Let us welcome
This company is starting operations from Jan 1, 2013.
This company is 25th insurance company fromGeneral / Non Life / Health Insurance Segment.
Showing posts with label insurance company. Show all posts
Showing posts with label insurance company. Show all posts
Friday, December 28, 2012
Let us welcome Liberty Videocon General Insurance Company Limited
Wednesday, March 7, 2012
Have you faced inconvenience in using Health Insurance portability within the company and within the city?
We appreciate the concept of health insurance portability which was introduced by IRDA in October 2011. As a result a policy holder can shift from one insurance company to another insurance company within the city and within the country without losing the benefits accrued on the previous policy. Those who have shifted their policy in recent months are having a feeling of satisfaction. Compliments to IRDA the regulator on empowering the customer. However, in case of public sector companies such as National Insurance Company Ltd, The New India Assurance Co. Ltd, The Oriental Insurance Co. Ltd and The United India Insurance Co.Ltd. it is a practice that different branches of same insurance company have different TPAs even within the same city. As a result of that if the customer wants to shift from one branch to another branch even within the same city then hassles are being created because the data from the old branch or TPA has to be shifted to the new branch as well as new TPA. Lot of difficulty is being faced by the customers in this regard.
It is high time that PSUs come out with policy that either all branches of the company in the same city use the same TPA or instructions should be given to the TPA and data transfer should be immediate. This will result in removing hindrance in shifting from one branch to another.
When one can shift from one company to other then why not portability from one branch to another?
It is high time that PSUs come out with policy that either all branches of the company in the same city use the same TPA or instructions should be given to the TPA and data transfer should be immediate. This will result in removing hindrance in shifting from one branch to another.
When one can shift from one company to other then why not portability from one branch to another?
Monday, April 18, 2011
Are they supporting each other Or are they fighting with each other?
Recently we came across a news item that 64% of the cases which came up before Insurance Ombudsman (located all over the India) was pertaining to health insurance portfolio. Let us look at the facts;
Health Insurance as % of non life insurance portfolio = 32%
Group policies issued under Health Insurance portfolio = 50%
Policies issued to Individual/ Families = 50%
It means policies being issued to Individuals/ Families are only 16% of total non life insurance portfolio.
General impression is that claims arising from group policy get paid because they have the bargaining /negotiating power .It means that Individuals/ Families are the worst sufferers as this is the group which is having claims being disallowed.
The question before us is how many of the dissatisfied customers are able to reach the office of Insurance Ombudsman?
64% figure is really a very high figure .Let us try to look at the reasons for this scenario or why it is so?
There are 3 players.
Role of every player is to provide good service to the customer. When the insured has to go in for hospitalization then each one ( Insurance Company /TPA/Health care Provider ) is trying to pass on the buck to other player as if the objective or job description of each one is who can harass the customer most so that he runs away and forgets about claim .
Health care provider says that this insurance company is blacklisted or this TPA is black listed
TPA says that this health care provider is black listed.
Insurance Company says that they are ready to consider the payment of the claim but it will not be on cashless but on reimbursement basis. This defeats the basic assumption of the client that when the need arises he will be able to have payment coming from insurance company.
We need the change in thinking at all levels.
Health Insurance as % of non life insurance portfolio = 32%
Group policies issued under Health Insurance portfolio = 50%
Policies issued to Individual/ Families = 50%
It means policies being issued to Individuals/ Families are only 16% of total non life insurance portfolio.
General impression is that claims arising from group policy get paid because they have the bargaining /negotiating power .It means that Individuals/ Families are the worst sufferers as this is the group which is having claims being disallowed.
The question before us is how many of the dissatisfied customers are able to reach the office of Insurance Ombudsman?
64% figure is really a very high figure .Let us try to look at the reasons for this scenario or why it is so?
There are 3 players.
Role of every player is to provide good service to the customer. When the insured has to go in for hospitalization then each one ( Insurance Company /TPA/Health care Provider ) is trying to pass on the buck to other player as if the objective or job description of each one is who can harass the customer most so that he runs away and forgets about claim .
Health care provider says that this insurance company is blacklisted or this TPA is black listed
TPA says that this health care provider is black listed.
Insurance Company says that they are ready to consider the payment of the claim but it will not be on cashless but on reimbursement basis. This defeats the basic assumption of the client that when the need arises he will be able to have payment coming from insurance company.
We need the change in thinking at all levels.
Monday, March 15, 2010
Let us work for growth of Insurance Companies
Recent news item has criticized life Insurance firms having enrolled housewives, students, chemists, chartered accountants, tax planners, and even grocery stores to generate leads that may turn in to deals/ issue of policies.
Even websites can turn lead generators in a practice that industry officials say forms a part of new business model. A website shares data on its visitors with a private insurer which in turn puts his sales team on the job. The insurance company pays a one time fee only on conversion to business depending on the premium slab. We in IFI agree that the deal or case or proposal should be always closed by a qualified agent or an intermediary so that there is no misselling.
According to the Insurance Regulatory and Development Authority (IRDA), commission can be paid to only to licensed agents. We fully support IRDA viewpoint.
Insurance companies are looking for new ways to reach customers and it should be done/ encouraged as we have to reach the masses all over the country. Penetration has to increase. Let us work for it.
Even websites can turn lead generators in a practice that industry officials say forms a part of new business model. A website shares data on its visitors with a private insurer which in turn puts his sales team on the job. The insurance company pays a one time fee only on conversion to business depending on the premium slab. We in IFI agree that the deal or case or proposal should be always closed by a qualified agent or an intermediary so that there is no misselling.
According to the Insurance Regulatory and Development Authority (IRDA), commission can be paid to only to licensed agents. We fully support IRDA viewpoint.
Insurance companies are looking for new ways to reach customers and it should be done/ encouraged as we have to reach the masses all over the country. Penetration has to increase. Let us work for it.
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