Tag Archives: IRDAI – BIMA

Why 2024 will be an inflection point for health insurance in India – Mr. Anuj Parekh – co-founder and CEO at Bharatsure

“With nearly 90 Crore Indians still without a health Insurance cover, there is a wider push to cover the missing middle. While there has been enough talk about covering this number, there are 2 major developments that will prove to be an inflection point for health insurance in India – Health Claims Exchange and ABHA. This year saw the launch and adoption of Health Claims Exchange and this promises to be a game-changer. It is a tech-enabled platform for exchanging claims-related information among insurance companies, claimants or beneficiaries and regulators, among others. This digital highway streamlines medical claim processing, reducing frauds, cutting paperwork and processing times. It won’t be surprising if this becomes widely implemented in 2024 to simplify your claim journey. ABHA, an Aadhaar like identity for Indians for healthcare has seen almost 50 Crore Indians register and get their digital healthcare identities. While there has not been a major use case around for ABHA till now, there seem to be enough critical mass to start implementing seamless delivery around insurance and healthcare in 2024. There are other developments proposed by IRDAI – BIMA Sugam – an exchange for policies and, reformed insurer and intermediary regulations that will add to the industry growth. However, concerns still remain over the increasing health insurance costs that are expected to rise even higher next year.”