Diagnostic centres, pharmacies may sell health insurance products

Insurance Regulatory Development Authority of India (Irdai) is set to float a consultation paper to allow diagnostic centres and pharmacies to sell health insurance. Diagnostic centres and medical stores are the first touch points for all wellness and health related matters across the country, which the insurance companies can use to offer health insurance products.

A senior Irdai official said, “To allow insurance products at diagnostic centres and medical stores, a consultation paper would be issued soon and only few basic health insurance products would be allowed to offer in order to avoid mis-selling and rules would be on the lines of MISP regulations of auto dealers.”

Insurance companies will sign partnerships with diagnostic centres and medical stores, which would need to register as health insurance service providers. The personnel would be mandated to go through basic insurance product training.

“Sale of insurance products will go up and more opportunities will come. But the concern of mis-selling is there as the person selling the products should have basic insurance knowledge. But surely it will help in Tier 3 & 4 cities,” Puneet Sahni, head-product development of SBI General Insurance, said.

A Velumani, chairman and MD, Thyrocare Technologies, said, “There are 100,000 laboratories in the country. When people are unwell, they listen to us carefully, that will give them the opportunity to understand and buy health policy.”

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In India, health insurance business is second-highest premium generator for general insurance companies, and is expected to grow multifold over the next few years.

Source: DNA Money