New Delhi:
The Insurance Regulatory and Development Authority of India (IRDAI) is making strides towards enabling a 100% cashless settlement process for medical expense claims.
This development is expected soon, allowing patients to claim the full cost of their treatment without hassle.
Simultaneously, efforts are underway to make insurance more affordable for senior citizens, ensuring accessible coverage.
Challenges in Senior Citizen Insurance
Currently, insurance for senior citizens is costly, with insurance companies deducting a significant percentage of the payout.
Unfortunately, many hospitals decline patients even when services are covered by insurance providers.
Simplified Health Insurance Claims
IRDAI Chairman Debashish Panda, speaking at the Global Fintech Fest 2023, highlighted the collaborative efforts of industry bodies, the Life Insurance Council and General Insurance Council, in streamlining hospital empanelment.
This simplification will ease the health insurance claim process for policyholders.
Expanding Hospital Network
IRDAI is partnering with the National Health Authority to enhance insurance for senior citizens and expand the network of hospitals on the National Health Exchange.
The current high health insurance costs have become a burden for many. Therefore, IRDAI is diligently working to offer improved insurance products.
Future Insurance Innovations
The regulator is also working on launching new products and features, including flexible long-term policies in the general insurance sector.
Encouraging new insurance companies will further enhance the accessibility of insurance products. Additionally, Property and Motors, P&I Club are exploring long-term insurance products for warehouses to enhance facilities.
Emerging Challenges for Insurers
Panda noted that the insurance sector faces new challenges in the coming decade, including climate change, pandemics, and cybersecurity.
These factors are reshaping the insurance landscape and distribution methods.
