Sheeraj Deshpande, Head, Health Insurance Future Generali
India Insurance Company Ltd

We are fully committed to consistently ensuring that our products, processes and services are customer focused and are rated highly by our customers and partners, says Sheeraj Deshpande, Head, Health Insurance Future Generali India Insurance Company Ltd

Why should one accept a health insurance plan offered by Future Generali?
We have a wide range of products / plans under health insurance. Future Health Suraksha is our flagship health insurance product which has basic, silver, gold and platinum plans. This is basically a hospitalisation insurance product. The sums insured options vary from Rs 1.50 lakh to Rs 10 lakh. This product is very competitively priced and has some unique features like patient care, additional SI for accidental expenses, accompanying person benefit, etc. We also have Future Critical Illness (Critical Illness Product Covering 12 critical Illnesses), Future Hospi Cash and Future Health Surplus. One of the most important USP of Future Generali is that we have an in-house servicing unit- Future Generali Health (FGH) for servicing health insurance policies. We are very proud to say that we have established ourselves as the one of the best service provider in the industry as far as servicing health insurance policies is concerned. The most important aspect of any health insurance plan is the servicing, especially when the person is hospitalized and awaiting cashless authorization. As of now our major portfolio consists of Corporate Group Health and we are also steadily increasing our retailhealth business. It would be pertinent to add here that Future Generali India Insurance Company Ltd is a JV between Future Group and Generali Group and Generali Employee Benefit is the largest Employee Benefit Insurer in the world. Servicing Health Insurance customers requires special empathy and judgment and we ensure we have a very efficient team to manage our health insurance portfolio and our customers do experience delightful service levels.

One of the major reasons for insurance companies not being able to introduce innovate and comprehensive products in the Indian market such as Prescription Drugs cover, etc, is the unregulated health care sector in the country

What is philosophy of the Future Generali?
We at Future Generali aim at offering and tailoring a bright combination of protection, advice and servicing. We are fully committed to consistently ensuring that our products, processes and services are customer focused and are rated highly by our customers and partners. We play a proactive and leading role in improving peoples lives through insurance.We tie a longterm contract of mutual trust with our people, clients and stakeholders. We commit with discipline and integrity to make an impact within a long lasting relationship.

We look to grow respectably but also sustainably bringing in value as we grow. We are a totally customer focused organization and all our efforts are towards ensuring the best product and service offering for our customers at an appropriate price. We strive to grow profitably ensuring our clients live a very peaceful and happy life. We also realize unless the growth and business is sustainable we can never achieve our goals.

Health insurance has long been held back in urban spheres. What has Future Generali done to make up for the lost opportunity in the rural areas?
We look at the rural markets as a very good opportunity to increase our penetration, growth and profitability. We do have a good presence in rural areas through MFIs, NGO and co-operative Banks. Our Future Health Suraksha Product has the Basic Plan which is targeted at rural areas as well as smaller towns and is also priced accordingly. We are increasing our penetration by tying up and working with various MFIs, NGOs, RRBs, CSC etc, in the rural areas. The challenges of rural market includes the product has to be simple to understand, should be priced affordably and a cost effective distribution strategy. We are making use of technology to reach the rural masses and service them efficiently.

We have been participating in RSBY schemes and reaching out to the masses.

Health insurance is an attractive sector for the foreign companies asking the Govt for more liberalization. What is your opinion?
Health Insurance is the second largest portfolio only next to the Motor in the Non-Life Insurance Industry in India and also the fastest growing segment. Approximately 65-70 % of the Health Insurance business is Group health insurance which over the years has been a loss making business (especially corporate group health). Retail Health Insurance in India is still growing at a rate lower than anticipated and there is a large scope for growing the retail lines of business. There is definitely more space for new companies.With new entrants coming in, there would be increased competition as well as newer products and services introduced in the Indian market which would ultimately benefit the end customer.

If I were to ask you one thing you would like the Modi-led Govt to change in its policy, what would it be and why?
The government appears to be going in the right direction.

Some countries offer insurance even on the medicines. Is it possible in India, especially in the rural areas?
Medicine expenses as a part of hospitalization treatment is even covered under the present polices in India. Some companies have also introduced OPD coverage under hospitalisation health policies in a restricted way.

One of the major reasons for insurance companies not being able to introduce innovate and comprehensive products in the Indian market such as Prescription Drugs cover, etc, is the unregulated health care sector in the country. Today a prescription can be available without a consultation and drugs and medicines can be available without a prescription and so also bills and receipts available without any prescription, actual purchase of drugs and medicines or consultations. There is no regulator for the health care sector and until something is done to address this it would be very difficult for newer and innovative products to come in the Indian market.

How do you think can the Govt achieve hundred percent health insurance cover for all its citizens?
I would suggest the following approach for making available affordable and effective health care for each and every citizen of the country. The small table explains the approach.

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