High claims indicate high utilization of the policy by employees. This actually indicates that the purpose with which you bought the policy is getting served well. It is natural that if a certain group claims more than others, it will also have to bear a higher share of the burden of premium. Despite an increase, […]
I am offered an option between choosing a Public Sector (PSU) or a private insurer for my group health insurance. How do I decide? What are the benefits I can enjoy if I choose either type of insurer?
There are unique benefits to choosing either type of group health insurer. A few private insurers provide faster claim settlements as compared to PSUs. However, PSUs offer GIPSA (General Insurance Public Sector Association) packages through PPN-listed hospitals which brings in a greater rationalization of the claims cost structure in billing. Standardized packages and rates safeguard […]
Why should I buy my group insurance through Securenow Insurance Broker and not directly from the insurer? Further, how is Securenow better than other brokers?
Planning to buy a group insurance cover? We have got you covered with some of the exclusive benefits that you could avail yourself of while buying the insurance cover for your employees. Listed below are some of the salient features available in the SecureNow platform : Securenow is a leading, award-winning, tech-enabled insurance broking firm. […]
Is it better to have an insurer with a TPA for my group mediclaim, or should one pick an insurer that processes claims in-house i.e. on their own?
Both in-house claim departments and TPAs provide effective processes for health insurance claim settlements. The in-house claim process allows the insurance company to exert better control. This includes easier claims handling and a lower turn-around time (TAT) for policyholders. TPAs have their own cashless hospital networks which are generally wider than most insurers. About The […]
Artificial Intelligence in Insurance
Companies must prepare themselves to adapt to the shifting business environment as Artificial Intelligence becomes more fully entrenched in the sector. Insurance executives must grasp the variables that will influence this shift. As well as how artificial intelligence in Insurance (AI) will affect claims, marketing, underwriting, and costing. With this insight, they can begin to […]
How does the e-claim process work for group health insurance policy?
Insurers required policyholders to submit original claim documents for processing reimbursement claims. Policyholders used to courier claim documents to insurers/ TPAs for processing. However, this has changed since the COVID-19 pandemic hit the world. It has brought all transportation and logistics to a standstill due to the government-imposed lockdown throughout the country. Courier services were […]
Can you cancel your policy and seek refund during the policy period?
You are allowed to cancel your policy anytime during the policy period provided there is no settled or outstanding claim in the policy. All you need to do is to send a written request to the insurer for cancellation along with the reason for cancellation. Key Takeaways The Claim Barrier: You are only allowed to […]
How does PPN network work in GMC policy, which insurers provide this?
PPN stands for Preferred Provider Network. It is the network of hospitals that have deeper tie-ups with respective health group insurance companies to provide seamless and cashless claim services to their policyholders. A hospital joins PPN when both the hospital and insurance company synchronize in their approach on how to serve the policyholders. Therefore, the […]
How does increase or decrease in lives impact renewal GMC premium calculations?
The number of lives to be covered on renewal and claims in the current policy are by far the two most important factors that influence GMC renewal premiums. In this post, we’ll get to know about the impact of increase or decrease in lives on GMC renewal premium calculations. Key Takeaways Proportionate Risk: The number […]
How can you assess if you are paying a fair price for group health insurance?
Often you take into account multiple factors while finalizing a health insurance procurement deal including pricing, service levels, insurer’s brand image, etc. Therefore, how can you assess if you are paying a fair price for group health insurance? On the pricing aspect, you can evaluate fairness based on the following factors – Key Takeaways The “Sweet Spot” […]