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Irdai prefers cashless mode in health insurance

04-Mar-2023

Insurance regulator Irdai has said it prefers the cashless mode in health insurance over the reimbursement mode.

During the latest edition of ‘Bima Manthan’, held on March 1 and 2, the health insurance consultative committee presented its findings on increasing penetration of health insurance and increasing efficiencies in claim servicing, according to a release issued on Friday.

The immediate, short-term and medium-to-long-term steps were discussed. The need for prudent health ecosystem collaborations to take the health insurance forward was highlighted. Irdai stressed upon the preference to cashless mode in health insurance over the reimbursement mode,” the release said. One of the major focuses of the event was prompt claim settlement and speedy redressal of grievances. The regulator emphasised ‘EASE’ — Enhanced Access and Service Excellence — in delivery of insurance services, in line with the banking industry.

It envisages creating an environment which provides ease to the policyholder in approaching the insurance company, be it for purchasing, servicing or receiving claims or lodging any complaint or grievance and that the insurance companies must strive to provide maximum excellence in their service delivery,” the regulator said, adding that the enhanced responsibility on insurance companies as well as councils to ensure best market conduct practices and market ethics maximising customer satisfaction was spelt out.

Irdai mission mode teams on risk-based capital, risk-based supervision framework and convergence to Ind AS/IFRS presented the progress made in the respective areas. The transition to the India model of RBC & RBSF and adoption of Ind AS is possible only with the active role and participation of the industry, and thus the expectation from the industry including continued participation in data submission, testing and pilot stage, prompt responsiveness, better synergies, etc were highlighted,” the release said.

Source : Financial Express

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