No. PR- 053
June 9, 2021
Hospitals should be under some Regulatory body, said Mr. Nilesh Sathe, Former Member – Life, Insurance Regulatory and Development Authority of India (IRDAI) at a Webinar organized by PHD Chamber
Inadmissible expenses, such as cost of PPE kits that too at differing rates should not be charged from the patients by the hospitals, said Mr. Nilesh Sathe, Former Member – Life, IRDAI at a Webinar on Selecting the Right Insurance Policy during Covid Times organized by PHD Chamber here today. He said that it is high time that hospitals are refrained from overcharging patients. Hospitals need to be brought under a regulatory body such that instances of inflammatory bills are reduced.
Insurance companies cannot honor inadmissible expenses mentioned in the hospital bills submitted by policy holders and this puts the blame on the insurance companies that a higher percentage of bills are rejected, which is unfair, he said.
Mr. Sathe felt that health insurance segment is bound to grow specially after this pandemic has hit and made everyone realise the importance of health insurance.
Speaking at the Webinar, Mr. Balla Swamy, Director & General Manager, The New India General Assurance Co. Ltd.felt that it is the service provided by the Insurance company that differs it from others and thus is the most important aspect. Other parameters that define an insurance company include its Solvency ratio; claim settlement ratio; its capability to settle claims in terms of the highest claim settled by the insurance company and the Turn Around Time (TAT) it takes to settle claims.
Addressing the webinar, Mr. V. Rajaraman, Executive Director, IFFCO Tokio General Insurance Company Limited observed that this pandemic has changed the priorities of people and insurance has finally found acceptability with a large section of people. He felt that the concept of home insurance and domestic travel insurance will gain popularity as most of people are working from homes and will start travelling once some normalcy resumes.
Mr. Jyoti Prakash Gadia, Chairman, Mr. Bijay Murmuria, Co-Chairman, Banking, Financial Services & Insurance Committee, PHD Chamber & Mr. SK Sethi, Senior Member, PHD Chamber gave valuable insights on the subject. Mr. Gadia observed that in the present times, buying an insurance cover is an advantageous step because the risk of spreading infection is high and there’s no cure for it discovered till now. He emphasized that a life insurance policy should be bought early in life to enjoy its benefits such as lesser premium with higher returns and to wisely plan the future of one’s family
Mr. Sethi observed that insurance is a systematic way of minimizing risk. A proper risk analysis and risk assessment must be undertaken before buying an insurance policy.
Eminent Insurance experts who dwelled on the different aspects of selecting insurance policy during covid times included Mr. Shailesh Kumar, Co-Founder & Insurance Head, Insurance Samadhan, Mr. Amzad Khan, Associate Vice president-Risk Control, ICICI Prudential Life Insurance Co. Ltd.
PHD Chamber of Commerce and Industry