Page 43 - Insurance Times May 2023

the customer," said Mr Abhay Tewari, MD& CEO, Star Union Ltd., called for simple and flexible products. "The headroom
Dai-ichi Life Insurance Company Ltd. Good quality data is for growth is very high," he said. He observed that insurance
available these days; if health data can also become companies are keen to cover only healthy people because
available, that can help life insurance companies connect they want to avoid adverse risk. More and more Indians
better with their customers. He lauded the idea that the need to be covered by retail insurance. He lamented the
regulator is considering allowing insurance companies to sell fact that while insurance companies are strictly regulated,
other products. He cited the case of banks which are present hospitals do not have a regulator. He called for legislation
in almost every part of the country and are in touch with to bring in synergy between the two.
customers through the sale of products like mutual funds.
Mr Mayank Bathwal, MD & CEO, Aditya Birla Health
Allowing insurance companies to do this will give agents a
Insurance Company Ltd., felt that something needs to be
big advantage. He foresaw huge adoption of technology in
done to bring customers into the health insurance fold.
the future that would transform the industry.
Providing coverage to out-patients will help companies know
"We always talk about the front end, never about the back what is happening before hospitalization happens. "OPD
end which is payment of claims," observed Mr Sakate expenses or a visit to the doctor are not pure insurance
Khaitan, Founder and Senior Partner, Khaitan Legal expenses. There is an element of discretion with the
Associates. He saw great scope for technology to be consumer," he noted. But there are good global models that
leveraged effectively in that area. It will speed up claims ensure that discretion is applied in the right manner. "We
management, and then the product will sell itself. He was must pursue both models," was his view.
in favour of the composite license proposal and felt it will
"A big issue to be addressed is that the number of doctors
be a step in the right direction.
is less than one per thousand patients," averred Mr Sharad
Mr Divya Sehgal, Partner, True North, agreed. "This is an Mathur, MD & CEO, Universal Sompo General Insurance
industry ask for a long time. It will improve the ability of Company Ltd. He conceded that the Government is working
industry to deliver high quality customer experience." He hard to increase the number of doctors by setting up more
also felt that adoption of technology will give insurance medical colleges. Public health expenditure is likely to go up.
companies an opportunity for deep penetration across the The insurance sector is working on digitizing items and
board. Today a lot of data lies in silos. With the account setting up rural brick n mortar offices. He expressed
aggregator framework, the quality of underwriting can gratitude to the regulator for the various steps in helping
improve, and this will be a big benefit. develop the industry.

Session IV "One thing missing is that many people don't understand
the value of health insurance," lamented Mr Gautam
A panel discussion on 'Health Insurance "Opportunity to Go
Khanna, CEO, PD Hinduja Hospital and Medical Research
Wider and Deeper"' saw lively participation by leaders in the
Centre. They feel it is a waste of their money. He called for
health insurance sector. The session was moderated by Ms
the public to be educated. "Today hospitals are not in health
Priyanka Aggarwal, Managing Director & Partner, BCG and
care but in sick care. How can we be paid for keeping people
BCG India Healthcare Lead. The panel discussed the under-
healthy outside the hospital?" he queried. He felt that this
penetration of health insurance in India and the limited
is where hospitals need to look at the overall health of the
coverage of non-hospitalization.
community.
Ms Vibha Padalkar, MD & CEO, HDFC Life Insurance
Dr Vikram Chhatwal, Chairman and Whole Time Director,
Company Ltd., felt that long term health coverage is
Medi Assist Group, felt that insurance systems were not
necessary. "People want assurance," she pointed out. She
geared for small ticket sizes in a consumption economy.
called for innovative products to expand the overall range.
"Out-patient departments are typically cash environments.
She found the Japanese model inspiring. The risk is taken up
When you convert cash to credit you will face challenges,"
entirely by a trustworthy provider and the customer enjoys
he pointed out. He also felt that there is no risk sharing
retired life without worry. "That is an evolution. We are
between players and providers. "Providers need to maximize
taking baby steps in India, but our steps are very fledgling
their gain, while the insurer is trying to minimize his
compared to the need in our population." She was optimistic
underwriting risk and ensuring that the customer gets
that it would become a reality.
maximum service." He saw this as a conflict that needs to
Dr S Prakash, MD, Star Health and Allied Insurance Company be solved.
The Insurance Times May 2023 39