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The New India Assurance Co. Ltd: Enabling Patient-Centric Healthcare

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G Srinivasan Chairman and Managing DirectorThe New India Assurance Co Ltd

G Srinivasan
Chairman and Managing Director
The New India Assurance Co Ltd

We are the sole insurers for BSBY in Rajasthan and our performance has been exemplary. This is first health insurance scheme of its kind for the masses, which is being managed and serviced directly by any Non-Life Insurance Co. in India, without the assistance of Third Party Administrator (TPA), says G Srinivasan, Chairman and Managing Director, The New India Assurance Co Ltd., in an interview with Kartik Sharma and Arpit Gupta of Elets News Network (ENN)

What is the strategy of New India Assurance to enhance customer service in healthcare sector and taking insurance to the last mile?

To take care of our customers we have developed Online Portals through which they can buy Online Insurance. We have dedicated marketing force of our own Inhouse Marketing Executives as well as a large robust and dedicated Agency force, which is capable of taking our Healthcare products to the farthest corner of the country. In order to provide effective service to our customers, we have enhanced our reach by way of 2300+ brick and mortar offices located all over the country. The above efforts are backed up by 24×7 call centers and a seamless I.T. driven grievance redressal mechanism to resolve customer issues.

You have strong presence PAN India. Do you also see opportunity in rural areas?

There is huge opportunity in rural areas, which is largely untapped. We are exploring this opportunity and making the most of it by way of our 1300+ Micro Offices/Extension Counters .We are also putting efforts in making use of Central Govts. E-governance initiative by enrolling and integrating Common Service Centres in our I.T.Network. Common Service Centres, which are portals manned by Village Level Entrepreneurs (V.L.E.). The drive for rural penetration is further supported by Micro Insurance Agents.Micro offices are mostly one man offices, which take care of the need of rural masses by way of educating them about the product and giving the required services.

Health Insurance is traditionally the largest segments for the industry. New India Assurance being the largest non-life Insurer opened 1.5 crore accounts under Pradhan MantriSurakshaBimaYojana (PMSBY). Did it help a lot to create awareness on insurance?

Yes, it is a great initiative by our Visionary Prime Minister, Hon’bleShri NarendraModi to popularize the concept of Banking and Insurance amongst the masses. In keeping with his larger aim of Financial Inclusion of the rural masses supported by extensive publicity campaign, the concept of insurance and resultant security has reached the masses. By way of Camps, claim distributions by VIPs especially cheque distribution and word of mouth publicity from customers has further helped in spreading the concept of need of insurance.

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New India Assurance is in the process of expanding its overseas operations and is preparing to open office in Canada and Qatar. What is the plan and progress?

Yes, we are in an expanding mode in our overseas operations. We already have presence in 28 countries by way of direct branches, agency operations and subsidiary companies. For Canada and Qatar, we have readied the pitch and awaiting clearance from the concerning Govt. authorities.

BSBY is being led by New India Assurance in Rajasthan. What has been the performance so far? What is the claim ratio ?

We are the sole insurers for BSBY in Rajasthan and our performance has been exemplary.This is first health insurance scheme of its kind for the masses, which is being managed and serviced directly by any Non-Life Insurance Co. in India, without the assistance of Third Party Administrator (TPA). Total No. of claims reported so far has been 4.73 lacs amounting to Rs.226 crores. The policy commenced from 13th December 2015 and will be expiring on 12th December 2016. So there are roughly 3 months remaining for the policy to expire. The sheer number of claims amply proves our dedication and effort to take the health care services to the rural masses in Talukas, Tehsils and Villages.

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