T S Vijayan, Chairman, Insurance Regulatory & Development Authority (IRDA),underlined the critical role of fair pricing, distribution and regulation of health insurance products to gain the confidence of the consumers.
Inaugurating FICCI Health Insurance Conference 2013- Health Insurance Vision 2020: ‘From Regulation to Development’, Vijayan said, “There is need for total transparency starting from the point of sale of the insurance products to the claim settlement and grievance handling; the complexity in the structure should be simplified to make the products appealing to the consumers.”
Mr. Vijayan was critical of the differential pricing formula that leads to treating individual and group consumers differently. “Each person who has bought the product from a company needs to be treated equally and fairly,” he pointed out.
In his Theme Address, Dr Nandakumar Jairam, Chairman, FICCI Health Insurance Advisory Group opined that the road to universal health coverage makes it imperative for the government to clearly articulate its role as a payor or a provider of healthcare and develop relevant strategies accordingly. FICCI, recommends a blended approach, one that strengthens the links of health insurance to healthcare providers (both public and private) but ties funding to performance.
Antony Jacob, Co-Chair, FICCI Health Insurance Advisory Group and CEO, Apollo Munich Health Insurance Co. Ltd. pointed outthat the Indian healthcare industry is poised to grow to USD 250 billion by 2020. Even if health Insurance grows at a CAGR of 20% from current level, healthcare spend unfunded by insurance will rise to well over USD 200 Billion by 2020.
Girish Rao, Co-Chair, FICCI Health Insurance Advisory Group and Chairman, Vidal Healthcare Services Pvt. Ltd.,said that lack of focus and product variety has led the industry to bleed. Hence innovation across the value chain of health insurance and corresponding structural changes is key to achieving FICCI Health Insurance vision 2020.
Dr. A. Didar Singh, Secretary General, FICCI, in his remarks, said that affordability of quality healthcare indeed has been a key concern in India, primarily because almost 61% of healthcare expenditure is through out of pocket. Hence, much needs to be done for people to accept health insurance more than a financial tool for medical emergencies.
Inaugurating FICCI Health Insurance Conference 2013- Health Insurance Vision 2020: ‘From Regulation to Development’, Vijayan said, “There is need for total transparency starting from the point of sale of the insurance products to the claim settlement and grievance handling; the complexity in the structure should be simplified to make the products appealing to the consumers.”
Mr. Vijayan was critical of the differential pricing formula that leads to treating individual and group consumers differently. “Each person who has bought the product from a company needs to be treated equally and fairly,” he pointed out.
In his Theme Address, Dr Nandakumar Jairam, Chairman, FICCI Health Insurance Advisory Group opined that the road to universal health coverage makes it imperative for the government to clearly articulate its role as a payor or a provider of healthcare and develop relevant strategies accordingly. FICCI, recommends a blended approach, one that strengthens the links of health insurance to healthcare providers (both public and private) but ties funding to performance.
Antony Jacob, Co-Chair, FICCI Health Insurance Advisory Group and CEO, Apollo Munich Health Insurance Co. Ltd. pointed outthat the Indian healthcare industry is poised to grow to USD 250 billion by 2020. Even if health Insurance grows at a CAGR of 20% from current level, healthcare spend unfunded by insurance will rise to well over USD 200 Billion by 2020.
Girish Rao, Co-Chair, FICCI Health Insurance Advisory Group and Chairman, Vidal Healthcare Services Pvt. Ltd.,said that lack of focus and product variety has led the industry to bleed. Hence innovation across the value chain of health insurance and corresponding structural changes is key to achieving FICCI Health Insurance vision 2020.
Dr. A. Didar Singh, Secretary General, FICCI, in his remarks, said that affordability of quality healthcare indeed has been a key concern in India, primarily because almost 61% of healthcare expenditure is through out of pocket. Hence, much needs to be done for people to accept health insurance more than a financial tool for medical emergencies.
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