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ICICI Lombard Expert Blog

Need to Incentivise Customers to Buy Health Insurance: IRDAI

December 12 2016
Incentivise Customers to Buy Health Insurance

T. S. Vijayan, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) said that there is a need to attract people who are not inclined to buy health insurance. Incentives in the form of free medical check-ups or discounts at network medical stores can help insurers penetrate deeper into this segment.

Addressing the Annual Health Conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), he said that only a few risk-taking people consider health insurance as a smart investment. It is time we attract others through structured incentives, he further added.

The biggest challenge faced by health insurance in India is that it is not commercially viable for all the stakeholders involved. If it is made accessible to all in a sustainable manner, the health insurance sector can benefit immensely in the future. Aadhar card can prove as the biggest enabler to penetrate deeper into the country.

Digitisation is the key to the development of health insurance sector in the future. Aadhar card could be integrated with health insurance enrolment to identify beneficiaries, process claims, reimburse hospital bills, etc. This, in turn, will allow cashless, paperless, robust and secure health framework in the country.

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