In the last one year, the insurance regulator, irdai, has come out with new wire lines for health insurance products, which will now come into effect. From October 1st, some of them have been formulated, keeping in mind to cover immune stress and crisis on the health of people and that of their finances.
I have with me Mr. Mathur cbo cotop10.com, to take us through the health insurance revamp in the context of and to combat forward 19. at a turbulent time. When we render fire pandemic, has the irdi made any changes that will specifically look to alleviate covered, lead health problems, and the associated costs and expenditures uh uh, some of you see.
I would really like to commend the idea of the speed of execution when it came to the pandemic right. In a matter of months uh we have a covet specific plan uh. I think we have in fact uh multiple plans.
Now there's. Corona covers karuna rakshak and they've come out and they're specifically treating just these two and the industries responded, despite having very, very little data on a particular pandemic, but I think uh, you know it's, a new era - and we've learned from uh this pandemic and what we're going to do is uh probably have a fund created for pandemic diseases.
You see when you look at health insurance at the end of the day. What comes in can only go outright if the companies can't work on losses. So how do you then provide for something that uh you know works like an outlier in a rough right? You can't really plan for that.
So what I think the idea is trying to set up now is having a separate pool of uh. You know the money that's, set aside, which you know which works on a cooperative basis along with the government. You see.
Can we then tie over any such pandemic or large loss that comes in which keeps everybody safe? You see uh, you know we had never seen this before we didn't know what the cost, like, I think. Even today, we don't know where this is headed, so just having a separate pool of uh money, which is kept reserved for such pandemics is the way to go and uh.
I think that this will actually become the norm, uh and we need something to learn from and we've, unfortunately, got it that's very insightful. Actually uh besides, as you know, um social distancing is the norm and staying home.
Is the new normal, so via telemedicine? The health insurance industry seems to have adapted itself as well. What has irdi stated regarding telemedicine and what should policyholders know? So you see uh wellness, as a concept has been around for quite some time now, uh and the way you look at it.
It's very cohesive uh in terms of being uh, bundled with health insurance, and now that's been allowed by the ird. While there are different ideas out there and we & # 39, ll have to kind of see how this matures uh see.
The broad idea is medical inflation is upon us. We do not have regulations around hospitals uh. We do not have uh any regulation on the health care costs so now, what do you do? Uh see it's, it's. Prevention is better than cure.
Now, if a customer is adopting these uh wellness initiatives, the chances are that the cost of claims will come down. That is the only way that we have to kind of reduce the cost of a claim and hence kind of take control of premiums, because what is yours? My fear today we're, paying 12 000 rupees for our policies right now.
What will happen in five years? Hence, if medical inflation goes to x, then we are paying 24 000. It's. It's a direct proportionate value. Uh, how do you tied over this, I think wellness will bring about that awareness in consumers uh.
If I was able to tell you and I don't know yeah, I don't know how this evolved. Saying somebody, listen to you. If you walk five thousand seven thousand steps a day, then I will make sure that uh, you know, then you get some sort of benefit on your renewal uh, whether it's, reduction of price or increasing your sum.
In short, again, I said it & # 39, ll evolve uh, but there has been some benefit now, as a consumer, see an incentive to follow some wellness advice and be able to control. My premiums and the industry on a whole will kind of uh work towards it, because hospitalization cost one doesn't know how it's going to move.
So we have to do our bit and kind of incorporate these, and the IoT is now listed down and allowed for them included in the products themselves. So I think it's. A great movie when this has just had to wait and see how this kind of evolves you're right um.
I think we & # 39. Ve definitely learned that we need to also uh, you know, other than buying health plans and stuff kind of prioritize on little things regarding our health in our daily lives.
You know, is there anything else other than this that you wish to see? Or you know, you would want uh idea to take care of going forward, uh, okay, so uh, something there are three segments that we look at right: uh when it comes to health insurance.
The first is an individual customer. The second is a customer uh with a family, whether it is two adults or two adults with two children or one child, and the third is a serious segment, a serious citizen segment uh they.
I think these are very different segments in terms of behaviors, uh, hospitalizations, and ones right, uh, and I think there's, a lot of relevant portions of health insurance that fit in here. So the way I would look at it, you should have almost separate products, separate uh uh.
You know disallowments or allowance for these particular uh. You know, customers and at the back, a stitched up network, whether it is wellness or hospitals to kind of provide for the customer see because the need of an individual customer is very different.
Now, if you say wellness - and you tell uh to tell a 25-year-old, walk 10 000 steps, he's going to smile. He's, going to say that that's, no big deal, whereas that's very different for uh, let's, say a customer who's uh 60 years old.
So I think those plans have to be created like that. I think each segment has to be treated as a different market. A different addressing uh kind of cohort and uh plans have to build around that a gym plan would kind of fit a younger customer.
A family customer is looking at benefits around uh, maybe maternity, because he might be going the family way uh, maybe on maternity complications, because those who happen uh, how can we actually uh encourage uh natural birds versus uh? You know a c-section, so I think those plants have to be created.
That way. Senior segments are today not very happy with the kind of premiums that are there. So can we then uh, you know, introduce something which talks about uh. You know, like you, have cghs in the country like a gatekeeper, so whenever, when an old each customer goes to uh, you know this gatekeeper or whoever's.
There kind of giving advice. Can they direct him to the right hospital and kind of make sure that he's getting received? Because if you don't bring those costs under control? If you start going to the largest hospitals at you know at just a fever, then you're, going to kind of incur a lot of losses for the insurance company, and then the prices will go up so very different needs of three different types Of customers that I see today and I think that has to be brought about - I think the regulator has to start getting into the depth of it and try and see how they can come up with standardized products or standard regulations which look at these three.