Page 14 - The Insurance Times May 2025
P. 14
The company's strategy is focused on As part of its expansion plans, the com-
deep market penetration and building pany is set to increase its hospital net- Attention Subscribers
standalone health insurance as a main- work from 11,500 to over 14,000 fa- Please renew your Subscription of The
stream product. cilities by FY27, with a focus on Tier 2 Insurance Times Journal to receive
and Tier 3 markets. This move is aimed copy of the journal uninterruptedly.
Standalone Health Insur- at increasing the revenue contribution
You can now pay by GPAY, Phonepe,
ers Poised for 20% Growth from its retail health segment to 35 per Paytm, Amazon, ICICI Pay, BHIM UPI
cent, up from the current 26 per cent.
in FY26: Report
MediCare Select is part of TATAAIGs
Standalone health insurance compa- broader ambition to expand in both
nies are projected to register 20%
urban and semi-urban markets by of-
growth in FY26, led by an expanding
retail health segment and agency net- fering flexible, inclusive coverage op-
works, according to a report by India tions and strengthening its presence in
the retail health segment.
Ratings.
As of March 2025, TATAAIG reported
"The focus on building a book in retail
health, supported by strong sponsors, a Gross Written Premium (GWP) of
has helped standalone health insur- 17,700 crore, marking a robust 17%
ance entities outpace competitors," growth over the previous fiscal year.
said Jinay Gala, Director, India Ratings,
during a virtual presentation. Insurer launches AI-pow-
ered tool to help assess
The report attributed the sector's
growth to rising medical inflation, fre- health insurance coverage
quent price revisions, and greater
awareness about financial de-risking needs
among policyholders. Meanwhile, Future Generali India has launched an
group health and government AI platform that aims to simplify the
schemes are facing stiff competition process of assessing appropriate cover
from private general insurers (GIs) and for an individual's health insurance re-
public sector undertakings (PSUs), re- quirements.
sulting in squeezed margins.
The Health Shield Advisor, is designed
Claim ratios and combined ratios in to assist individuals in determining the Sashi Publications Easy Payment
group health and government seg- optimal amount of health insurance Modes :-
ments lag behind those of standalone coverage tailored to their unique i) UPI ID: SASHIBOOKS@KOTAK
health insurers, mainly due to aggres- lifestyle. It has the ability to calculate
sive pricing tactics. ii) GPAY: 9830171022@okbizaxis
the exact amount of insurance cover- iii) PAYTM: 9830171022@paytm
The report emphasized that age aligning with the customers spe-
standalone health insurers continue to cific requirements and users are guided iv) NEFT: Current A/C
build resilience through retail expan- through a series of questions that 402120110000327 of 'SASHI
sion and differentiated strategies. analyse their lifestyle, and coverage PUBLICATIONS PRIVATE
LIMITED, Bank of India, VVK
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TATA AIG Launches New surance solution.
IFSC Code : BKID0004021
Retail Health Insurance The platform aims to bridge the v) Credit Card:
TATA AIG General Insurance Company countrys health insurance protection www.sashipublications.com
has launched a new health insurance gap that currently stands at 73%, pri- For any query please call
policy, MediCare Select, as part of its marily due to insufficient insurance 9073791022/9883398055
strategy to strengthen its retail health coverage and escalating healthcare
portfolio and overall insurance business. costs, including medical inflation. www.sashipublications.com
14 May 2025 The Insurance Times
