TL Alamelu,member (Non-Life),IRDAI, has said the the recently launched standardised Covid-specific health insurance policies Corona Kavach and Corona Rakshak have become effective and the regulator would like to convert these segmented products into a full-fleged health insurance policy by adding other features. .

“We are thinking of ways and means, sooner than later we will issue instructions on how it can be mainstreamed, renewed, features of porting migration so that Corona Rakshak and Corona Kavach policyholders continue to get a good cover not only for Covid but entire health sector.” said Alamelu on Friday while addressing an ASSOCHAM National e-Summit on Challenges, Opportunities & Way Forward for Health Insurance Under Covid Attack.

The Covid-19 pandemic specific‘Corona Kavach Policy’, with less than one-year tenure  launched on 10th July is clocking a good 15 per cent week-on-week growth even now,she said.

She also indicated that  the regulator is currently is working on plans to develop a digital claim settlement platform involving all stakeholders – policyholders, insurers, TPAs, hospitals that could be stitched up with National Digital Health Mission.

“We have also plans  to develop  a digital mechanism for claim settlements involving all stakeholders – policyholders, insurers, TPAs, hospitals. It could be stitched up with National Digital Health Mission so that we have a broad platform of everything going digital.” she said.

 She noted that insurers must take complete advantage of National Digital Health Mission, encourage policyholders to go in for and share their health records on this platform.

“It will not only help them but also the insurance industry in terms of better pricing nad It will finally help the policyholders, because pricing will become more realistic probably a little lower pricing too.There is still that much more to be done, we are continually tracking what needs to be done to help not only policyholders but all the stakeholders in the industry,'' she said..

Talking about other initiatives of the regulator that could be relevant to health insurance industry, she said, “Now we are allowing insurers to issue e-policies based on e-proposal forms as it is the need of the day. Slowly, there will be distancing between the intermediaries, agents, policyholders and quickly we will have to move into a system this is going to become a norm of the day. We have also said that intermediaries and agents to start using digital sales material and probably start using more of imagery in your digital series.”

 Public awareness on the need of health insurance has grown exponentially in the past three months and health insurance business in India has grown from 27 per cent to 30 per cent during a very short period which is March 20 to July 20,” said  Alamelu
 With health segment becoming the leading business for insurance companies, she said that insurers will have to restructure their entire strategy of how to do business.

“I think this is the good time to go to the next level. Probably what the policyholder needs is a one-stop shop, it could be an electronic platform or insurance companies themselves or it could be a kiosk, where he can get every detail of health and wellness and not only health insurance and is able to access entire gamut of all services related to health sitting at home.”

She said that IRDAI has also encouraged wellness to be part of packaged insurance policies because if wellness is promoted by insurance industry it will go a long way in doing good for policyholders and the industry.

 She further said , “Definitely wellness and prevention should be a feature of this so that policyholders are more attracted to buy a health insurance to avail all benefits of the platform.”

 Alamelu highlighted that this platform would give fillip to Ayush treatment and practitioners, thereby embracing the entire health system in the country.