Group Health Insurance

Recently a large food company was about to finalize its mediclaim for their employees. The company had completed its ground work and finalized terms and conditions. At the very last moment, a senior executive of the company called us for a second opinion on the purchase.
I rolled my wheels and went to meet the HR person at the company who was responsible for the concerned deal. I was surprised (rather shocked) when he disclosed the terms and conditions that they had agreed upon and the price they were offered by one of the insurance companies.
We did an analysis of their previous policy and claims and noticed that the insurer was charging a higher renewal premium at lower benefits.
We floated a fresh RFQ amongst insurers, both public and private sector to generate fair renewal prices. I did my part by removing some clauses/capping and simultaneously also negotiated with the insurance companies.
After 2 days we presented our comparative options to the client – the premium was reduced by 50% i.e. a savings of Rs 10 Lacs, maternity benefits were included with no waiting periods, disease wise capping were removed and the list of network hospitals improved. Additionally, employees were provided with a tele-doctor facility.
Generally people hesitate to interact with brokers because the concern that cost will increase. As this case study shows the impact of working with a broker can be exactly the opposite – a cheap policy with excellent benefits.The reason why SecureNow made a difference is because we understand the market and competitive context and our buying process forces insurers to compete with one another. The net result is that the client benefits.
SecureNow is a broker licensed by IRDA. We are authorized to represent the client to the insurance company and help buy the best product from any insurer. Our responsibility is to the client and not the insurer.
Gaurav Negi, Corporate Manager

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