Page 8 - Insurance Times June 2024

motor third party rate hike has not to medical care in the golden hour post road accident victims in the country-
been announced for FY25, which could an accident under a new health care among the highest in the world.
impinge on the growth. scheme that will make cashless treat- According to Anurag Jain, secretary,
Additionally, tensions around the Red Sea ment of accident victims mandatory at MoRTH, the result of a pilot being run
designated hospitals even for the un-
and the Iran-Israel conflict may impact in Chandigarh since March would be
insured.
the marine segment. However, intensi- studied, and designs of the new
fied competition, an uncertain interna- Road accident victims will be entitled scheme would finalized for approval of
tional geopolitical environment and el- to medical care in the golden hour post the government before its nationwide
evated inflation may negatively affect an accident under a new health care launch soon.
economic growth and subsequently im- scheme that will make cashless treat- "The new scheme would provide cash-
pact the non-life insurance sector. ment of accident victims mandatory at less treatment to all road accidents at
The industry's growth is driven by the designated hospitals even for the un- designated hospitals and will offer the
health and motor insurance segments. insured. cover even to victims of uninsured ve-
However, compared to last year, there The scheme, which will be developed hicles so that immediately medical at-
was a decline in growth due to a fall in under the aegis of the Ministry of Road tention is not denied in the golden hour
liability, crop insurance and credit guar- Transport and Highways (MoRTH), will that helps to save lives," Jain said.
antee, while fire and marine segments provide cashless treatment of up to Rs. The National Health Authority is the
reported subdued growth numbers 1.5 lakh per accident per person. It will implementing agency for the pilot
compared to last year. cover hospitalization for up to 7 days programme, in coordination with po-
from date of the accident at all hospi- lice, hospitals and State Health Agen-
Accident emergency care tals listed in the government's cies. Pradhan Mantri Jan Arogya Yojana

to go cashless - (MoRTH) Ayushman Bharat scheme. packages for trauma cases have been
co-opted while claims raised by hospi-
Road accident victims will be entitled The scheme is being framed to support tals for providing treatment to the
accident victims will be reimbursed
Ideal Insurance raises Rs. 8 crore as pre-series a from the Motor Vehicle Accident Fund.

funds Another official of MoRTH who asked
not to be quoted as he is not autho-
Ideal Insurance has raised over Rs 8 crore as pre-series A funding that trans- rized to speak with the media, said the
lates into a valuation of Rs 250 crore for the company. Some leading busi- national launch of the scheme may
ness families of Kolkata have invested in this round of funding that was led follow soon after the formation of the
by Venture Catalysts.
new government with allocation for
Incidentally, Kolkata-based Ideal Insurance is an insurtech platform for the funds in the budget that would be in
distribution of life and general insurance products. excess of funds already available in the
The funding round also witnessed participation from investors like Sagar Motor Vehicle Accident Fund.
Daryani of Wow Momo, Zubin Mehta, Atha Group Family office, StyleBaazar
Family office, EO Pune chairman Deven Bhandari, Onnivation founder Saket Shriram General Insurance
Agarwal, Shrachi Family office, Shreyans Jain of Royal Infraconstru, and some eyes non-motor business
Stanford batchmates of Ideal founder Rahul Agarwal.
growth to 15%
Ideal Insurance has both B2B and B2C offerings for the MSME market. "With Shriram General Insurance Company
a comprehensive suite of life and general insurance products from leading has outlined its five year growth plan,
insurers, coupled with seamless claims management, Ideal Insurance is aiming to grow the share of the non-
poised to capitalize on the burgeoning $250-billion insurance market - ex- motor business from 8.5 per cent now
pected to grow to $1.3 trillion by 2030," an insurance expert said.
to 15 per cent while increasing the
Commenting on the investment, a Venture Catalysts member said: "The in- number of agents from 69,000 to 2
surance industry has long been ripe for disruption, and Ideal Insurance is lakh. The expansion strategy includes
poised to catalyse this transformation." Founded by industry veterans Rahul deeper penetration into small towns
Agarwal, Ravi Kothari and Rahul Mohata, Ideal Insurance leverages tech- and rural areas to target the unin-
nology to streamline the insurance-buying process. sured population.

8 June 2024 The Insurance Times