IRDAI asks insurers to cut costs, pass on gains to customers
IRDAI has moved insurers to cut down on their expenses and pass on their savings to customers, which is potentially set to bring down policy costs. This was mentioned in…
Agency Commission cap removal to aid PSU banks
The insurance regulator's decision to free commissions will benefit public sector banks (PSBs) as they have received lower fees than other intermediaries for selling policies. Recently, IRDAI replaced its prescribed…
Health insurers plan common platform to check rising fraud
Non-life insurance companies are coming together under the General Insurance Council to create a platform for onboarding hospitals for cashless claims settlement. The platform will make it easier for hospitals…
Star Health’s tech-enabled mechanism detects fake claims
Star Health and Allied Insurance say its anti-fraud mechanism — medical experience embedded with technology — has helped the standalone health insurer achieve some savings in its claims outgo while…
Supplement employer health plan with a personal cover
Employer-sponsored health insurance is a critical element of the benefits package provided to employees. When the coverage is comprehensive and the sum insured is sufficient, it provides protection, and hence…
Medi assist set to acquire Raksha Insurance TPA in expansion push
Health insurance third-party administrator Medi Assist is set to acquire 100% stake in Raksha Insurance TPA in what could be the largest deal in third-party administrator or TPA space, its…
Health insurance reach still low
India’s health insurance segment contributed 0.34 percentage point out of the overall 1 percentage point of general insurance (including health insurance) penetration in the country during FY22, Lok Sabha was…
Rajasthan passes Right to Health Bill
Rajasthan became the first state to pass in Assembly the Right to Health Bill, which gives every resident of the state the right to avail free Out Patient Department (OPD)…