Weekly Insurance Round-up Tuesday, March 1, 2022
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We're back, with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful!
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✴️ IRDAI's new proposal may make policyholders less accountable while porting their health insurance 🛡️
✴️ Mom’s Belief introduces an insurance policy for children with special needs 👦
✴️ RenewBuy acquires fintech firm Artivatic.AI 🏢
- Porting one’s health insurance policy from one insurer to another has become very common in the health sector.
- Until now, while porting a policy, it was the policyholder's complete responsibility to share all the details with the new insurer pertaining to claims, and illnesses diagnosed while the old policy was in force. And, in case of any miscommunication with the new insurer, the policyholders were held accountable.
- This might change now as IRDAI has proposed changes to make the policyholders less accountable while porting their health insurance policy.
- As per the proposal, the new insurer will have to get all necessary information pertaining to the claims and medical history of the policyholder from the existing insurer within 5 working days of the receipt of the portability form.
- The proposed draft is currently under review and IRDAI has asked its stakeholders to share their views. Once this comes into existence, insurers will not be able to reject claims citing non-disclosure of material facts.
- Mom’s Belief, a mental and wellness company for kids, has introduced Care-Aadvik, a child insurance plan for children with autism, down’s syndrome, learning disabilities, etc.
- Launched in association with Care Health Insurance, this plan will offer an insurance cover ranging from ₹1.5 Lakhs to ₹4 Lakhs and cover treatment costs for children with special needs.
- The plan covers inpatient department (IPD) in 16,000 hospitals and outpatient department(OPD) therapy at over 100 centres.
- Care-Aadvik is underwritten by Care Health Insurance and is currently a B2B product. The company is planning to sell it to customers directly, but it might take 2-3 years for the B2C model to get approved. Until then, parents will have to become the customers of Mom’s Belief to purchase this product.
- Since the launch of the insurance plan, Mom’s Belief has sold over 30 policies and 100 are in the waiting. The company aims to insure 10,000 kids by the end of 2022.
- Mom’s Belief, founded by Nitin Bindlish, is an innovative and research-driven holistic care provider for children with special needs. It operates through a home-based program as well as an extensive list of therapy centres and inclusive schools across the globe.
- RenewBuy, a digital insurance marketplace, recently announced the acquisition of artificial intelligence-based insurtech company Artivatic.AI.
- With this acquisition, RenewBuy aims to expand its technology solutions across the value chain, from sales to underwriting and claim solutions. It will take over Artivatic.AI’s SaaS solutions for insurance, IP, and product portfolio.
- Artivatic.AI’s ML and AI-based algorithms provide seamless operations to both insurers and customers. The company also offers risk-based personalized automated solutions that serve underwriting claims, risk and fraud intelligence, embedded distribution, and sales intelligence.
- RenewBuy, founded by Balachander Sekhar and Indraneel Chatterjee in 2015, has 70,000 point-of-sales person (POSP) agents currently and has insured more than 3 million customers.
Source: The Economic Times
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