Page 12 - Insurance Times March 2021

Bhushan, who's stepping down as his The likelihood of dying or ending up on across India was Rs 1,51,340, the
three-year term comes to an end. a respirator is heightened if you are average settled amount was Rs 97,369
male, have high blood pressure or per person. Maharashtra, which
Artificial intelligence tools neurological disease. Lung and heart reported the highest Covid infections,
diseases, asthma and diabetes are also made the maximum Covid
can predict mortality from other factors. insurance claims of 2.96 lakh worth Rs.
COVID 3,651.5 crore. Insurers settled 2.30

Artificial intelligence tools can make a COVID health insurance lakh claims worth Rs. 1,918 crore till
90% accurate prediction of whether a claims stand at Rs. 12,923 January 22, in the state. The average
person will die from coronavirus or not, crore claim per person settled in
research by the University of Maharashtra was one of the lowest at
With the Covid-19 pandemic still raging Rs. 83,399 per person.
Copenhagen has shown.
in the country, insurance companies in
The research published in the scientific the country have received 8.53 lakh In Tamil Nadu, there were 69,682
journal Scientific Reports can help claims worth Rs 12,923 crore for Covid claims worth Rs. 1,254 crore, with
policymakers prioritize who should be treatment as on January 22 this year. 58,056 claims worth Rs. 594 crore
at the front of the queue for the This works out to 30 per cent of total settled so far. There were 1.07 lakh
precious COVID-19 vaccines. premium collected by insurers in the claims for Rs. 1,607 crore from Gujarat
Based on patient data from Denmark's nine months ended December. and 69,679 claims for Rs. 1,066 crore
crore from Karnataka. Insurers got
Capital and Zealand regions, the study Insurance firms have so far settled 26,653 claims for Rs. 533.6 crore from
shows that AI can, with up to 90% 6.77 lakh claims worth Rs. 6,595 crore Delhi.
certainty, determine whether a person as on January 22, according to figures
who is not yet infected will die of covid- compiled by the General Insurance However, insurances sources said
19 or not if they become infected. Council. claimants were forced to shell out part
of their hospital bills from their pockets
Once admitted to hospital with covid- Insurers say there hasn't been a let-up as the claims and settlement depend on
19, the computer can predict with in claims under the Covid category the size and other terms of the policies.
80% accuracy whether the person will with firms receiving a claims bill of over
need a respirator. Rs. 5,000 crore since November 1, The General Insurance Council had
recently come out with a schedule of
Since the pandemic's first wave, 2020. Insurers had received 5.01 lakh rates for COVID-19 claims being filed
researchers have been working to claims for Rs. 7,699.50 crore as of with its member insurance companies,
develop computer models that can October 2020 and settled 3.43 lakh capping the ICU with ventilator care at
predict how badly people will be claims worth Rs. 3,315.5 crore. With Rs. 18,000 per day in the case of 'very
affected by the virus. health consciousness rising in the severe sickness' in hospitals accredited
country, total premium collected by
"We began working on the models to with National Accreditation Board for
assist hospitals, as during the first the insurance industry under the Hospitals & Healthcare Providers
health category rose to Rs. 42,291
wave, they feared that they did not (NABH). However, this has been proven
crore, showing a spike of 13.73 per
have enough respirators for intensive insufficient with patients forced to fork
cent as of December 2020.
care patients. Our new findings could out the balance amount charged by
also be used to carefully identify who A senior IRDAI official said that 1.28 hospitals. "Hospitals ask patients to shell
needs a vaccine," said Prof Mads crore standard Covid policies with a out different amounts for various
Nielsen of the University of total premium of over Rs. 1,000 crore facilities like ICU and nursing care," said
Copenhagen's Department of have been sold so far. "Under Corona an insurance official.
Computer Science. Kavach sold by general insurers which The insurance regulator asked all
is the standard product, 42 lakh lives
The researchers, who fed a computer general and health insurance companies
have been protected, while 5.36 lakh
programme with health data from to offer standard Covid policy. In the case
3,944 Danish COVID-19 patients, said lives have been protected through of Corona Kavach policy of New India
body mass index, age, gender and high Corona Rakshak sold by life insurers," Assurance, the sum insured ranges from
blood pressure are among the most the official added. Rs. 50,000 to Rs. 5 lakh with a waiting
heavily weighted factors. Although the average claim per person period for 15 days. T

12 The Insurance Times, March 2021