Below is the transcript of the con-call done with MD of Star Health Insurance. As per him, the COVID-19 will bring lot of attention towards health Insurance.
As per Dr S Prakash, MD of Star Health insurance, the following would be the impact of COVID-19 on the health insurance industry.
(1) Indian markets are massively underpenetrated with just 3-4% Indian’s having an individual retail health policy.
(2) Dr. Prakash expects a significant improvement in insurance penetration post-Covid-19, a trend seen in other geographies in the past.
(3) insurance companies will focus on increasing the use of technology leading to faster turnaround and lower distribution costs.
(4) claims for COVID-19 patients are significantly higher though it is too early to comment on the impact on the industry.
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