Page 45 - Insurance Times November 2021

hospital in case of hospitalization during medical emergencies What you should do
when they get admitted to these network hospitals (there
In the case of non-network hospitals, there are chances that
could be exceptions for specific treatments as per your policy).
the insurance company may not cover certain expenses that
The medical expenses are usually reasonable for such services
are reasonable and justified enough to be approved under
as the hospitals get an increased number of patients owing
the terms of the policy. Thus, to get a speedy claim settlement
to the insurer."
process, especially if it is an unplanned treatment, you must
always check the list of network hospitals that are accessible
Case 2: When patient ‘A’ is admitted to a non-network
to you and get the treatment done there itself.
hospital, it is difficult for him/her to avail the full benefits of
the health insurance policy. Ajay Shah, director and head - retail business, Care Health
Insurance, said, “In case of network hospitals, the insured
Aatur Thakkar, co-founder and director, Alliance Insurance has an advantage of cashless hospitalization. This, in turn,
Brokers, said, “The policyholder can file a claim for means they do not need to go through a lengthy process of
reimbursement after the entire medical treatment and after compiling and filing paperwork to file a claim."
bearing medical expenditure out of the pocket. However, it
is necessary to submit all the original supporting documents Besides, there is no waiting period linked to such cashless
like treatment-related reports, medical invoices, etc. After claims and saves one from the tiring submission process of
that, the documents are checked. And, according to the documents, bills, etc., which otherwise would be mandated
underwritten policy, the policyholder gets the reimbursement during the reimbursement process.
amount."
Goyal further said, “It’s highly suggested to look for network
Rakesh Goyal, director, Probus Insurance, added, “The hospitals while buying a health insurance plan as it saves you
process of reimbursement usually comes with a waiting period from the hassle of the reimbursement process (which could be
of 10 to 15 days wherein the insurer verifies the submitted the case if you go for non-network hospitals). One should only
documents and then approves the claim; if everything looks opt for non-network hospitals if the necessary treatment is not
good." available in any of the network hospitals." (Source: Mint)

ACKO General Insurance Extends Partnership with Chennaiyin FC
Two-time Indian Super League (ISL) champions Chennaiyin FC (CFC) have extended their association with purely digital
insurer ACKO General Insurance as an Associate Sponsor on a multi-year deal. CFC and ACKO shared a fruitful associa-
tion after joining hands for the first time in the 2020/21 season of the Indian Super League. "After a successful first
year of the partnership last season, we're glad to welcome ACKO General Insurance back as part of the CFC family.
The faith that ACKO have displayed in Chennaiyin FC is clear in the multi-year renewal that the brand has chosen to
enter into with the club. We hope for a successful season ahead, insured by ACKO," Vita Dani, co-owner of CFC, said.

PhonePe gets in-principle approval as an Account Aggregator from RBI
PhonePe Account Aggregator Pvt Ltd, a fully owned subsidiary of the PhonePe Group, today announced that it has got
an in-principle approval from RBI to operate as an Account Aggregator (AA). The licence permits PhonePe to launch
its Account Aggregator platform that will enable free and instant exchange of financial data between the Financial
Information Users (FIUs) and Financial Information Providers (FIPs) with due consent from customers, in a safe and
secure manner. This will help Indian consumers avail financial services in a faster, cheaper and more convenient man-
ner.
Commenting on the development Rahul Chari CTO and Co-founder of PhonePe said, ”The Account Aggregator licence
will allow us to play a pivotal role in shaping the emergent Account Aggregator ecosystem for consent-based financial
data sharing. Our AA technology stack will enable any Financial information user (FIU) to instantly retrieve financial
information with customer consent from the Financial information provider (FIP). We are looking forward to working
closely with all the industry stakeholders to take forward RBI’s vision of driving deeper financial inclusion across the
country.’’

The Insurance Times, November 2021 45