Page 52 - The Insurance Times November 2024

through a product that combines life-stage protection with help cover outpatient expenses and protect against rising
opportunities for income generation and eventual wealth medical costs.
creation for our policyholders. This plan empowers TATA AIG is also aiming to expand its health insurance
policyholders with the options and relevant tools to navigate operations over the next two years. It plans to increase its
their financial journeys confidently,” Mathur added.
agent base from 92,000 to over 150,000. The company’s
health insurance segment currently contributes 21% to its
SBI General launches a top up policy overall Gross Written Premium (GWP), and with the
with sum insured of Rs. 4 crore introduction of the new riders and an expanded distribution
network, TATA AIG expects retail health insurance to grow
SBI General Insurance has recently launched the ‘SBIG
Health Super Top-Up’, a health insurance top-up plan. at a compound annual growth rate of 30% over the next
three years.
While a top-up on a health insurance plan covers expenses
In addition to product expansion, TATA AIG has made
beyond the base policy’s limit for a single claim, a super top-
up plan, on the other hand, covers cumulative medical significant improvements to its claims process. The
expenses exceeding the base policy across multiple claims company’s cashless claims utilisation rose from 67.7% in FY
during a policy year. 2022-23 to 76.95% in FY 2024-25. Further, 96% of cashless
claims were processed within four hours, and 85% of
The plan offers top ups with sum insured ranging from 5 lakh reimbursement claims were settled within five days. TATA
to 4 crore. AIG aims to reach 100% cashless claims in the near future.

The insurer will offer a one-time welcome discount of 5% to The company has also expanded its healthcare network,
all policies, provided the proposer purchases the Top up with over 11,700 hospitals now part of its network—a 64%
insurance within 5 days of receiving the quote from the increase in the past 18 months. Additionally, TATA AIG’s OPD
company. network includes more than 5,000 listed doctors and over

In a press release, Subramanyam Brahmajosyula, Chief 3,000 diagnostics providers, supported by a teleconsultation
Product & Marketing Officer, SBI General Insurance said, service in over 10 languages.
“The ‘SBIG Health Super Top-Up’ Insurance Policy, is for the Pratik Gupta, Senior Executive Vice President & Head –
benefit of insuring customers who want to top up their Agency at TATA AIG, stated, “The launch of these new riders
existing insurance plan at a reasonable premium rate. This is a critical step in our strategy to accelerate growth in the
policy is tailored to meet the diverse needs of individuals and health insurance segment. We are focused on driving
families, offering peace of mind and financial security during expansion across India, particularly in tier 2 and 3 cities. By
unexpected medical emergencies. This super top-up policy scaling up our network of branches, agents, and hospital
features the unique advantage of seamlessly complementing partners, we aim to make quality healthcare more
any existing health insurance plan from any provider.”
accessible to millions.”

TATA AIG targets growth in health insur- Key rider highlights include EmpowerHer’s focus on female-
specific health issues, Mental Wellbeing’s industry-first
ance with launch of new riders mental health coverages, CanCare’s expanded cancer
TATA AIG General Insurance Company has launched five new protection, OPD Care’s outpatient expenses coverage, and
riders aimed at enhancing the flexibility and coverage of its Flexi Shield’s protection against medical inflation.
retail health insurance products. These riders offer more With operations in over 220 locations and an expanding
than 60 benefits and are designed to address evolving hospital network, TATA AIG is poised to drive further
healthcare needs, reflecting the company’s commitment to innovation and growth in the health insurance market.
growth in the health insurance sector.
The five riders—Mental Wellbeing, EmpowerHer, OPD Care, Join
CanCare, and Flexi Shield—cater to a wide range of
healthcare needs. Mental Wellbeing introduces preventive Online Certificate Course on
mental health screenings and rehabilitation services. Reinsurance
EmpowerHer focuses on female health issues, such as
infertility and gynaecological concerns. CanCare provides For details please visit
enhanced cancer protection, while OPD Care and Flexi Shield www.smartonlinecourse.co.in

46 November 2024 The Insurance Times