ICICI Lombard General Insurance, India’s
largest private sector insurance company, has released the key trends for 2013
and its outlook for 2014 for the Health insurance segment.
Commenting on the occasion, Mr.
Sanjay Datta, Chief – Underwriting and Claims, ICICI Lombard General
Insurance said: ‘Being the largest private sector General insurance
company, we believe it is imperative for ICICI Lombard to be ahead of the
industry curve in terms of identifying consumer trends & imbibing the same
in our product and customer service proposition. The year 2013 saw the industry
take initiatives across the product portfolio that resulted in the sector
registering sizeable growth despite prevailing macro headwinds.”
Some of the key insights & outlook
shared include:
 |
| Sanjay Datta, Chief – Underwriting and Claims, ICICI Lombard General Insurance |
Health Insurance
· Disease pattern is
shifting towards non-communicable diseases e.g.
Neoplasms (Cancer), 11 % in 2013-14 compared to 8 % in 2009-10
· Higher growth in medical
inflation related to reimbursement cases (12 % in 2012-13 compared to 10.2 % in
2011-12).
Cashless cases
witnessed limited rise in costs due to efficient network management
· Cashless route adopted by
customers for high cost treatments
· 30 % Medical Cases treated
at Tertiary hospitals – resulting in higher treatment costs
Among the key trends likely to emerge/
strengthen in 2014 include:
· Employer sponsored health
insurance cover will continue to rise
· Focus on OPD in line with
changing customer trends and emergence of shorter duration treatments (one day
stay/ same day discharge)
· Preferred Provider Network
to gain prominence
About ICICI Lombard General Insurance Company Ltd.
ICICI Lombard GIC Ltd.
is a joint venture between ICICI Bank Limited, India's second largest bank with
total assets of over USD 99 billion at March 31, 2013 and Fairfax Financial
Holdings Limited, a Canada based USD 37 billion diversified financial services
company engaged in general insurance, reinsurance, insurance claims management
and investment management. ICICI Lombard GIC Ltd. is the largest private sector
general insurance company in India with a Gross Written Premium (GWP) of Rs
64.20 billion for the year ended March 31, 2013. The company issued over 9.18
million policies and settled over 5.07 million claims as on March 31, 2013.
ICICI
Lombard received the highest rating in terms of overall customer satisfaction
as well as ‘The most Recommended Company’ in a 2013 survey to assess Customer
satisfaction and Quality of Health insurance in India, commissioned by Dept. of
Consumer Affairs, Ministry of Consumer Affairs. The company has also been
conferred the "ASTD BEST Award 2012" for Learning and Development,
"Porter Prize 2012" for creating Shared Value, "Golden Peacock
Award 2012" for Corporate Social Responsibility and "Golden Peacock
Innovation Award-2010" for Rashtriya Swasthya Bima Yojana. It also
received the "Product of the Year" award in the General Insurance
category for FY2012-13 and was voted the No 1 Health Insurance Product in a
survey of 18,000 people over 23 cities in India, a study done by Nielsen. The
company has been conferred with 'Celent Asia Insurance Technology Award 2012'
under the category Best Mobile Applications. More details are available on the
website www.icicilombard.com
ICICI Lombard General Insurance Company Ltd.
ICICI Lombard House,
414, Veer Savarkar Marg,
Prabhadevi,
Mumbai 400025
Tel: (022) 61961000
www.icicilombard.com
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