Page 13 - Insurance Times August 2021

looking at different aspects like pricing She added that the repudiated claims sold their assets, pledged their
of the product. Secondly, whether it for health is 4 per cent and in life it is jewellery and have been pushed back
can be offered as an add-on benefit just 0.66 per cent. to the worst times," she said while
with existing products with a higher Alamelu, however, said that these fig- addressing an Assocham event.
premium. It will be discussed with ac-
ures showcase the opportunity avail- She said both the insurance industry
tuaries and then we might devise the
able for insurers; although Ayushman and the regulator have worked to-
product and file it to IRDA," sources
Bharat covers health for many people, gether to design new policies to cater
added. Actuaries apply mathematical there are other schemes, including
and statistical methods to assess risk in specialised State schemes, but many to the demands of new and unprec-
insurance, finance, and other indus- people are not covered by insurance in edented situation. "We have also
tries. eased some processes and procedures
any form. to make it easier for servicing the poli-
An official of a leading private insur- cyholders," Alamelu said.
ance company also said there has been Only 14% of Covid deaths
a verbal discussion with IRDA for a
possible home product for non-Covid had insurance cover Max Bupa Rebrands to
cases. But, he pointed out that it is yet While the country reported over 3.91 'Niva Bupa'
to take any call on this. " lakh deaths due to Covid-19 pandemic, Max bupa the health insurance com-
Jyotirmay Kundu of Heritage TPA only 14 per cent of them - 55,276 pany announced in a press release that
pointed out that in some corporate deaths - have made insurance claims it will be rebranding itself to Niva
policies home treatment is already so far, indicating the poor life insurance Bupa. The rebranding, which is part of
covered. penetration in the country. an overhaul strategy aims to introduce

Chiranjib Bera of Raksha TPA said Out of 55,276 claims intimated to the a range of new products and digitally-
planned hospitalization is still being insurance firms, nearly 88 per cent - enabled services under the Niva Bupa
cancelled or deferred due to Covid 48,484 claims - amounting to Rs 3,593 banner. The company is currently
fear. crore have already been settled, said backed by True North and the Bupa
L Alamelu, Member (non-life), Insur- Group, it plans to use the new brand
Insurers settle 80 percent ance Regulatory and Development to democratize health insurance by
leveraging more customer touchpoints
claims Authority of India (IRDAI). On the and provide better financial assurance
other hand, insurance companies have
After the second wave of Covid-19 settled about 80 per cent - over 15.39 the company said.
swept India in April-May, insurance lakh - of health claims exceeding an The new brand name and approach
companies settled about 80 per cent, amount of Rs 15,000 crore as on June comes in light of the change in
or more than 15.39 lakh health claims 22. Over 19.11 lakh Covid health claims shareholding patterns as India left the
exceeding Rs. 15,000 crore as on June have been reported as on June 22 as company, which made way for the en-
22, said a top IRDAI official.
far as medical insurance or try of the Private Equity firm, True
"Over 19.11 lakh Covid health claims hospitalisation is concerned, Alamelu North. This change in shareholding
have been reported as on June 22 as said. patterns made it necessary for the
far as medical insurance or The repudiated claims for health cover company to rebrand its identity as part
hospitalisation is concerned. of the transition, the press release re-
are just about 4 per cent while in life
"While in terms of death claims, which it is just about 0.66 per cent, which is vealed. The company arrived at the
is handled by life insurers, about 55,276 negligible, she said. name 'Niva Bupa' after allegedly doing
claims have been intimated and, in depth customer testing, interviews,
Alamelu said these figures showcase
nearly 88 per cent, or 48,484 claims surveys and gaining insights. The cus-
amounting to Rs. 3,593 crore, have the opportunity available for insurers. tomer base that was targeted for this
already been settled," said TL Alamelu, "Now we are grappling with the prob- research were new-age millennials and
Member (Non-Life), IRDAI, while inau- lem that most of these people have middle-aged customers who were ei-
gurating 13th Global Insurance E-Sum- spent a good amount of their savings. ther existing or first-time buyers of
mit organised by industry chamber It has even taken many below the pov- health insurance products as per the
Assocham. erty line, they have gone into debts, release. T

The Insurance Times, August 2021 13