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.
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 […]
Why are Insurtech platforms changing the Insurance Landscape?
The insurance industry is undergoing a major rethink. With the rise of digitalization and innovation, there has been a steady growth in new technologies, products, and services that are revolutionizing the industry. Consequently, a new industry has come into being: Insurtech. The advancement of tech in the insurance sector has been remarkable. Insurtech is making […]
How satisfied are customers about their Health Insurance?
The Indian health insurance market is witnessing a rise in demand for more comprehensive and customized health coverage plans. This has led to expansion in the private health insurance products available which has unveiled newer avenues of growth for the insurance industry. In the last ten years, it has grown at a CAGR of 23%, […]
Are Full-Stack Digital Insurers Truly Disruptive?
Full-Stack Digital Insurers are insurance firms that are fully licensed and controlled by a regulatory authority. At the outset, not every InsureTech firm is eager to collaborate with incumbents. Many platforms highlighted in the ecosystem are actively attempting to outmatch incumbents. But whether such platforms will actually succeed is yet to be seen. This viewpoint […]
The Market Landscape in Insuretech
In India, the InsureTech environment is still in its infancy. In comparison to the worldwide average of 6.5%, present insurance penetration in India is relatively low, with 2.76% for life insurance policies and 0.93% for non-life insurance plans. The present InsureTech industry in India is controlled by a handful of new-age insurers such as Digit, […]
Role of InsureTech in Life and General Insurance
Insurance firms are not often seen as technical trailblazers. An insurance company’s connection with its customers has always been occasional, transitory, transactional, and pecuniary. Thus, they have never felt the need of being at the forefront of technology. Today, in the age of smartphone and cloud services, insurance companies continue to be among the most […]
Drivers for the Digital Insurance Trend
The COVID epidemic is increasing the adoption of online platforms in India, providing insurance firms with a critical new channel for engaging and serving clients. This year’s customer surveys and sales statistics reveal that the epidemic has quickly boosted public knowledge about both medical threats and insurance products in India. As a result, insurance platforms […]
The Importance of Financial Inclusion in Insurance: Dvara Report Synopsis
The insurance sector plays an important role in the economy. It serves two main functions – ensuring adequate coverage of risks and the realization of assets and liabilities. It can enhance social movement by helping people and households to withstand shocks that might impair their assets and future earning capacities throughout their entire life course. […]
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 government-imposed lockdown throughout the country. Courier services were not […]