The document discusses opportunities in the Indian cashless health insurance industry. It identifies key structural deficiencies that have led to distrust between insurance providers and healthcare service providers. Several solutions are proposed, including grading healthcare service providers to broaden insurance product offerings and segment customers. Establishing standard operating procedures across the industry is also recommended to bring clarity. Other proposals involve risk management through surprise audits and customer feedback, product innovation through co-payments, and expanding distribution channels to rural areas. The document argues the industry needs to become more retail-driven through innovations in products, distribution, and partnerships to better serve customers across India.
An analysis of the Indian Cashless Health Insurance Industry identifying the key structural deficiencies leading to a situation of distrust between parties involved. The study as a part of IIM, Indore’s Consulting competition, Chanakya, organized in association with Cognizant also proposes solutions for resolving the present imbroglio between the service providers and insurance companies.
Epgp term v mos group assignment april 2010Rajendra Inani
This document provides an analysis of the Indian health insurance market and ICICI Lombard General Insurance Company. It discusses the growing market size and factors driving future growth. It also outlines ICICI Lombard's range of health insurance products and services, competitors in the market, collaborators, and recommendations to further grow their market share in health insurance.
STUDY ON MODELLING OF POLICYHOLDER BEHAVIOUR FOR LIFE INSURANCE IN ERODEJournal For Research
Life Insurance Corporation of India (LIC) is the India’s largest Life Insurance Company. LIC has acquired monopoly power in the solicitation and sale of Life Insurance Policies in India. LIC has registered a six per cent increase in market share to 78 percent during the current financial year. LIC's market share at the end of March 31, 2014, had stood at 72 per cent of all new policies sold during the last financial year (2013-14). The combined market share of 23 Private Life Insurance Companies has 22 per cent during the current fiscal, according to the latest figures. LIC has 53 products in his portfolio and sold around 80 lakh policies till the end of July 2014. LIC has set the new target of Rs. 54000 crores as a first premium income for 2015-16. LIC has a 78 per cent share because the private sector companies focus more on big ticket premiums, while LIC offers at a minimum premium of Rs 250 with life insurance value of Rs 30,000. This enables the public sector company to achieve the social objective of taking its insurance cover to a wider range of the country's population. LIC also has the lowest outstanding claims ratio. LIC had settled 99.8 per cent of death claims while the Private Sector Companies had settled 96.8 per cent of such claims. In this research paper we studied Customer Satisfaction towards Life Insurance Corporation of India (LIC), because Consumer Satisfaction is the first step to Achieve Consumer Loyalty. If the customers of Life Insurance Corporation are Satisfied and Happy then and then only they may be Loyal to the LIC. For this research Primary Data was collected from the various customers of Life Insurance Corporation of India. For data collection designed Questionnaire was distributed and collected from the respondents.
Is Healthcare the Next big opportunity in ecommerce in India? Kapil Khandelwa...Kapil Khandelwal (KK)
My views the bubble in ecommerce investments in India and is healthcare the next big opportunity
kapil khandelwal
QuoteUnquote with KK
www.kapilkhandelwal.com
Nanotechnology involves manipulating materials at the nanoscale (1 to 100 nanometers). While initially studied in the 1950s, it is now widely used across various fields like materials science, engineering, and medicine. At the nanoscale, materials demonstrate enhanced properties compared to their larger forms, such as increased strength and chemical reactivity. This has generated huge economic potential and interest from both scientists and businesses. Nanotechnology is enabling miniaturization across many technologies like computers, electronics, and medical devices, allowing for improved efficiency, convenience, and portability compared to older bulkier versions. However, some argue nanotechnology development needs oversight to ensure its sustainability and mitigate potential risks to human health and the environment.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
A CII-EY Report on the Insurance Industry titled ‘Building Growth, Building Value’ recommends chasing efficiency in distribution by finding greater synergy among the different channels. This will help in well-rounded industry growth and enable maximum value creation for all the stakeholders. The report also states that insurers must be careful in identifying the right ways to employ additional capital inflows that they may receive over the next few years with capital infusion from the foreign partners.
An analysis of the Indian Cashless Health Insurance Industry identifying the key structural deficiencies leading to a situation of distrust between parties involved. The study as a part of IIM, Indore’s Consulting competition, Chanakya, organized in association with Cognizant also proposes solutions for resolving the present imbroglio between the service providers and insurance companies.
Epgp term v mos group assignment april 2010Rajendra Inani
This document provides an analysis of the Indian health insurance market and ICICI Lombard General Insurance Company. It discusses the growing market size and factors driving future growth. It also outlines ICICI Lombard's range of health insurance products and services, competitors in the market, collaborators, and recommendations to further grow their market share in health insurance.
STUDY ON MODELLING OF POLICYHOLDER BEHAVIOUR FOR LIFE INSURANCE IN ERODEJournal For Research
Life Insurance Corporation of India (LIC) is the India’s largest Life Insurance Company. LIC has acquired monopoly power in the solicitation and sale of Life Insurance Policies in India. LIC has registered a six per cent increase in market share to 78 percent during the current financial year. LIC's market share at the end of March 31, 2014, had stood at 72 per cent of all new policies sold during the last financial year (2013-14). The combined market share of 23 Private Life Insurance Companies has 22 per cent during the current fiscal, according to the latest figures. LIC has 53 products in his portfolio and sold around 80 lakh policies till the end of July 2014. LIC has set the new target of Rs. 54000 crores as a first premium income for 2015-16. LIC has a 78 per cent share because the private sector companies focus more on big ticket premiums, while LIC offers at a minimum premium of Rs 250 with life insurance value of Rs 30,000. This enables the public sector company to achieve the social objective of taking its insurance cover to a wider range of the country's population. LIC also has the lowest outstanding claims ratio. LIC had settled 99.8 per cent of death claims while the Private Sector Companies had settled 96.8 per cent of such claims. In this research paper we studied Customer Satisfaction towards Life Insurance Corporation of India (LIC), because Consumer Satisfaction is the first step to Achieve Consumer Loyalty. If the customers of Life Insurance Corporation are Satisfied and Happy then and then only they may be Loyal to the LIC. For this research Primary Data was collected from the various customers of Life Insurance Corporation of India. For data collection designed Questionnaire was distributed and collected from the respondents.
Is Healthcare the Next big opportunity in ecommerce in India? Kapil Khandelwa...Kapil Khandelwal (KK)
My views the bubble in ecommerce investments in India and is healthcare the next big opportunity
kapil khandelwal
QuoteUnquote with KK
www.kapilkhandelwal.com
Nanotechnology involves manipulating materials at the nanoscale (1 to 100 nanometers). While initially studied in the 1950s, it is now widely used across various fields like materials science, engineering, and medicine. At the nanoscale, materials demonstrate enhanced properties compared to their larger forms, such as increased strength and chemical reactivity. This has generated huge economic potential and interest from both scientists and businesses. Nanotechnology is enabling miniaturization across many technologies like computers, electronics, and medical devices, allowing for improved efficiency, convenience, and portability compared to older bulkier versions. However, some argue nanotechnology development needs oversight to ensure its sustainability and mitigate potential risks to human health and the environment.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
A CII-EY Report on the Insurance Industry titled ‘Building Growth, Building Value’ recommends chasing efficiency in distribution by finding greater synergy among the different channels. This will help in well-rounded industry growth and enable maximum value creation for all the stakeholders. The report also states that insurers must be careful in identifying the right ways to employ additional capital inflows that they may receive over the next few years with capital infusion from the foreign partners.
This document provides a summary of a research paper that compares the public and private life insurance companies in India. It begins with an abstract that outlines the objectives of comparing customer perceptions of service quality and analyzing the financial performance of public versus private insurers. The introduction provides background on the growth of the insurance sector in India. It then examines the performance of the public insurer LIC and private insurers based on financial ratios like liquidity, solvency, and leverage. The study found that LIC has stronger financial performance and stability compared to private insurers.
Indian SME sector is growing rapidly driven by factors like e-commerce, m-commerce, government initiatives and easy SME lending. Self-finance has traditionally been the major source of financing for SMEs, but government and financial institutions are now providing more financial assistance through schemes and credit guarantee funds. The IT-SME sector, including e-commerce, m-commerce and fintech, is attracting significant investment from domestic and foreign investors to support areas like logistics, social commerce, cyber security, and digital payments.
India's Response to COViD19 [June 2020]3one4 Capital
The document proposes an economic relief package of INR 5 lakh crore for India to address the near-term impact of the COVID-19 pandemic and lockdown. It analyzes the effects on key sectors like agriculture, industry and services, and estimates that 10 crore workers will be directly impacted by loss of income. The proposed package includes direct benefit transfers of INR 12,000 for 15 crore families, tax postponements, industry relief, bank lending support, refunds, and health spending. It argues this level of spending is needed to restore confidence and ensure livelihoods during the crisis, and constitutes only 2.5% of India's GDP, much lower than relief packages in other countries. The document advocates bold
This document discusses the history and development of the insurance industry in India. It notes that the first Indian life insurance company was established in 1818. The industry grew to over 350 companies but was then nationalized in the 1950s-1970s. Economic reforms in the 1990s led to the passage of laws in 1999 allowing private companies to enter the insurance market. This increased competition and improved products and services. Private companies have targeted common people more aggressively. The industry is growing over 25% annually but penetration remains low at only 2% of GDP. Increased education and expected GDP growth indicate further potential for the industry. Private companies have improved markets, products, customer focus, and channels like banks and the internet. Training programs have also expanded
The document summarizes the wealth management industry in India. It notes that while India currently has a small percentage of wealthy individuals compared to developed markets, the industry is growing rapidly at over 20% annually and is expected to continue growing strongly. Key opportunities for the industry include a large mass affluent segment, growing wealth among global Indians, regulatory changes targeting illicit money flows, and an increasing share of organized market players. The demographic of wealthy Indians is also younger than international counterparts, calling for new types of products and services leveraging technology. Overall the industry is fragmented but consolidation is increasing as organized players expand.
The conference focused on engaging corporations in healthcare through CSR in India. It discussed partnerships between corporations, government, and civil society to scale up innovation in healthcare through CSR. Key speakers from government, corporations, and non-profits presented case studies of innovative CSR programs in healthcare, such as using health insurance to expand access to services and implementing road safety programs. The new Companies Act was also discussed, which defines CSR spending and aims to formalize initiatives through multi-stakeholder projects. Overall the conference examined the potential of CSR to transform healthcare delivery in India through increased collaboration across sectors.
The document discusses the service sector in India. Some key points:
1) The service sector now accounts for over half (51.16%) of India's GDP, growing from agriculture and industry. This marks a shift to a more developed economy model.
2) Within services, trade and transportation have seen increasing shares of GDP while construction has remained steady.
3) Some economists caution that unchecked service sector growth without corresponding industrial growth could distort the economy.
4) Strong customer satisfaction is vital in the service industry where intangibles are sold. Insurance companies must focus on both sales and customer service.
Bio tech funding in India : Kapil Khandelwal, www.kapilkhandelwal.com Kapil Khandelwal (KK)
This document provides information about BioSpectrum, a publication focused on the biotechnology industry. It lists the key personnel involved in editing, publishing and distributing the magazine. It also provides contact information for BioSpectrum's offices in various cities across India as well as its international offices. The contents section lists some of the main articles to be included in the October 2010 issue, including a cover story on funding challenges facing the biotech sector in India.
From Telegraph Road to US$50 Billion Digital Health Silk Road : Kapil Khandel...Kapil Khandelwal (KK)
India has significant healthcare needs and a large shortage of clinical manpower and infrastructure. The COVID-19 pandemic accelerated the push for healthcare digitization in India. New digital health regulations were announced and the industry estimates digital healthcare could unlock $200-250 billion for the Indian economy over 10 years. However, realizing this potential would require $30 billion in tech investments, which is a major challenge given current investment levels and data/infrastructure constraints in India. Significant capacity building is still needed to develop a truly digital healthcare system at scale.
The document summarizes opportunities and challenges for the banking sector in India. It notes that India has one of the fastest growing economies in the world, fueled by consumption growth. The banking sector has grown significantly and become more robust and technologically advanced, but still has potential for further expansion and consolidation. Significant untapped opportunities remain in retail banking, insurance, wealth management and increasing financial inclusion. Key future challenges include meeting capital requirements, improving financial inclusion, and increasing efficiency.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Public affairs round up - september 2014 - mslgroupAshraf Engineer
The document discusses India raising the foreign direct investment (FDI) cap in the insurance and defence sectors from 26% to 49%. This is expected to boost investment in these sectors and increase insurance penetration and domestic defence manufacturing. However, there are also concerns about foreign control and technology transfer. The defence sector in particular may see greater investment but investors will still want management control for technology transfer, which the 49% cap does not provide. Overall the changes aim to modernize these sectors but uncertainties around rules and implementation remain.
Role of fdi in india an emerging option for sustainable economic growthprjpublications
This document discusses the role of foreign direct investment (FDI) in India's retail sector. It notes that while FDI in multi-brand retail was recently approved, it faces some opposition. The key benefits discussed are increased opportunities for farmers through direct selling and supply chain improvements, immense growth opportunities for retailers in India's growing market, benefits for stressed Indian retail companies through fresh investment, and job creation estimated in the millions over 10 years. Real estate companies would also benefit from investment in new retail storefronts and warehouses.
This document discusses the shift towards a cashless society in the UK. It notes that contactless payments are gaining traction, with 200,000 contactless terminals now in operation. However, cash remains dominant for the number of transactions. The document then segments the population into three groups - Cashless Converts, Cashless Cautious, and Cashless Concerned - based on their propensity to use non-cash payments. It finds that the Cashless Cautious group, at 28 million people, is currently the largest and most important to move towards acceptance of contactless payments. Overcoming inertia in this group will be key to further success in reducing cash usage.
This document provides an overview of a research report on Lakme, a cosmetics brand owned by Hindustan Unilever Ltd. The report includes an introduction to the company's history and objectives. It outlines the research methodology used, which involved primary data collection through questionnaires and secondary data collection from sources like company reports, magazines and articles. It discusses Lakme's competitive environment and profiles elements of the company like its board of directors, research and development team and human resources. The report also includes chapters on data analysis, a SWOT analysis of Lakme, conclusions and limitations. It aims to understand how Lakme can improve its brand personality and promotional strategies to maintain its leading market position.
India is moving towards becoming a cashless economy through the launch of the NPCI UPI system, which will spark a financial technology revolution in the country. A cashless economy matters because it will reduce costs for businesses and consumers associated with cash handling. Intuit should care about India's shift to cashless because it presents an opportunity for their financial software and services in the growing digital payments market.
What is Cashless Economy ? Advantages, Disadvantages, Different Cashless payment methods, internet banking, plastic money, e-wallet, Point of sale, how to secure your cashless payment, future of cashless payment.
The document outlines a vision and plan to promote a cashless society in India through digital literacy initiatives. It aims to educate citizens on cashless transactions, help small businesses adopt digital payments, and remove fears around online banking. Key aspects of the plan include developing a personalized learning app and booklet on cashless payments, creating self-organized learning environments in village libraries led by student volunteers, and holding a "Digital Literacy Week" campaign. The initiatives seek to address India's low digital literacy rate of 30% and the need to teach cashless skills through hands-on learning versus traditional classroom methods. The end goal is to empower citizens across India to participate in and benefit from a digital financial system.
As more and more transactions go digital, or plastic so to say, we look towards the future with a model that does away with currency notes and coins altogether and yet keeps alive the essential principle that money serves, without attaching any tangibility to it.
The document discusses various tips and tools for improving productivity. It recommends setting actionable goals and focusing on the 20% of tasks that yield 80% of results. Specific productivity apps like Things 2, OmniFocus, and TeuxDeux are reviewed for task and project management. Other tips include practicing inbox zero, decluttering one's desk, and using the Pomodoro technique to focus work in timed intervals separated by short breaks.
This document provides a summary of a research paper that compares the public and private life insurance companies in India. It begins with an abstract that outlines the objectives of comparing customer perceptions of service quality and analyzing the financial performance of public versus private insurers. The introduction provides background on the growth of the insurance sector in India. It then examines the performance of the public insurer LIC and private insurers based on financial ratios like liquidity, solvency, and leverage. The study found that LIC has stronger financial performance and stability compared to private insurers.
Indian SME sector is growing rapidly driven by factors like e-commerce, m-commerce, government initiatives and easy SME lending. Self-finance has traditionally been the major source of financing for SMEs, but government and financial institutions are now providing more financial assistance through schemes and credit guarantee funds. The IT-SME sector, including e-commerce, m-commerce and fintech, is attracting significant investment from domestic and foreign investors to support areas like logistics, social commerce, cyber security, and digital payments.
India's Response to COViD19 [June 2020]3one4 Capital
The document proposes an economic relief package of INR 5 lakh crore for India to address the near-term impact of the COVID-19 pandemic and lockdown. It analyzes the effects on key sectors like agriculture, industry and services, and estimates that 10 crore workers will be directly impacted by loss of income. The proposed package includes direct benefit transfers of INR 12,000 for 15 crore families, tax postponements, industry relief, bank lending support, refunds, and health spending. It argues this level of spending is needed to restore confidence and ensure livelihoods during the crisis, and constitutes only 2.5% of India's GDP, much lower than relief packages in other countries. The document advocates bold
This document discusses the history and development of the insurance industry in India. It notes that the first Indian life insurance company was established in 1818. The industry grew to over 350 companies but was then nationalized in the 1950s-1970s. Economic reforms in the 1990s led to the passage of laws in 1999 allowing private companies to enter the insurance market. This increased competition and improved products and services. Private companies have targeted common people more aggressively. The industry is growing over 25% annually but penetration remains low at only 2% of GDP. Increased education and expected GDP growth indicate further potential for the industry. Private companies have improved markets, products, customer focus, and channels like banks and the internet. Training programs have also expanded
The document summarizes the wealth management industry in India. It notes that while India currently has a small percentage of wealthy individuals compared to developed markets, the industry is growing rapidly at over 20% annually and is expected to continue growing strongly. Key opportunities for the industry include a large mass affluent segment, growing wealth among global Indians, regulatory changes targeting illicit money flows, and an increasing share of organized market players. The demographic of wealthy Indians is also younger than international counterparts, calling for new types of products and services leveraging technology. Overall the industry is fragmented but consolidation is increasing as organized players expand.
The conference focused on engaging corporations in healthcare through CSR in India. It discussed partnerships between corporations, government, and civil society to scale up innovation in healthcare through CSR. Key speakers from government, corporations, and non-profits presented case studies of innovative CSR programs in healthcare, such as using health insurance to expand access to services and implementing road safety programs. The new Companies Act was also discussed, which defines CSR spending and aims to formalize initiatives through multi-stakeholder projects. Overall the conference examined the potential of CSR to transform healthcare delivery in India through increased collaboration across sectors.
The document discusses the service sector in India. Some key points:
1) The service sector now accounts for over half (51.16%) of India's GDP, growing from agriculture and industry. This marks a shift to a more developed economy model.
2) Within services, trade and transportation have seen increasing shares of GDP while construction has remained steady.
3) Some economists caution that unchecked service sector growth without corresponding industrial growth could distort the economy.
4) Strong customer satisfaction is vital in the service industry where intangibles are sold. Insurance companies must focus on both sales and customer service.
Bio tech funding in India : Kapil Khandelwal, www.kapilkhandelwal.com Kapil Khandelwal (KK)
This document provides information about BioSpectrum, a publication focused on the biotechnology industry. It lists the key personnel involved in editing, publishing and distributing the magazine. It also provides contact information for BioSpectrum's offices in various cities across India as well as its international offices. The contents section lists some of the main articles to be included in the October 2010 issue, including a cover story on funding challenges facing the biotech sector in India.
From Telegraph Road to US$50 Billion Digital Health Silk Road : Kapil Khandel...Kapil Khandelwal (KK)
India has significant healthcare needs and a large shortage of clinical manpower and infrastructure. The COVID-19 pandemic accelerated the push for healthcare digitization in India. New digital health regulations were announced and the industry estimates digital healthcare could unlock $200-250 billion for the Indian economy over 10 years. However, realizing this potential would require $30 billion in tech investments, which is a major challenge given current investment levels and data/infrastructure constraints in India. Significant capacity building is still needed to develop a truly digital healthcare system at scale.
The document summarizes opportunities and challenges for the banking sector in India. It notes that India has one of the fastest growing economies in the world, fueled by consumption growth. The banking sector has grown significantly and become more robust and technologically advanced, but still has potential for further expansion and consolidation. Significant untapped opportunities remain in retail banking, insurance, wealth management and increasing financial inclusion. Key future challenges include meeting capital requirements, improving financial inclusion, and increasing efficiency.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Public affairs round up - september 2014 - mslgroupAshraf Engineer
The document discusses India raising the foreign direct investment (FDI) cap in the insurance and defence sectors from 26% to 49%. This is expected to boost investment in these sectors and increase insurance penetration and domestic defence manufacturing. However, there are also concerns about foreign control and technology transfer. The defence sector in particular may see greater investment but investors will still want management control for technology transfer, which the 49% cap does not provide. Overall the changes aim to modernize these sectors but uncertainties around rules and implementation remain.
Role of fdi in india an emerging option for sustainable economic growthprjpublications
This document discusses the role of foreign direct investment (FDI) in India's retail sector. It notes that while FDI in multi-brand retail was recently approved, it faces some opposition. The key benefits discussed are increased opportunities for farmers through direct selling and supply chain improvements, immense growth opportunities for retailers in India's growing market, benefits for stressed Indian retail companies through fresh investment, and job creation estimated in the millions over 10 years. Real estate companies would also benefit from investment in new retail storefronts and warehouses.
This document discusses the shift towards a cashless society in the UK. It notes that contactless payments are gaining traction, with 200,000 contactless terminals now in operation. However, cash remains dominant for the number of transactions. The document then segments the population into three groups - Cashless Converts, Cashless Cautious, and Cashless Concerned - based on their propensity to use non-cash payments. It finds that the Cashless Cautious group, at 28 million people, is currently the largest and most important to move towards acceptance of contactless payments. Overcoming inertia in this group will be key to further success in reducing cash usage.
This document provides an overview of a research report on Lakme, a cosmetics brand owned by Hindustan Unilever Ltd. The report includes an introduction to the company's history and objectives. It outlines the research methodology used, which involved primary data collection through questionnaires and secondary data collection from sources like company reports, magazines and articles. It discusses Lakme's competitive environment and profiles elements of the company like its board of directors, research and development team and human resources. The report also includes chapters on data analysis, a SWOT analysis of Lakme, conclusions and limitations. It aims to understand how Lakme can improve its brand personality and promotional strategies to maintain its leading market position.
India is moving towards becoming a cashless economy through the launch of the NPCI UPI system, which will spark a financial technology revolution in the country. A cashless economy matters because it will reduce costs for businesses and consumers associated with cash handling. Intuit should care about India's shift to cashless because it presents an opportunity for their financial software and services in the growing digital payments market.
What is Cashless Economy ? Advantages, Disadvantages, Different Cashless payment methods, internet banking, plastic money, e-wallet, Point of sale, how to secure your cashless payment, future of cashless payment.
The document outlines a vision and plan to promote a cashless society in India through digital literacy initiatives. It aims to educate citizens on cashless transactions, help small businesses adopt digital payments, and remove fears around online banking. Key aspects of the plan include developing a personalized learning app and booklet on cashless payments, creating self-organized learning environments in village libraries led by student volunteers, and holding a "Digital Literacy Week" campaign. The initiatives seek to address India's low digital literacy rate of 30% and the need to teach cashless skills through hands-on learning versus traditional classroom methods. The end goal is to empower citizens across India to participate in and benefit from a digital financial system.
As more and more transactions go digital, or plastic so to say, we look towards the future with a model that does away with currency notes and coins altogether and yet keeps alive the essential principle that money serves, without attaching any tangibility to it.
The document discusses various tips and tools for improving productivity. It recommends setting actionable goals and focusing on the 20% of tasks that yield 80% of results. Specific productivity apps like Things 2, OmniFocus, and TeuxDeux are reviewed for task and project management. Other tips include practicing inbox zero, decluttering one's desk, and using the Pomodoro technique to focus work in timed intervals separated by short breaks.
Standard of living and productivity are closely linked. A higher standard of living results from greater production of goods and services, which can be increased through higher employment or higher productivity. Productivity is a measure of output per unit of input. Governments and management can take steps to improve productivity through improved technology, worker training, efficient resource use, and optimal production processes and work organization. Factors that reduce productivity include suboptimal product or process design, ineffective time management, and worker inefficiencies. Overall, increasing productivity is key to raising standards of living by making more available at lower cost.
As ordinary Indians, what can we contribute to make our country more cash efficient? We need to understand the cashless ecosystem first. Here is an attempt to understand the cashless options and how to go cashless.
This document discusses productivity in a group project setting. It lists the group members and their roll numbers. It then provides definitions and examples of productivity, ways to measure productivity, and factors that can impact productivity. Key topics covered include partial and total productivity, benefits of productivity improvement, and quality management approaches like TQM, 5S, Six Sigma, and Kaizen.
The document discusses the evolution and growth of ICICI Prudential Life Insurance over the last decade. It highlights how the company has focused on delivering high quality products and services to customers, becoming a trusted insurance partner. Through understanding customer needs and providing customized solutions, the company has successfully navigated the last decade. It is now well positioned to leverage growth opportunities in the evolving Indian life insurance industry.
The document discusses the evolution and growth of ICICI Prudential Life Insurance over the last decade. It highlights how the company has focused on delivering high quality products and services to customers, becoming a trusted insurance partner. Through understanding customer needs and providing customized solutions, the company has successfully navigated the last decade. It is now well positioned to leverage growth opportunities in the rapidly growing Indian life insurance sector.
CII-EY report titled Insurer of the Future reveals that technology will power the new wave of change for the Indian Insurance Industry. The report recommends pursuing technology to improve the traditional insurance process and to re-configure the insurance business model.
October 2016 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
About Us
Our Team
INDUSTRY ANALYSIS : Insurance
Brand Analysis: Bata
Case Study Analysis: Ola
Concept of the month: Bug Bounty
Guest Lecture by Devang Mehta
Bcg cii report - one consumer, many interactions - december 2018Social Samosa
The report highlights the massive, unparalleled change the media and entertainment industry is going through, with the exponential growth of media and type of content available creating a trillion customer touch points.
MEDICI's new India InsurTech Report 2020 explores the InsurTech sector in India. The report delves into what drives transformation in the sector, regulatory initiatives, funding & investment activity, prominent players, and business models.
With the General Elections coming up in April-May, political parties are drafting their manifestos taking into account the perspectives of all stakeholders, including industry. As Indian industry plays a vital role in nation-building, CII undertook a wide-ranging consultative process to prepare a suggested Election Manifesto for consideration of political parties, in the context of subdued GDP growth outlook.
The mission statement of CII’s Suggested Election Manifesto is to ‘Empower All Indians to Build an Inclusive, Developed and Secure Nation’.
We have subsequently had detailed interactions with several Political parties with our suggestions, for their consideration.
This issue of Policy Watch focuses on the suggested Election Manifesto for Political Parties.
This document provides summaries of several knowledge papers published by FICCI (Federation of Indian Chambers of Commerce and Industry). The papers cover topics such as foreign investment in India, the role of domestic institutional investors, real estate and infrastructure financing, digital banking opportunities in India, enabling smart cities through information and communication technology, collaboration between consumer packaged goods companies and retailers, skilling India's workforce, healthcare innovation and medical technology, challenges faced by Indian small and medium enterprises, the use of new technologies by small businesses, the agrochemicals industry in India, and spurring growth in the Indian chemical industry.
MEDICI's new India InsurTech Report 2020 explores the InsurTech sector in India. The report delves into what drives transformation in the sector, regulatory initiatives, funding & investment activity, prominent players, and business models.
The document discusses emerging business opportunities in India over the next few years. It identifies several sectors that are positioned for growth, including big data analytics, cloud computing, social media, organic farming, healthcare, insurance, banking, mobile technologies, entrepreneurship, software development, finance, and retail. Many of these sectors are expected to benefit from rising incomes in India, a skilled workforce, regulatory changes, and incorporation of new technologies. Overall the report argues that both traditional and technology-focused businesses have significant potential in India by adapting to modernization and changing market conditions.
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India Cashless Health Insurance Report
1. Indian Cashless Health Insurance: A window of opportunity
Nitin Pahuja & Ujjawal Jain
An analysis of the Indian Cashless Health Insurance Industry identifying the key structural
deficiencies leading to a situation of distrust between parties involved. The study as a part of
IIM, Indore’s Consulting competition, Chanakya, organized in association with Cognizant also
proposes solutions for resolving the present imbroglio between the service providers and
insurance companies.
Team Unnati, Great Lakes Institute of Management
2. Table of Contents
Introduction ......................................................................................................................... 3
The new India ............................................................................................................................... 3
Being Pro-active ........................................................................................................................... 3
Role of Health Insurance ........................................................................................................... 3
The recent spats ........................................................................................................................... 4
Going forward ............................................................................................................................... 4
Shift of focus .................................................................................................................................. 5
Getting it right and opportunities for Cognizant .............................................................. 5
Methodology ......................................................................................................................... 7
Proposed Solutions ............................................................................................................ 8
Grading Healthcare Service Providers: Foundation of broader product variety . 8
Broadening the product portfolio ................................................................................................... 8
Customer Segmentation ...................................................................................................................... 8
Grading Methodology ........................................................................................................................... 8
Marketing the grades ............................................................................................................................ 9
Establishment of Standard Operating Procedures across the industry ................10
Need for Standardization ................................................................................................................. 10
Bringing clarity .................................................................................................................................... 10
Action Plan ............................................................................................................................................. 11
Risk Management: Surprise Audit & Customer Feedback ..........................................12
Product Innovation & Customer Engagement through Co-Pay .................................13
Product Innovation............................................................................................................................. 13
Action Plan ............................................................................................................................................. 13
Channel Distribution: Reaching out to Bharat ................................................................15
Building and managing new retail channels ............................................................................ 15
Choosing channels .............................................................................................................................. 15
Stronger, consumer-oriented branding ..................................................................................... 15
Marketing effectiveness.................................................................................................................... 16
Action Plan ............................................................................................................................................. 16
Works Cited ....................................................................................................................... 16
Appendix ............................................................................................................................. 18
Appendix I (Specimen Grading Account Sheet) ...................................................................... 18
Appendix II(Service Provider Grading Matrix) ....................................................................... 19
Appendix III ........................................................................................................................................... 20
Appendix IV ........................................................................................................................................... 21
2
3. Introduction
The new India
India is on the anvil of becoming an economic
superpower leveraging its demographic dividend. A
dynamic & healthy workforce in context of our
rapidly growing service economy is critical. Ensuring
that our young population remains healthy and
continues to operate at maximum productivity is an
important imperative. Indian growth has seen a
transformation of the average Indian into a
formidable commercial power with huge disposable
income.
While the growth is far from inclusive, it has led to
the creation of a prospering middle class, which is
expected to increase to 500 million by 2025. It is
also proclaimed that food, transportation, housing
and utilities, healthcare and personal
products/services will account for over 80 per cent of total cumulative spending in India
over the next 20 years. It is worthwhile noting that the last 20 years have seen healthcare
consumption growing rapidly at 8 per cent, approximately double the rate of growth for
overall consumption. This strong growth trend is expected to accelerate over the next 20
years creating a nearly 9 trillion rupee healthcare market. (Singhal, 2007)
World-class and inclusive healthcare financing is critical for India‟s 2020 vision as most of
the healthcare expenditure is still paid out of pocket by individuals, leading to financial
distress or inadequate care. In this context, there is a clear need for a rapid increase in
access to health insurance.
Being Pro-active
However it will be naïve to assume that the massive expected growth of the market will
have an absolute positive correlation with the growth in Health care industry. “The belief
that profits are assured by an expanding and more affluent population is dear to every
industry,” wrote Theodre Levitt in his famous HBR article, Marketing Myopia. He went onto
explain that such assumptions often lead to a myopic perspective leading to a self-
deceiving cycle of bountiful expansion and undetected decay, which ultimately leads to the
fall of the industry. It is therefore important that the health care sector remains pro-active
and innovates to leverage the huge opportunity that the Indian market will offer going
forward.
Role of Health Insurance
Health insurance as a component of the
overall health care eco-system in the
country holds tremendous importance.
Indian Health Insurance Industry is still in its
infancy and has just about reached a stage
of transition. Its expansion is critical to
providing health care facilities in an inclusive
manner. Cashless health insurance
especially holds the key to stimulating
further penetration in the market. In a
recent study of IMRB commissioned by
KPMG, majority of the focused group
participants across six cities in India
expressed Cashless Insurance as a primary
advantage. The arrangement of Cashless
Insurance has led to the increase in sales of
3
4. Health Insurance policies. (Lombard, ICICI)
The recent spats
The cashless model however has been undergoing rough times with multiple problems
stemming out of the structural deficiencies prevalent in the multiparty setup. There have
been few controversies over the hefty billings done by large hospitals to the patients that
are covered by insurance companies.
This has been followed by a decision by public sector health insurance companies to deny
cashless services for some of the networked hospitals. While progress has been made on
this issue with regulators, healthcare providers and insurance companies coming together,
a lot remains to be achieved.
Going forward
We strongly believe that the insurance industry especially in the health care segment will
have to emerge into a retail driven model thereby taking relevant cues from the advanced
retail oriented way of business. Right from product innovation in terms of Co-pay to
distribution realignment powered through alliances with SHG‟s in rural India, the health
insurance model of business is slated for significant change.
Build an Build expertise Strong processes
Product Innovation
Risk Management
Channel Distribution
innovative set of in managing governed by a
core health retail channels stringent
insurance and bolster their monitoring
products and an approach to body,
array of distribution by periodically
ancillary improving their evaluates, tested
products and branding and and reinvented
services. marketing. in line with
latest
conventions.
4
5. Tracking the western markets that have evolved into an advanced retail set up, it is
rationale to believe that strategic elements like product innovations combining financing
mechanisms, elements of managed care and advice; the ability to manage multi-channel
distribution; and capabilities for risk-based pricing, will emerge as the key drivers of
business going forward. (Ehrbeck & Kumra)
Shift of focus
An important aspect critical to Health Insurance‟s future in the country would be its ability
to shift the focus from curative care to preventive care. Insurance companies thus far have
focused on improving their products with respect to better coverage and support for
curative care but have failed to give due importance to preventive care. This has led to a
huge market notably the young remaining oblivious to the health insurance product and
also has a significant role in the high claims to premium ratio in the Indian framework.
Health Insurers need to come up with product innovations that focus on preventing fatal
diseases by having regular checkups or yearly evaluation as a free option for all
policyholders.
As depicted by the figure above, forty per cent of the disease burden in India is caused by
infectious and parasitic diseases, nutritional deficiencies, prenatal and maternal conditions, and
respiratory conditions. These are relatively easily preventable and arguably a matter of public
health programs. India’s expenditure on primary prevention and public health is low by
international standards (US$13 per capita on a purchasing-power-adjusted basis compared to,
for example, US$17 per capita in Vietnam, US$22 per capita in Mexico, and US$25 per capita in
Egypt) and can be significantly increased in line with the Central Government’s declared
intentions. (Ehrbeck & Kumra)
Getting it right and opportunities for Cognizant
It is with view of these issues that we have attempted to dig deep down to the root causes
of these symptoms of structural misalignment. We have carried out a thorough research
and incorporated the views of industry experts in defining the core problems from the
perspective of the stakeholders. We have studied different models of operation as followed
in the western economies and benchmarked the best practices followed in those markets
as a driving force for our suggestions.
We have concluded with five broad solutions that are aimed towards development of a
process driven and well monitored cashless health insurance setup. We have also been
5
6. able to clearly outline opportunities for Cognizant to fill the structural gaps through its
technology and consulting practices.
We have deliberately abstained from offering myopic solutions and stuck to suggestions
that are comprehensive and form the basic foundation for robust, long-term development
for the sector. This approach we believe will offer Cognizant a much larger role in changing
the whole landscape for this domain of the Indian insurance industry.
6
7. Methodology
In this study we have outlined the key dynamics of the Indian Health Insurance market.
We have covered critical macro aspects of the Industry like its structure, potential for
growth and key stakeholders. The macro analysis of the industry is followed up by a
focused overview of the basic processes involved in the functioning of „Cash-less insurance‟
(being the primary area of exploration for this study).
Health
Insurance
Providers
Heath care
Consumer Service
providers
Third Party
Media
Assurance
Government IRDA
The next segment of the report deals with key learnings from the western Health
Insurance model. We have outlined core competencies for a healthy health insurance
industry drawing its origin from the US Health Insurance industry. The penultimate section
deals with an insight into the Indian industry with a focus on key problems and their
respective root causes categorized with respect to the following perspectives:
1.Insurance Companies
2.Healthcare Service Providers
3.TPA’s
4.Industry as a whole (Macro Issues)
The last section deals with suggestions that can facilitate Indian Health Insurance
Industry‟s evolution into a truly world-class healthcare management system which is
affordable, inclusive and flexible. The suggestions have been elaborated under the
following heads
Grading of Healthcare Service Providers and products on the basis of service
quality & premium price
Establishment of Standard operating procedures across the industry
Establishment of internal controls alongside process audits
Introduction of Co-pay schemes in the Indian health insurance industry
Channel Distribution: Reaching out to “Bharat”
7
8. Proposed Solutions
Grading Healthcare Service Providers: Foundation of broader product variety
Health Insurance offerings over the years have not undergone much change leading to
unsatisfactory levels of market penetration and low consumer recall. The recent chain of
events has also highlighted the problems with respect to insurance companies incurring
losses due to high claim ratio.
Broadening the product portfolio
We believe that lack of customized offerings for consumers across demographics, needs
and regions is the primary driver of the above-mentioned eventualities. Therefore in our
opinion an immediate expansion of health insurance products is an imperative. Insurance
companies must broaden their product portfolio in order to cater to the different consumer
classes, profitably.
Customer Segmentation
The implementation of this recommendation however is heavily dependent on insights
drawn from market data that captures customer needs, consumer perceptions, and quality
of service delivery apart from other key metrics that will serve as the basis of customer
driven product innovation in the future.
Key issues with Standard Mediclaim Policies across segments
Grading Methodology
We propose the establishment of a dynamic grading methodology that will grade
healthcare service providers on the basis of quality of service, affordability and
geographic coverage amongst other key variables. Customer satisfaction will also
be an integral component of the overall score for the service providers and
therefore play a critical role in determining the actual spread of grades. The
specimen of Grading Account Sheet and Grading Matrix has been attached in Appendix I &
II respectively.
These grades will help the insurance companies identify conspicuous customer segments
on the basis of their uniqueneeds. For e.g. a customer looking to secure quality service in
a multicity hospital chain should ideally be charged differently from a small town customer
who is satisfied with access to nursing homes and small hospitals in his city. Insurance
companies can therefore create products that are based on the quality of service,
availability of co-pay and coverage of preventive services on the basis of these grades.
We are confident that insurance companies can reduce their claims to premium ratio
significantly by offering diverse products based on these grades matching the unique
needs of the customers. They can charge an extra premium from the buyers of policies
that provide cover in the top grade healthcare service providers while they can stop clients
with low insurance premiums from overspending in these highly priced facilities by
restricting access except in the case of emergency.
8
9. Marketing the grades
These grades should be available on the websites and policy brochures of all the insurance
companies and serve as a benchmark for price negotiations with the service care providers
themselves.
Note: It is important to note that we don‟t suggest restriction of access in case of
emergencies. Such a step will lead to serious dilution of trust between the parties thereby
leading to an overall bad impact on the insurance companies.
9
10. Establishment of Standard Operating Procedures across the industry
The health insurance industry comprises several key players across its value chain. The
following can be listed as the major players engaging with each other throughout the value
chain, very often with mutually conflicting goals.
1. Insurance companies
2. Third Party Administrators (TPA‟s)
3. Reinsurers
4. Healthcare Providers
5. Distribution Channel Partners
6. Regulators
Need for Standardization
The recent spat between the service providers and the insurance companies is testament
to the prevalent distrust amongst the parties involved. It is unreasonable to expect mutual
trust to be able to drive a robust operational framework in a market of such high stakes.
Therefore it is imperative for the industry participants to be aligned with a set of industry
wide standard operating procedures filling key process gaps and structural deficiencies in
the present framework.
Source:(KPMG & CII, 2008)
An off-shoot of the lack of standardization of healthcare providers is the differing qualities
of service, costs, procedures, treatments across different providers. This has resulted in
low customer satisfaction, unethical practices such as long hospital stays, expensive
treatments and drugs. For building a strong and consistent healthcare infrastructure,
standardization of healthcare costs and introduction of accreditation norms is a pre-
requisite. (KPMG & CII, 2008)
Bringing clarity
We propose the formation of a regulatory body with participation from all parties
involved with a clear goal of establishing and monitoring compliance to industry
wide standard operating procedures.
We are positive about the ability of this move to even counter the failed attempts in some
states toinstitutionalize uniform standards for hospitals, with health being a state subject
in India. We foresee the creation of an industry wide web based operational platform to
enable
Linking all the parties involved through a single channel
Seamless communication amongst parties involved
Clear establishment of authority and responsibility
10
11. Action Plan
This proposal demands industry wide support and cooperation from all the parties involved
and the following schematic elaborated upon the role of all the parties in great detail.
Source: (KPMG & CII, 2008)
We are positive that this will lead to the following favorable outcomes for the industry as a
whole
Improved performance of all parties w.r.t service quality and turn-around time
Reduced administration and processing costs
Effective risk control across processes
A key input for grading service providers
Elimination of multi-party bargaining and contracts which led to confusion
Development of a co-operative model, critical for evolution of the health insurance
industry as a whole
11
12. Risk Management: Surprise Audit & Customer Feedback
Cashless insurancecreates disincentives to control costs as it appears to be a„free‟ good for
the patient and the provider, often resulting inexcessive treatment by the provider
(induced demand) and frivoloususe by the patient taking treatment even for a
conditionwhich he would normally have ignored or cured with ahome remedy (moral
hazard)(Rao, 2008). Also problem such as asymmetry in information put the patient and
the insurer at a disadvantagedue to their inability to resist or challenge medical
opinionregarding an existing condition or future treatment. Besides,in the absence of
knowledge of prices, the provider can shortchangethe two by overcharging. Some of the
key initiatives and the actions required to tackle this are:
Independent regulatory body:One of the key issues identified from the insights that we
have received is the absence of an independent regulatory body. A panel comprising of
independent Doctors appointed by IRDA should be formed. The team should be responsible
for
Audit of bills: A random check of claim cases to assess the necessity of various
treatments. The team should be responsible for checking of bills and claims made from
hospital. Higher the amount of claim, more the chances for fraudulent bills, to tackle this
we propose a mandatory audit of bills above Rs. 1.5 lac post redemption of claims
Ghost Audits: Mystery shopping as a patient to assess the quality of advice/suggestion
made by the health care service provider with regard to the insurance coverage
Customer Feedback: Feedback evaluation for service providers through a dynamic
customer feedback system that generates ranking for service providers on various
parameters such as
Responsiveness
Reliability
Empathy
There are various touch-points where technology can help create and monitor processes in
a much more efficient way. Feedback can be collected for different service providers
through Internet, data collection at bill payment by audit team during surprise visits etc.
The objective is to establish integrated standard operating procedure across the country
and build a ranking system on the basis of overall customer satisfaction & compliance to
industry standards.
12
13. Product Innovation & Customer Engagement through Co-Pay
In a retail-oriented world, health insurers need straightforward, segment-tailored, quick-
to-market products. Consumer industries gain limited advantages from any single
innovative offering, as rivals are quick to copy. However, competency in developing
distinctive products faster than competitors delivers substantial value in the long run. To
achieve leadership, health insurers must focus on building a broad product portfolio and
managing products more effectively.
Product Innovation
Health insurers in a retail context need an innovative set of core health insurance products
and an array of ancillary products and services. Breadth is important to realizing
economies of scope (e.g., in distribution) and covering the range of risks and expenses
that consumers face. We have looked at the following four broad categories of product
innovations from the prospective of all stakeholders.
Coverage of incidental costs and more diseases: While hospitalization forms a
substantial cost in medical care, pre-hospitalization entails visits to specialists, diagnostic
tests etc., and post-hospitalization care also entail high costs. Therefore, coverage of
these expenses is desirable. As per a research done by,(CII, 2008)consumers expect
coverage of diabetes, blood sugar, dental ailments, surgeriessuch as eye surgeries, root
canal etc that do not require hospitalization, andspecialized coverage for women to be part
of their Model Health Insurance offerings. A wellness oriented policy model followed in the
US has been attached in Appendix IV and it reflects the needs of a maturing market.
Product Bundling: Sophisticated bundling approaches will be needed to combine product
distribution synergies, consumer preferences, and ease of communication. One such
approach is one U.S. insurer‟s attempt to bundle individual health insurance, dental, and
life insurance
Long-term policies: Consumers should also have an option to take longer-term health
insurance policies compared to the existing one-year policies.
Pricing Innovation: Currently for most policies, the frequency of payment of premium is
yearly. However, an alternative possibility of a one-time premium with life-long coverage
will be preferred especially by self-employed people who could have a spurt in earnings
during a particular year, which can be invested in a policy as a onetime investment.
Another alternative is the payment of a one-time large premium, followed by yearly top-
ups to cover a family for a long period
Co-Pay
Co-pay is a policy option whereby the customer is bound to pay a small percentage of the
total bill by his pocket. Whenever possible all enrollees should contribute, even if only
symbolically, to premium and co-pay to increased perceived ownership and manage
utilization. Co-payments can be tiered as per different network toencourage patients to
look at other hospitals in alliance
To ensure extensive penetration of health insurance in India, companies can test the
acceptability of two successful global health insurance modelsstated in Appendix III
amongst Indian consumers.
Action Plan
Product & pricing innovations is expected to be the key driver for penetration of health
insurance in India.Some of the key initiatives and the action steps for various stakeholders
include:
13
15. Channel Distribution: Reaching out to Bharat
To increase the penetration of Health Insurance in India, there is a need to explore
innovative distribution channels. Health insurers must build expertise in managing retail
channels and bolster their approach to distribution by improving their branding and
marketing. Whether they distribute directly to consumers or through intermediaries, they
will also need distinctive brands and an overall brand communication strategy that gains
the consumer‟s trust.
Building and managing new retail channels
Reaching individuals requires a host of channels and sales approaches. Five types hold
promise:
Direct-response channels. These include a captive sales force, call centers, the Internet,
direct mail, mobile medium and television commercials. WellPoint in US, primarily uses the
Internet, for example, to sell a product aimed at consumers aged 18 to 29 (“young
invincible”) who think they do not need health insurance. The online channel is also
gaining in importance—web agencies sold roughly 10 per cent of new individual policies in
2006. The online channel has the potential of attracting younger and healthier customers
Retail stores. Health insurers are offering health benefit products through Costco and
Wal-Mart, and pharmacies such as Walgreens in US. One of the biggest success stories for
payors has been in selling Medicare-related products to the elderly through bricks-and-
mortar retailers. Kiosks can be established at the waiting areas of stores to garner
information about the products, which can be further followed up by the insurance
providers
Affinity-marketing relationships. Health insurers that have used such relationships
successfully include Humana (with Virgin) and United Healthcare (with the American
Association of Retired Persons, or AARP). Organizations like “Baghidari” in Delhi should be
approached for this purpose
Partnerships with financial institutions As consumers pay more for healthcare and
health-oriented financial products, these two areas will naturally converge. Royal
Sundaram, for instance, has employed partnerships with CitiFinancial, Citibank among
others in India for distribution of insurance. More such tie-ups are needed with NBFC‟s,
Banks, SHG‟s, NGO‟s and organizations like ITC‟s e-Choupal for wider insurance inclusion
Worksites. The worksite provides an attractive channel as it garners a natural trust
among employees that their employer has vetted the carrier. In addition, it provides
access to payroll deductions as well as opportunities to implement wellness programs.
Individual insurance carriers are, for example, working to partner with small employers to
offer individual products at the workplace, with or without financial contribution from the
business.
Choosing channels
Different consumer segments have different preferences and attitudes, and payors must
understand them. Some consumers, for example, want a trusted adviser who can make
decisions for them, while others desire information and tools to make their own decisions.
Preferences also vary by demographics; for example, most retirees like greater support.
Understanding such preferences is important when companies decide whether to use direct
channels or channels that provide for human intervention. Because a consumer‟s risk
profile (that is, health status) is correlated with demographics, the choice of channels can
be a significant driver of profitability.
Stronger, consumer-oriented branding
Whether health insurers distribute directly to consumers or through intermediaries they
will need to develop distinctive brands and an overall brand communication strategy. At a
minimum, health insurers must gain the trust of consumers, which frequently does not
exist. If done well, a strong consumer brand can deliver significant value in the way of
price premiums, positive risk selection, and lower distribution expenses.
Develop multiple sub-brands under an umbrella brand to provide more targeted
support to different products, channels, and/or customer segments
15
16. Continue experimentation with affinity marketing and co-branding, both of which can
be effective
Marketing effectiveness
In a retail context, health insurers need to effectively manage their marketing spend
because their distribution approaches will become exponentially more complex and the
nominal amounts in play could be significant.
Build up ability to track and measure the performance of each marketing spend, such
as the impact on the response rate of changing the type of envelope used for a direct
mail piece
Health insurers will need segment-specific targeting and positioning
Action Plan
Some of the key initiatives and the action steps for various stakeholders include:
16
17. Works Cited
CII, K. (2008). Health Insurance Inc: The Road Ahead. Health Insurance Summit
2008, (p. 18). Mumbai.
Ehrbeck, T., & Kumra, G. Sustainable Health Insurance. McKinsey & Company, Inc ,
Healthcare Payors and Providers Practice . McKinsey & Company, Inc .
ICICI. (n.d.). Tips for Insurance Card Holders. ICICI Prudential Life Insurance
Brochure . India: ICICI Prudential.
KPMG & CII. (2008). (p. 31). Mumbai: KPMG, CII.
Levitt, T. (2004). Marketing Myopia. Harvard Business Review .
Lombard, ICICI. (n.d.). Popularizing Cashless Hospitalization. Delhi, Delhi, India.
Rao, K. S. (2008). Financing and Delivery of Health Care Services in India. New
Delhi: Commission on Macroeconomics and Health, Govt of India.
Singhal, S. (2007). Sustainable Health Insurance : Global perspectives for India.
McKinsey & Company, Inc . New Delhi: McKinsey & Company, Inc , FICCI.
17
18. Appendix
Appendix I (Specimen Grading Account Sheet)
Service Provider: Grading Account Sheet
Grading Dimensions Methodology Score
Infrastructure
Local Coverage No of beds/Population of city
No of Operating Theaters No of beds/Population of city
Capacity of ICU No of beds/Population of city
Total
Expertise
No of permanent Doctors No of Doctors/Avg Patient In
No of MD Doctors MD Doctors/Total Doctors
No of DM Doctors DM Doctors/ Total Doctors
No of MS Doctors MS Doctors/ Total Doctors
Total
Value for Money Index
OPD Charges Expressed as a percentile score
Bed Charges Expressed as a percentile score
Surgery Charges Expressed as a percentile score
Heart Surgery Charges Expressed as a percentile score
Total
Customer Satisfaction
Index
Responsiveness Expressed as a percentile score
Empathy Expressed as a percentile score
Reliability Expressed as a percentile score
Total
Weighted average of the dimension
Comprehensive Score scores
18
19. Appendix II(Service Provider Grading Matrix)
Grade Matrix
Grading Index Score Range
Grade A More than 90
Grade B+ 76-90
Grade B 66-75
Grade C+ 50-65
Grade C Below 50
19
20. Appendix III (Globally Successful Health Insurance Models)
Source: (KPMG & CII, 2008)
20
21. Appendix IV ( Wellness Products Offered in the US)
21