RGI's Achievements & Future Outlook From Our CEO With Business Standard (20-08-22)

Published By: Bw Business World

Published Date: 20-08-2022

The overall health insurance segment grew from ₹57K crore in FY 2020 to ₹80K crore in FY 2022. It was driven by increased awareness post pandemic, government initiatives and innovative product solutions offered by private insurers.

Rakesh Jain, our CEO, stated that in FY 2022, the health insurance segment overtook the motor insurance segment.

Although there is significant progress, efforts are required to further increase insurance penetration across India. According to a Niti Aayog Report, 30% of the population is not covered by a health insurance policy.

Mayank Bathwal, CEO of Aditya Birla Health Insurance, said Ayushman Bharat can be used to cover this population and enabling wellness guidelines in health insurance can encourage them to buy.

Rakesh Jain emphasised the need for promoting standardised plans like Arogya Sanjeevani Health Policy and strengthening outreach through Common Service Centres (CSC) and Village Level Entrepreneurs (VLE). He also expresses the concerns over the GST rate that need to be addressed.

In this interview, Mayank Bathwal highlighted the company’s key offerings and the biggest achievement of adopting strategies for the ‘health-first’ approach. He also discussed the incentivised wellness approach to reward customers engaging in healthy activities and the innovative and comprehensive solutions that make them stand out.

In this interview, Rakesh Jain spoke about the customisation benefits offered by RGI that can benefit families and senior citizens. He further highlighted the company’s achievements in offering COVID-specific policies, digital claim settlements, EMI payment options and quick claim processes that set them apart.

Both Rakesh Jain and Mayank Bathwal emphasised the growth opportunities in InsurTech for enhancing customer experience, personalisation and innovation.