Insurance Awareness Day: Is India happy with health insurers? Know
Key pointers from the provided information about the study, if India is happy with health insurance claims by policybazaar.
Policybazaar's latest report on health insurance claims reveals key insights into health insurance claims in India. With a 94% approval rate and 86% customer satisfaction, the study highlights the importance of cashless claims, digital processes, and increased transparency for a better claims experience across the nation.
High Approval Rate
The study found that 94% of health insurance claims in India are approved, indicating a strong performance in claim approvals within the health insurance sector.
Customer Satisfaction
86% of customers reported satisfaction with their claims experience, with 40% being extremely satisfied. Key drivers include cashless claims, online channels, and minimal paperwork.
Online Claims Advantage
Claims initiated through online channels had a higher approval rate of 97%, suggesting the efficiency of digital processes in claim management.
Reasons for Rejection
Nearly half of the 6% rejected claims were due to non-disclosure of pre-existing or uncovered diseases, highlighting the need for increased transparency and better consumer awareness.
Cashless vs. Reimbursement Claims
Cashless claims offer a more seamless experience with higher satisfaction rates (89%) compared to reimbursement claims (79%). However, 70% of reimbursement claimants required financial aid, underscoring the importance of the cashless option.
Regulatory Support
IRDAI’s initiatives, such as "Cashless Everywhere" and a three-hour claim settlement timeline, have positively impacted customer satisfaction and claim processing efficiency.
Call to Action
The study emphasizes the need for better transparency, awareness, and digital adoption within the health insurance ecosystem to enhance trust, customer satisfaction, and overall insurance penetration in India.
