Weekly Insurance Round-up Tuesday, March 22, 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, straight from our in-house research team! 🧐

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✴️ Millennials will play a big role in improving insurance penetration: Study 🔍

✴️ Star Health may not settle claims if you get admitted to a non-network hospital 😳

• Edelweiss General Insurance recently launched a multi-metro, qualitative study titled ‘A Finger on the Pulse’ which focuses on the financial, emotional, and psychological factors that encourage millennials to buy health insurance. The study also maps the barriers that can stop them from buying insurance.
• The study divides the customer mindset into three categories -
  • Evaluator: This category includes people who want the best policy and hence, spend a major chunk of their time researching on the same. These people normally rely on a trusted agent and seek information offline and online to confirm if the brand and policy they chose is right.
  • Outsourcer: Those who understand the importance of health insurance and look for a policy with enough sum insured to cover themselves and their families come under Outsourcer. Since the category is confusing and flooded with too many options, they prefer consulting an agent for making their choices.
  • Tick the Box: People in this category are premium sensitive and work within a budget. Ease and convenience matter the most to them. They prefer online purchases, and the fear of high hospitalization expenses pushes them to buy health insurance.
• The study was done to understand why people are not purchasing health insurance despite the increase in awareness. The results of the study have made one thing clear - it is important to understand the needs of the customers and offer simple, easy, and convenient solutions. This will encourage them to not only trust the category, but also to invest in it.

Source: LiveMint

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• Star Health Insurance, via an internal circular, informed its clients that starting this year, they will not be settling claims coming from non-network hospitals unless it is an emergency.
• This clause was introduced last year and is mentioned in the terms and conditions of the group insurance policy document.
• If the policyholder is admitted to a non-network hospital in case of a medical emergency or accident, they can claim from the insurance company on a reimbursement basis.
• This step has been taken because the number of claims the company receives from non-network hospitals has increased over time and they have no control over non-network hospitals, their billings, know-how, etc.
• This decision may not affect people from urban areas but may cause trouble to people from rural or suburban areas, as the number of network hospitals there is limited.
• Industry experts have expressed their concerns stating this may majorly impact policyholders from tier 2 cities and beyond, as they will now have to look for a network hospital before planning any treatment.

Source: LiveMint

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