The sector regulator Irda has decided to defer the launch of the much awaited health insurance portability scheme which would have allowed the health insurance policy holders to change their insurers and continue with their existing policies to October 1 from July 1.
J Hari Narayan, chairman, Irda, had met some of the CEOs of the general insurance companies in Irda’s headquarter in Hyderabad to know about their preparedness to implement the scheme before announcing the postponement of the launch.
Sources point out that Irda will come out with fresh guidelines for the implementation of the scheme.
M Ramadoss, CMD, New India Assurance, said that the general insurers need more clarification from Irda on the operational issues.
Secondly, the general insurers want that the insurer, who will be approached by the policyholders afresh, must be given 30-40 days time so as to know their medical history and the reason why they want to change their insurer.
“We will have to change the system of the segmentation so as to implement portability. We expect that, after deferring the date, the regulator will soon come up with fresh guidelines in this connection,” said NIA chief.
Sanjay Dutta, head, customer service health, ICICI Lombard, said that the extension in the deadline is sufficient for the industry to implement the portability for intra-company coordination. “Also, I hope that the Irda will soon come up with its fresh guidelines to facilitate sharing of data among the insurers who would be interested in porting,” he said.
Amarnath Ananthnarayanan, CEO, Bharti Axa General, said the proposed extension of the deadline of the portability of health insurance coverage is a step in the right direction so that the insurers can get some clarity on what they would need to do to implement portability of health insurance products in the most customer friendly manner.
A study by Forte, an initiative of Ficci and ING Insurance, had suggested that the health insurance portability should be widened. The study asked Irda to widen the scheme to group medical policies, as well as for continuity of the cover when people change jobs.
“It is necessary to introduce portability in group health insurance products to cater to the needs of people when they switch jobs, are laid-off or attain superannuation,” the study had said.
The study also suggested that additional sales channels like retail kiosks, telemarketers and direct response marketing through TV will assist further penetration of health insurance among the masses.
A large population is without health insurance, as the industry has reached only 4.22 % of Indians, it said.
As reported in: http://www.financialexpress.com/news/irda-defers-health-insurance-portability-launch-to-oct-1/808424/0
J Hari Narayan, chairman, Irda, had met some of the CEOs of the general insurance companies in Irda’s headquarter in Hyderabad to know about their preparedness to implement the scheme before announcing the postponement of the launch.
Sources point out that Irda will come out with fresh guidelines for the implementation of the scheme.
M Ramadoss, CMD, New India Assurance, said that the general insurers need more clarification from Irda on the operational issues.
Secondly, the general insurers want that the insurer, who will be approached by the policyholders afresh, must be given 30-40 days time so as to know their medical history and the reason why they want to change their insurer.
“We will have to change the system of the segmentation so as to implement portability. We expect that, after deferring the date, the regulator will soon come up with fresh guidelines in this connection,” said NIA chief.
Sanjay Dutta, head, customer service health, ICICI Lombard, said that the extension in the deadline is sufficient for the industry to implement the portability for intra-company coordination. “Also, I hope that the Irda will soon come up with its fresh guidelines to facilitate sharing of data among the insurers who would be interested in porting,” he said.
Amarnath Ananthnarayanan, CEO, Bharti Axa General, said the proposed extension of the deadline of the portability of health insurance coverage is a step in the right direction so that the insurers can get some clarity on what they would need to do to implement portability of health insurance products in the most customer friendly manner.
A study by Forte, an initiative of Ficci and ING Insurance, had suggested that the health insurance portability should be widened. The study asked Irda to widen the scheme to group medical policies, as well as for continuity of the cover when people change jobs.
“It is necessary to introduce portability in group health insurance products to cater to the needs of people when they switch jobs, are laid-off or attain superannuation,” the study had said.
The study also suggested that additional sales channels like retail kiosks, telemarketers and direct response marketing through TV will assist further penetration of health insurance among the masses.
A large population is without health insurance, as the industry has reached only 4.22 % of Indians, it said.
As reported in: http://www.financialexpress.com/news/irda-defers-health-insurance-portability-launch-to-oct-1/808424/0