Page 12 - Insurance Times May 2024

Ò»©­

ing the challenges faced by patients
Ayushman Bharat cover for all above 70
and hospitals in the health insurance
With the elderly population, which also forms an important voting bloc, on claim process.
the rise, BJP announced a slew of measures to meet their healthcare and
social needs. Since its inception, ClaimBuddy has
claimed to process claims for over
The party promised to expand the Ayushman Bharat Yojana to cover senior 35,000 patients, valued at over 500+
citizens (above 70 years of age) regardless of their economic background. crore, and has established collabora-
Currently, the scheme is available only to poor and vulnerable families. tions with 250+ partner hospitals
Under the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), across India.
the largest health insurance scheme in the world of its kind, beneficiaries
The company looks to simplify the
get health cover of Rs 5 lakh per family per year for secondary and tertiary claims process by offering cashless and
care hospitalisation.
hassle-free experiences for all parties
The BJP manifesto has also promised to ensure seamless access to social se- involved.
curity benefits and other essential govt services to senior citizens by leverag-
ing the extensive reach and reliability of the postal and digital network. It Standalone health insur-
has promised to provide comprehensive training in using UPI and other online
payment methods, while also educating them on how to recognise and avoid ance biz grows 2x
digital scams. industry's pace

According to a UN report released last year, there were 14.9 crore people Standalone health insurance compa-
aged 60 years and above in the country in 2022 (as on July 1), comprising nies have grown more than twice as
around 10.5% of the population. This is estimated to increase to 15% (around much as the general insurance indus-
22.7 crore) by 2036. try in FY24, according to the General
Insurance Council.
Health insurance assistance along with existing investors Chiratae The general insurance industry re-
Ventures and Rebright Partners.
platform ClaimBuddy raises ported an annual premium of nearly Rs
The fund will help ClaimBuddy advance 2.9 lakh crore for FY24 - about a 13%
$5 m, closes Series A its technology, expand its team and increase from the Rs 2.6 lakh crore
Health insurance claim assistance plat- sales network, and add new product reported in FY23. On the other hand,
form ClaimBuddy has raised a $5 mil- lines for its growing network of Hospi- the five standalone health insurance
lion investment, marking the success- tals. companies reported a 26.2% increase
ful closure of its Series A funding. The Founded in 2020 by Khet Singh in total premium during the same pe-
funding round was led by Bharat Inno- Rajpurohit and Ajit Patel, ClaimBuddy riod from Rs 26,243 crore to Rs 33,115
vation Fund (BIF), and saw participa- aims to find a seamless solution in the crore. These figures are based on early
tion from Japanese fund CAC Capital, healthcare financing space by address- data released by the council.

12 May 2024 The Insurance Times