Wednesday, March 25, 2009

New Health Insurance Company's in Indian Insurance Industry

Yes we are expecting good activity in Health Insurance .

At present ther are only 2 operating stand alone Health Insurance company's in India
(1)Apollo DKV Insurance Company Limited
(2)Star health and Allied Insurance Company Limited

We have been hearing that 1 more co is going through approval process and it is Max BUPA.

Suddenly we find that 3 large names from USA have become interested in the growing Indian Market
These are
(1)United Health

It is great news as we as a country offer huge market potential and large no of stand alone Health Insurance co’s are the only solution to our needs.
No need to mention (as I covered in one of my blog.

“When an Indian goes out of India he can get insurance coverage of Rest. 260 lakhs (Overseas Travel Insurance) but within India he is worth Rs. 10 lakes on the highest side. Is it not surprising –we are ready to insure his car for Rs. 550 lakhs but as far as he is concerned he is worth Rs. 10 lakhs only.

We as a website say
"We welcome the decision of United Health, Aetna, Cigna" to consider India as a destination to grow.

Saturday, March 14, 2009

Who gives better Insurance advice Insurance agent or Insurance brokerage firm?

Who gives better Insurance advice Insurance agent or Insurance brokerage firm.

The survey of Economic Tiles has revealed that 85% customers are not satisfied with the advice given by insurance agents.

It is from time to time I have come across questions from customers where they wish to have the answer to the following; why I should use insurance brokerage firm in comparison to use of insurance agent. We have always pointed out that use of Insurance Brokerage Firm (IBF) has many positive points and these are:

1- IBF handles products of all companies so they give the right advice i.e. Which product fulfills the requirement of the customers? They assist the customer in buying the right product from right insurance company at right price.

2- IBF assists you in lodging of the claim and settlement of the same.

3- IBF is an organization and not one man show as in the case of Insurance Agent.

It was interesting to know that survey conducted by The Economic Times has revealed that 85% of customers are not satisfied with advice of insurance Agent.

It is time for you also to switch over to Insurance brokerage firm (IBF).

PNB (Punjab National Bank) loan scheme for hospitalization expenses

Now it is possible to have Bank loan for hospitalization expenses.

Over 80% of population of India does not have any kind of insurance. A person who does not have the money to pay for the hospital expenses had no option but to accept suffering out of the illness/critical illness, if he was unable to borrow money from his relatives or friends. Chances of getting loan from money lender in the village/town were remote as the money lender was not sure whether he will get back the money or not.

Punjab National Bank, one of the PSU Bank has come out with the loan scheme for hospitalization expenses and we are in the process of getting details of the same and will be providing the details in the blog in the days to come.

Tuesday, March 3, 2009

Indian Health Insurance to Touch $7700 Million (Rs 40000 Crores) by 2015

CII (Confederation of Indian Industries) estimates Health Insurance premium will touch figure of US $ 7700 Million (Rs 40000 crores) by 2015.

According to Dr. Pratap Reddy, Chairman CII National Health Care Council, Health Insurance premium has the potential to touch the figure of Rs 40000 crores by 2015. Last year the figure was Rs 5000 crores. This means that figure will go up by 8 times in 7 years. It is heartning to read such estimates.

Question before all of us is whether Indian Insurance companies or TPA's (Third Party Administrator) are prepared for this increase.