HDFC ERGO to launch Rs 2 crore global health cover
There has been an increased demand for high-ticket health insurance policies in India.
Private general insurance company HDFC ERGO General Insurance will launch a global health cover of Rs 2 crore that will cover travel as well as medical treatments in India and abroad. In an interaction with Moneycontrol, Anurag Rastogi, Member of Executive Management, HDFC ERGO General Insurance said that they are seeing individuals getting serious about their health from a younger age itself.
Rastogi said that the average age of customers at HDFC ERGO in the health segment is below 45 years. They have received regulatory approval for their product and will launch within the next few weeks. Going forward, he said that having a standardised product structure in segments like health will enable them to reach more number of people.
Overall, higher-ticket health insurance policies are in demand among the mass affluent and segments above. A medical treatment that involves surgery, in places like US and Europe could cost atleast Rs 50-70 lakh depending on the type of treatment, hospital and number of days spent at the hospital.
At HDFC ERGO, Rastogi said that crop insurance and motor insurance are the biggest segments at 30 percent and 27 percent, respectively.
On the crop front, the company is using satellite and allied technology for better management of claims and yield-related data.
“We are using satellite imagery for a lot of crops. If there is a catastrophe, we are able to use drones to detect the extent of the losses,” he said.
Rastogi said that the Pradhan Mantri Fasal Bima Yojana has helped increase the penetration of crop insurance. He added that as long as we have adequate reinsurance support, it will be sustainable.
On the motor insurance front, he said that the company is seeing a good demand for long-term two-wheeler products.
“We have made a representation to the regulator to have such products also for the private car space. This will significantly help reduce low renewals in this space,” he added. Rastogi said that in motor, they have made the claims processes simpler by giving customers the opportunity to submit documents digitally.
“To verify these digitally submitted documents received from the customers, we have on board a dedicated team of 22 automobile engineers, who look in to the quick disposal of claim,” he added.
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