Page 12 - The Insurance Times December 2024

1,500 crore in premiums from Kerala
in FY25. This marks a 21% growth from Ayushman Bharat Expansion Adds Over 2 Lakh Eld-
its FY24 premium collection of Rs. erly Beneficiaries
1,250 crore. The company boasts a The expanded version of the Ayushman Bharat Pradhan Mantri Jan Arogya
commanding 72% market share in the Yojana (AB-PMJAY) has seen significant traction, enrolling over 2.16 lakh
state and settled claims worth Rs. 740 elderly beneficiaries within a week of its launch. This extended scheme re-
crore in FY24. moves income-based eligibility criteria and provides coverage of up to Rs. 5

Kerala, with its high literacy rate and lakh for individuals above 70 years of age.
increasing awareness of health insur- Kerala led the registrations, with nearly 89,800 elderly beneficiaries receiv-
ance, remains a key market for Star ing health cards. Madhya Pradesh and Uttar Pradesh followed, with 53,000
Health. The insurer aims to strengthen and 47,000 new enrollees, respectively. The program aims to address the
its foothold in the state by expanding healthcare needs of one of the most vulnerable demographics, particularly
its network and introducing customer- in states like Kerala and Uttar Pradesh, which have high elderly populations.
friendly policies. The company's strong By expanding coverage, the scheme ensures financial security for senior
presence in Kerala underscores its citizens, reducing their out-of-pocket expenses.
strategy of leveraging regional mar-
kets to drive national growth.
20 private health insurers paid less fected families. Additionally, the
Medi Assist Expands TPA than 80% of the claimed amounts in government's Niramaya Health Insur-
2023. This means that for every Rs. 1 ance Scheme provides up to Rs. 1 lakh in
Market Through Strategic lakh claimed, policyholders received coverage for conditions like autism, ce-
Acquisitions less than Rs. 80,000, with the balance rebral palsy, and multiple disabilities.
amount borne by them. These developments signify a growing
Medi Assist, a leading player in India's recognition of neurodivergent care in the
fragmented Third Party Administrator In contrast, public sector insurers out-
(TPA) market, is focusing on acquisitions performed their private counterparts. insurance sector, driven by regulatory
mandates and increased awareness.
to consolidate its position and expand New India Assurance led the industry
its geographical footprint. The company with a payout ratio of 98.74%, followed
has recently integrated two significant closely by Oriental Insurance at Galaxy Health Insurance
acquisitions, Paramount Health Services 97.35%. These figures underscore the Introduces Affordable
and RAS, into its operations, enhancing efficiency of public sector insurers in Plans
its service capabilities. addressing policyholder claims, high-
lighting the challenges faced by pri- Galaxy Health Insurance, a new en-
Paramount Health Services, headquar- vate insurers in meeting customer ex- trant in the standalone health insur-
tered in Mumbai, provides services ance market, has launched its first
such as cashless hospitalization, pectations. product, 'Galaxy Promise.' Backed by
telemedicine, and post-hospitalization prominent industrialists, the policy of-
care, while RAS strengthens Medi Neurodivergent Care Finds fers comprehensive health coverage
Assist's expertise in claims manage- Place in Insurance Coverage with sum insured options ranging from
ment. By integrating these entities
Insurance for neurodivergent condi- Rs. 3 lakh to Rs. 1 crore.
into its technology-driven platform, tions, such as autism spectrum disor-
Medi Assist aims to deliver consistent der, is gaining traction in India, ad- Available in Signature, Elite, and Pre-
and efficient services nationwide. dressing a previously underserved seg- mier plans, the product is designed to
These strategic moves align with the provide financial security while promot-
ment. Families of individuals with ing preventive health practices. Galaxy
company's vision of becoming a mar-
neurodivergent conditions often face Health Insurance aims to address ris-
ket leader in the TPA segment.
significant financial burdens due to the ing healthcare costs and ensure acces-
high costs of therapies like behavioral, sibility for families across India. This
Private Insurers Fall Short occupational, and speech therapy. launch marks the company's commit-
in Claims Payouts Bajaj Allianz General Insurance has intro- ment to creating solutions that com-
A report by the Insurance Brokers As- duced policies covering these treat- bine affordability, stability, and compre-
sociation of India (IBAI) revealed that ments, offering financial relief to af- hensive support for its customers.

12 December 2024 The Insurance Times