visits and we cannot
expect business by sitting on table. other costs, Foreign Tour, etc. Our Agents community could
not refrain themselves from these lucrative offers.
He added that the Claim Settlement Ratio of United India
Insurance is the best in the country. On 2 June 2023, three For last one year we, the agent's fraternity is suffering from
a panic of loss of income as well as loss of profession. Unrest
trains collided in Balasore district, in the state of Odisha in
among all the agents throughout the country has been
eastern India. In the Balasore tragedy our company was very
prompt to settle the claims. observed. So we arranged this meeting and invited the key
persons of the company to hear from them that our interest
In case of one policy under Pradhan Mantri Suraksha Bima will be protected in the Company and we are safe here to
Yojana, we settled the claim in 3 hours. Late Bipin Rawat, run this profession. The challenges and hurdles we are facing
former Chief of Army Staff died in a helicopter crash with 9 at present is very difficult to overcome unless and until we
associates on 8th December, 2021. On receipt of papers we get the backend support from the Company. We are happy
settled the claim within half an hour. to receive lot of assurance regarding our existence, means
for ensuring our Income and our sustainability in this
Shri Gangwal also informed about the recent awards
Company from the dignitaries present in Dias.
received by the United India Insurance Company viz.
Insurance Leaders Meet 2023 & Excellence Awards - Best Photographs on page 56

Cost of treatment doubles in 5 years as medical inflation bites
The cost of treatment for common ailments that require hospitalisation has more than doubled in five years, data
from insurance claims show. Health insurance claims for infectious diseases and respiratory disorders have been grow-
ing faster than medical inflation - which at 14% is twice as high as retail inflation. Average claim for infectious diseases
rose to Rs 64,135 in 2022 from Rs 24,569 in 2018, which is an increase of over 160% and a compound annual growth
rate (CAGR) of 26% (see graphic), data from Policybazaar showed. The amount is higher in metros like Mumbai, where
average claim for infectious diseases rose to nearly Rs 80,000 from about Rs 30,000.

For respiratory disorders, average claim increased to Rs 94,245 from Rs 48,452 - a CAGR of 18%. In Mumbai, the cost
rose to 1.7 lakh from nearly Rs 80,000. While Covid has driven up treatment costs, an inflationary trend was evident
in the two years preceding the pandemic. "More than the cost of intervention, the cost of treatment has gone up.
After Covid, there has been a significant increase in the share of consumables. These used to account for 3-4% of the
bill, but now, at times, they make up 15%," said Amit Chhabra, chief business officer at Policybazaar. Cataract treat-
ment saw slower growth (54%) in claim size - the average amount rose to Rs 1.2 lakh from Rs 78,325 - as stays at
hospitals have become shorter.

The Insurance Times October 2023 47