New Delhi: Efficient & timely insurance services to policy holders are the need of the hour, said Mr. Suresh Mathur, Executive Director, Health Insurance, Surveyors, IMF & Reinsurance, Insurance Regulatory & Development Authority of India (IRDAI) at a Webinar on Health & Term Insurance for MSMEs: Open Issues, Way Forward & Role of IRDAI organized by PHD Chamber here today.
He said that IRDA has allowed new policy products like corona kawach, corona rakshak and Arogya Sanjeevani specially to tide over these difficult times of pandemic. He said that constant monitoring of situation is undertaken on a daily basis, for all stakeholders. He highlighted numerous initiatives undertaken by IRDA to facilitate the settlement of claims and benefit the policy holders such as quicker approvals; covering tele-medicine services under health insurance, doing away with submission of hard copies for settlement of claims, directing hospitals to provide cashless treatment as per contract, among others.
Speaking at the webinar, Mr. Pradeep Multani, Senior Vice president, PHD Chamber highlighted that health insurance provides people with a much needed financial backup at times of medical emergencies. In India, countless families have been hit financially due to high treatment cost at most private hospitals. It has, thus, become extremely important at this juncture that people should introspect their insurance needs as per requirements. In India, the MSMEs are considered as the growth engines of the economy. However, it is disappointing to note, that healthcare coverage in terms of group health penetration is alarmingly low. It is therefore, very important that the healthcare insurance industry develops infrastructure and deliver affordable healthcare to the sector.
Mr. Jyoti Prakash Gadia, Chairman, Banking, Financial Services & Insurance Committee, PHD Chamber & Mr. SK Sethi, Senior Member, PHD Chamber gave valuable insights on the subject. Mr. Gadia observed that MSME units lack the requisite expertise to understand the importance of Health Insurance, thus it is important to sensitise them about the benefits of health insurance, which will outweigh the costs associated with it. Mr. Sethi observed that financial liability is best managed through insurance and must be taken by all on priority.
Insurance experts who dwelled on the different aspects of health and term insurance included Mr. Pushan Mahapatra, President-Strategic Investments & Head-Open Market, SBI General Insurance: Dr. Syed Asif Hussain, Chief Underwriter/ Head of Claims,Tata AIA Life Insurance Company Limited & Mr. Shailesh Kumar, Co-Founder & Insurance Head, Insurance Samadhan.