Nayan Shah, managing director, Paramount TPA said, “The IRDAI has granted in-principle approval to both the parties to process with transaction. There will be no impact on day- to- day operation and servicing. All operation, team service , structure , system and process continue to remain the same.”
Mumbai: Insurance regulator, IRDAI has approved Rs 311.8 crore merger of Paramount Health Services and Insurance TPA(Paaramount TPA) on Tuesday with listed Medi Assist, the largest third party administrator, in the country.
51 per cent of Paramount TPA is owned by Fairfax Asia and reset of the stakes are with Nayan Shah family.
Nayan Shah, managing director, Paramount TPA said, “The IRDAI has granted in-principle approval to both the parties to process with transaction. We will now begin completing the actionable items to execute the merger. There will be no impact on day- to- day operation and servicing. All operation, team service , structure , system and process continue to remain the same.”
Medi Assist earlier had taken over Raksha Insurance TPA , Medvantage (erstwhile UnitedHealthcare Parekh TPA) and had also picked up a majority stake in UK-based healthcare company Mayfair We Care.
With the acquisition of Paramount TPA, Medi Assist TPA market share will grow to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry, by premiums managed.
In India, TPAs are only associated with health insurance business acting as an intermediary between hospitals and insurance companies.
Paramount TPA works with 30 Insurers and 3,000+ group customers and retail policyholders.
Medi Assist TPA is a largest company in India & thier services are excellent
What will happen to the employees of Paramount TPA. Their job will be secured or at stake? Is there any agreement made between Medi Assist and Paramount regarding the job security of Paramount employees?
Great job 👍
Very poor service lic agent ki claims ka
Useless TPA. Worst service.
Yes poorest service by mediassist TPA alone with star health, care , Tata LIG
Very useless service, they don’t even reply on customer services.
MEDIAASIST TPA IS the WORST TPA. THEIR SERVICE TOTALLY BAD, UN CO OPERATIVE STAFF, THEY DONT REPLY AND CLAIMS ARE NOT SETTLED
Hope you are not a doctor; ..
Mediassist has become worse nowadays with not giving empanallment and asking bribes in form of nonsense certificates..also the cashless rates are worst for patients and patients are in euphoria that they are getting best cashless…nobody wants to do surgery with best implants at cheaper cost…its pure scam for pt…many things can be said but will stop now
Cash less claim settlement very bad service and reimbursement claim NOT Proper T&c
IRDAI is busy approving mergers rather than taking care of the poor, old,sick health policy holder, who gets ruthlessly exploited by hospitals,insurance companies and TPAs.I am speaking from bitter personal experience.
Claim settlement is very poor and these TPA feel they know more than doctors…very poor terms and condition
The article is correct in saying the a TPA is an intermediary between the hospital and the insurance company.
There is nobody who looks after the welfare of the policy holders, who get a raw deal,particularly when they are old and sick and vulnerable.
IRDAI is busy approving mergers and acquisitions, not in looking after the vulnerable.
I am speaking from bitter personal experience.
This is a laughing news, They have not settled my medical claims, last 2 months
Poor service by Mediassist tpa for NIA Policyholders.
We had changed our the policy to md india tpa.