Financial services conglomerate Bajaj Finserv has ventured into the healthcare ecosystem with its new offering – Bajaj Finserv Health, a tech business that aims to integrate the fragmented service delivery of the healthcare system and make healthcare accessible to consumers by extending its reach and accessibility on a single platform.
Bajaj Finserv Health via Aarogya Care will offer personalised, preventive, prepaid healthcare packages, and will also include treatment expenses through health insurance covers from its Bajaj Allianz general insurance. It will also include loans from Bajaj Finance for hospitalisation costs. But the main focus will be on preventive healthcare. Further, it will enable the customer to receive and digitally maintain health records that would be integrated with the national health ID.
India spends only seven per cent of its total expenditure on preventive healthcare. As much as 80 per cent of the expenditure is on treatment and medical intervention. India’s out-of-pocket costs on healthcare are as high as 65 per cent, compared with 36 per cent in China and 37 per cent in Indonesia. And the health sector in the country is disaggregated today, with service providers, practitioners, diagnostic centres, pharmacy, loan companies, and insurance companies working independently.
“With a large consumer base and a strong partner ecosystem, Bajaj Finserv Health will enable connected, cost-effective and convenient services for consumers in a seamless and personalised experience from the comfort of their homes”, said Sanjeev Bajaj, Chairman &CEO, Bajaj Finserv.
The packages that the product offers will range from Rs 499 for a family of two only availing outpatient department consultation, to as much as Rs 20,000, with Covid tests, teleconsultation associated with Covid, comprehensive preventive healthcare, and hospitalisation for a family of four. The price point of the product will vary on the basis of features and the number of dependents covered. So far, the company has had an average ticket size of Rs 9,000 that customers are opting for. While life insurance is not part of the deal, the platform will look to integrate the protection part also going forward.
The company has already tied up with 112 hospital partners operating 200 hospitals in India, and three diagnostic and laboratory centres with 671 consumer touch points. It has over 9,000 doctors registered on the platform. In a year's time, the target is to reach include 100,000 doctors, the company said.
“Our endeavour is to build a robust network of service providers. We have access to the customers of our group companies, which is almost 120 million. So, our first aim will be to service our group customers. We are forging partnerships with providers hence we will also service their customers,” said Devang Mody, CEO, Bajaj Finserv Health.
“Aarogya Care in a way is aimed at meeting customers complete healthcare needs in one go,” added Mody. Aarogya Care currently does not cover medicine purchases. But that is something the platform will look to integrate in the future.
The platform will use deep technology, AI and ML algorithms to provide tailored experiences and value to both customers as well as partners.
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