To realise the nation’s goal of universal health insurance, the regulatory body Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday announced the formation of a 15-member Health Insurance Consultative Committee.
According to a circular from the Insurance Regulatory and Development Authority of India (IRDAI), the panel has been in place for two years.
The group, led by IRDAI member Rakesh Joshi, has been entrusted with identifying the difficulties in conducting business in the health insurance sector and making suggestions to make it easier.
Another responsibility given to the group is to “arrive at methods and means to improve the penetration of health insurance in India, including identifying issues and challenges in the entire value chain and giving recommendations to solve them”, which is another task assigned to the panel.
The group is anticipated to give recommendations regarding the standardisation of practices among providers, including for the collection, collation, and analysis of data, among other things.
According to IRDAI, health insurance must continually change to keep up with the evolving landscape of healthcare. It needs to be able to fully satisfy the requirements of those looking to purchase insurance as a safeguard against medical costs.
Every family in the nation must have health insurance coverage, according to the regulator.
To create a conducive atmosphere for the country’s goal of universal health insurance, IRDAI stated in the circular that periodic visits to the various components of the health insurance value chain are necessary.