Page 15 - The Insurance Times August 2024

with their chosen healthcare providers. could achieve in the last 18 years, we to issue an advisory, asking private
Even after increased insurance cover- want to double that in the hospitals to regularly update families
age, about 47% of health costs in In- Anand Roy, MD and CEO, Star Health about the patients' medical conditions
dia are still paid out-of-pocket - signifi- & Allied Insurance, at the launch of either on the mobile number or the
cantly higher than the global average email address registered during admis-
Home Health Care Services, in Chennai
of 18%. sion. This will ensure more transpar-
next four years," Anand Roy, MD and
CEO, Star Health, said while announc- ency and lessen the grounds for griev-
Star Health aims to double ing the availability of home healthcare ances, feel the panel.

gross written premium to services for its customers across 50 cit- "Around 70% complaints are owing to
ies. lack of proper counselling, especially of
Rs. 30,000 crore by FY28
He expressed confidence that the families of critically ill patients. We
Star Health and Allied Insurance Co have decided to issue an advisory, ask-
company's strategies would enable it
Ltd, a leading standalone health insur-
to achieve its GWP target, primarily ing hospitals to update patient families
ance company, aims to double its gross through increased penetration in rural regularly on the patients' condition,"
written premium (GWP) to Rs. 30,000 markets and expanded market share in said Justice (retd) Ashim Kumar
crore by FY28, supported by deeper
urban areas. Banerjee, the panel chairman.
market penetration in both urban and
rural areas. Star Health is a leading player in its The update will include details, such as
home-State, holding over 50 per cent the diagnosis, suggested prognosis,
The Chennai headquartered company's
of the market share. It has issued over medications and investigative results,
GWP grew to Rs. 15,251 crore in FY24
12.5 lakh policies and generated more which will be system-generated and
from Rs. 12,951 crore in FY23. During than Rs. 2,000 crore in premiums in
FY20-24, the company grew at a CAGR Tamil Nadu alone in FY24. sent to the registered mobile or email
of 24 per cent. of the patients' family. Such updates
will be given daily for critical patients
"Many companies have entered the Hospitals must update kin and on alternate days for others.
health insurance space and many new
applicants are also coming into the in- on patients' health: Panel The health commission said they came
dustry because the opportunity is very The West Bengal Clinical Establishment across many cases, in which after pa-
large. So we aspire that whatever we Regulatory Commission (WBCERC) is set tients died, their families claimed they
were not told about the criticality of
the persons' conditions. "We hope this
33 major health insurers now on national claims
measure will reduce complaints by
exchange families that they were not counselled
At least 33 major companies offering health insurance in India have joined properly on the patients' conditions.
the NHCX or National Health Claims Exchange - a centralised platform de- This will not only maintain better trans-
veloped by govt for exchange of insurance claims related information. parency of treatment but also relieve
Till now, this exchange takes place via multiple platforms which leads to the commission of unnecessary com-
increased processing time. NHCX use, govt sources said, will not only expe- plaints," added Banerjee.
dite the insurance claims process but it will also make the whole process
transparent as Insurance Regulatory Development Authority of India (IRDAI),
the top insurance regulatory body of the country, will have access to the Join
claims settlement status in real time.
Online Certificate
"Citizens will also be able to see the status of their insurance claim through
the mobile," said a top official of the National Health Authority (NHA), which
has developed the centralised platform. He said that some companies have Course on
already started processing claims via the NHCX on a trial basis and an offi-
cial launch of the platform along with all features will be done soon. Motor Insurance
Recently, HDFC Ergo, a major player in the health insurance industry, re- For details please visit
portedly processed its first claim through NHCX which has been developed
by the NHA in collaboration with IRDAI. www.smartonlinecourse.co.in

14 August 2024 The Insurance Times