India’s Most Valuable & Admired Health Insurance Company 2016
Healthcare Insurance in india is of big significance as it will determine india's aim to provide quality & afordable healthcare. Research in Pharma Leaders Desk has brought six companies that has entered into the finalists for the coveted & prestigious "India’s Most Valuable & Admired Health Insurance Company 2016" at the Pharma Leaders 2016 Annual Award.
Indian health insurance sector is in the throes of a massive transformation. Companies are actively innovating products to meet the cashless outpatient requirements. A visible trend on the medical insurance landscape is the demand for least-priced and comprehensive products in the OPD space to curtail the huge out-of-pocket expenses. On an average the medical spend for OPD is Rs.30,000 annually. Therefore a ‘right value and all-inclusive’ offering will significantly see an uptake in this health insurance space. In India, health insurance was introduced in 1986 with Mediclaim being among the first policies issued by the General Insurance Company (GIC). In 2000, the Union government liberalised the sector permitting entry of private players. This brought in offerings like family floater plans, critical illness plans, hospital cash and top-up policies. In 2002, Insurance Regulatory Development Authority (IRDA) notified the concept of Third Party Administrators (TPAs). In 2014, medical inflation in the country touched 12-15 per cent as against a global average of 6-7 per cent. Around 4 per cent of Indians were covered under group medication and 2 per cent subscribed to retail health insurance policies. In 2015, the healthcare providers moved on to online platform of cashless claims management.As per the IRDA report 2014-15, the market size of the health insurance sector is around Rs.20,000 crore in premium. The growth rate is 14 per cent CAGR from 2013 to 2015. There are currently 27 licensed TPAs in the industry today listed with the IRDA.
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