Health Insurance: Insurance regulator Irda (IRDAI) has said that it gives more preference to cashless mode than both the modes of health insurance – cashless and reimbursement (reimbursement) mode.
IRDAI Prefers Cashless Mode in Health Insurance: Insurance regulator Irda (IRDAI) has said that it gives more preference to cashless mode than both the modes of health insurance – cashless and reimbursement (reimbursement) mode. These things went somewhere in the press release issued by IRDA on Friday.
According to the ongoing release, the latest edition of ‘Bima Manthan’ was organized on 1 and 2 March. In this program, the health insurance consultative committee presented the results related to the increasing penetration of health insurance and better insurance claim servicing.
Many aspects were discussed in insurance churning
Short term, medium and long term aspects were discussed in the Bima Manthan program organized on 1st and 2nd March. The need for careful health ecosystem collaboration to promote health insurance was highlighted. According to the ongoing press release, IRDA talked about giving priority to cashless mode over reimbursement mode in health insurance.
The main focus of this program was the speedy settlement of claim settlement of health insurance and speedy hearing of cases related to it. Insurance regulator IRDA insisted on making insurance services easier like the banking sector. For this, it was said to work under IRDA Ease (EASE) i.e. Enhanced Access and Service Excellence.
Discussion held to make insurance related services easier
During the Bima Manthan program, there was a discussion on creating a special system that would facilitate the policyholder to contact the insurance company to buy insurance, take services related to it or take insurance claim service or lodge a complaint. Under the new system, insurance companies will be able to get a lot of convenience in settling all such cases.
IRDA said through a press release that along with the insurance companies, the responsibility of the council has also increased. In such a situation, insurance companies and councils need to adopt ethics to ensure the best market experience and to give maximum satisfaction to the customers.
In this event, IRDA Mission Mode teams on Risk Based Capital, Risk Based Supervision Framework and convergence of Ind AS/IFRS presented the progress made in the respective areas. Through a press release, IRDA said that the change in India model of RBC & RBSF and adoption of Ind AS is possible only with the active role and participation of the insurance sector. In this way participation of various activities like data submission, testing and working under pilot scheme, speedy disposal of cases, better coordination highlighted the expectation from the industry.
