Weekly Insurance Round-up Tuesday, September 6, 2022

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We're back with the latest edition of Beshak’s Weekly News Round-up, an analysis of all Insurance News & Updates from our in-house research team. 

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✴️ IRDAI wants health insurance to be affordable to all 💪

✴️ KYC will soon be mandatory for health and motor insurance 📝

✴️ Healthysure and Visit Health come together to provide health care services 🤝

• On the 30th of August 2022, IRDAI pitched making health insurance affordable for everyone by reducing expenses.
• Debashish Panda, chairman of the IRDAI, says that high operating and distribution costs, as well as hospital expenses, may be affecting insurance pricing.
• Mr Panda suggested making insurance affordable to all by looking at ways to reduce the expenses while also making sure that the insurers are not too burdened by such a reduction. 

Source: The Economic Times

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• IRDAI is planning to make KYC mandatory for general insurance companies.
• The KYC documents are currently not mandatory while purchasing a non-life policy, but it is mandatory at the time of claims, particularly for claims worth 1 Lakh and beyond.
• Insurance experts believe that making KYC mandatory will help them in building a detailed database of the customers, which will be of great help at the time of claim settlement.
• While IRDAI plans to make it mandatory from the 1st of November, the non-life industry has requested an extension for its implementation.

Source: Business Today

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• Healthysure partners with Visit Health for providing health care services to their customers.
• Through this partnership, customers will have access to primary healthcare that includes doctor consultations, diagnostics, OPD covers, and many more such services accessible in a few minutes.
• Healthysure allows organisations to manage their employee benefits. Now, with the addition of services from Visit Health, organisations will be able to use primary healthcare along with insurance and other benefits on the Healthysure platform.
• Healthysure caters to more than 150 organisations’ employees under its platform and aims to cover more than 1,000 organisations’ by the end of next year.

Source: LiveMint

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