Paving the way for innovation in Healthcare Insurance

This story was first published in Medgate Today’s November-December 2015 edition. 

Healthcare in India is in a state of transition where state governments as well as the government at the centre have launched several initiatives to make healthcare affordable and accessible to all. However, given the low penetration of health cover in India, there is huge scope for the sector to innovate and introduce best practices using robust technology as a backbone and make basic healthcare accessible to all citizens. The sector also offers huge scope for leveraging technology to standardize procedures and make delivery systems efficient thus ensuring reach, growth and profitability for the sector.

The Provider is Key

A key player in the healthcare chain is the provider – the hospital. Without the right hospital infrastructure, it will not be possible to cater to the scaling healthcare needs in India. It is thus, crucial for hospitals to constantly evolve and adopt latest innovations and be on par with the global best practices.

One major area where technological implementation is lacking is the healthcare insurance claims adjudication process. Currently, majority of the health insurance claims are handled manually where all information from the first stage of filing a claim to the last stage of settlement is entered and processed manually. This practice leaves a lot of scope for errors and misinterpretation of data, and also requires physical storage of tons of paperwork that is always at a risk of getting destroyed or lost. Further, manual processes leave more scope for continuous back and forth between the hospital and the insurance company/TPA, adding to the inefficiencies and delays.

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‘There definitely is a need to implement technological solutions to provide health insurance cover’

This interview was first published in Financial Express on 20 October, 2015. 

Remedinet, a healthcare IT solutions provider, recently tied-up with Bajaj Allianz for a healthcare insurance solution. Munish Daga, CEO, Remedinet Technologies shares more details of the agreement and elucidates how it would be beneficial to  simplify operations for Bajaj Allianz, in an interview with Lakshmipriya NairExcerpts

Remedinet recently entered into a tie-up with Bajaj Allianz for a healthcare insurance solution. Tell us how would the solution help in simplifying operations?

Bajaj has partnered with Remedinet’s platform to further streamline their cashless claim settlement process and reduce manual intervention. With Remedinet’s technology, these processes go from offline to online where the data entered by the hospital staff flows into Bajaj Allianz’s platform electronically through Remedinet. Thus, when the patient arrives he/she does not have to wait as member validation happens real-time by entering only the member Id in to the system. Similarly, all following information and documents are exchanged and processed electronically for a quick response time. This partnership will help to reduce the turnaround time for responding to queries by 40 to 50 per cent initially.

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Remedinet partners Bajaj Allianz to provide cashless health insurance

This story was first published in Financial Express on 23 September, 2015.

Quicker turn-around times, faster discharge, electronic data exchange result in a seamless cashless experience for policyholders
Remedinet Technologies, has partnered with Bajaj Allianz, to provide real time cashless health insurance claims processing which will be done using a seamless and end-to-end platform that increases efficiency and reduces multiple to-and-fros. This integration will result in the elimination of manual methods of processing data and significantly bring down the turnaround time to benefit the policyholders tremendously.

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5 advantages of insurance going digital

This story was first published in Hindustan Times Mint on August 5, 2015

Shyamal Banerjee/Mint

Digital services offer convenience, choice and comparison. The financial services industry, including insurance, is also making efforts to tap this space. Life insurance, traditionally sold by agents, is available for online purchase, often at lower prices. According to a report by Boston Consulting Group (BCG), total digital market size for online insurance in financial year 2015 was Rs.1,000 crore. Life insurance (new business premium) was worth Rs.350-400 crore; motor insurance (gross written premium)Rs.300-350 crore; and health and travel insurance (gross written premium) of Rs.150-200 crore.

The overall online market for insurance sector stands at around 1% for both life and non-life segments. In life insurance, term plans are the most bought product online, while in non-life, it is motor, health and travel insurance. The market has grown six to seven times in the past six to seven years, according to estimates by BCG.

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