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Health insurance, as an insurance cover and its spread, is the most talked about topic today by almost all sections of the society. Yet, the intricacies, the complexities and the deficiencies of the current processes of product design, pricing, distribution and after sales-service on the part of the insurers and the role of Third Party Administrators (TPAs) and the ethical standards of the healthcare providers when the claims are settled, have not been probed enough for lack of availability of credible data.
The Insurance Regulatory Development Authority (IRDA) should really be thanked for asking the Tariff Advisory Committee (TAC) to put out this data on its website, though the data is incomplete in many respects and is not fully current. But a good beginning is a sign the insuring public must welcome and celebrate. Let us, in this article, review the current status of the health insurance market in general terms and then get in to more detailed discussions of the data provided.
With DKV-Apollo, emerging as another exclusive Health Insurer, in addition to the Star Health, the Life Insurance Corporation (LIC) is also expected to join the race for the development of the health insurance sector, the current status of non-life health insurance market is getting a lot spicier. The TT Krishnamachari (TTK) group is set to join them soon on this track. It is also expected that about five to six non-life insurers would join the current group of 12 in 2008 for pursuing health insurance business. |
