Health Insurance industry in India has undergone radical transformation in the past couple of decades, with privatization and digitization. The transformation has accelerated further due to the prevailing pandemic situation. India’s health and medical insurance market witnessed a CAGR of ~24% in the last 10 years. More recently, 130 new health insurance products were approved by the regulator during March to August, 2020. Health Insurance overtook Motor Insurance to become the largest contributor in the general insurance segment, with ~33% market share and ~13% YoY (year-on-year) growth. The momentum was largely driven by individuals buying policies in the post-pandemic frenzy.
Customers today have access to more than 300 health insurance policies, issued by over 30 insurers. Technology-enabled and data-oriented solutions for product comparison, medical underwriting, claims management and customer service have helped improve service levels, as well as reduce processing time in query registration and complaint resolution.
That being said, nearly 90% of Indian households are not covered under medical insurance, while those with health plans are “underserved” and / or “under-covered”. Households and individuals who do have health insurance largely depend upon government-encouraged schemes or group insurance plans that might not sufficiently cover the family at large. Having optimum coverage for insured members is critical, considering the steep rise in medical costs and incidence of critical illnesses and lifestyle diseases. Besides, a clear area for improvement is claims management and service. A recently conducted health insurance survey revealed that over 60% of health insurance policyholders have to wait for over a month for cashless claims, of which more than 30% of claims took 2 months or more for post-discharge reimbursement claims This leaves room for a major improvement in the overall reach and functioning of intermediaries in the health insurance sector.
SANA.INSURE: Bridging the Gap by Leveraging Digital Technology
SANA.Insure was founded in May 2019, and licensed by the Insurance Regulatory and Development Authority (IRDAI) as a Direct General Broking firm in February 2020. The company’s portal, sana.insure, was launched in July 2020. As of January 2021, SANA Insure is a broking partner of over 25 general and health insurers. Of these, 14 are directly connected online through an API interface with the sana.insure portal, which hosts more than 150 health insurance products. These products are available in various combinations of the group, individual, family, maternity, critical illness, and senior citizens’ policies, customized to suit the buyer’s requirements.
SANA Insure’s objective is, “Digi-health insurance that goes the extra mile” – our mission is to make the entire process of purchasing health insurance a pleasant and informative experience. Health insurance policies typically come with a long list of addendums and fine-print, which customers are typically unaware of or do not study thoroughly, prior to purchase. SANA Insure’s fundamental premise of conducting business is absolute transparency, clarity, and integrity. We believe it is imperative to help buyers understand the disclaimers and other terms, to avoid any unpleasant experiences at the time of claims. We don’t just believe in a sale or closure to be the final leg of customer engagement. We “go the extra mile” by offering personal and dedicated pre-, during-, and after-sales service. This includes assisting with product understanding, document handling, claims management, porting of health insurance policy, renewals and other value-added-services.
Our principal focus remains the customer, and our program-driven product recommendations are unbiased and exclusively based on their needs and requirements.
What makes SANA Insure stand out
The primary mandate within SANA Insure is to obtain full information about the health insurance plans and policies on offer, including detailed terms and conditions, inclusions and exclusions, and other pre-requisites. The information is then painstakingly converted into an easy-to-understand format, called SANABase, for convenient viewing and comparison of related product features among multiple health insurance policies. Each health insurance policy’s attributes, benefits, and minute details have been parametrized into 150+ distinct features that are displayed in a comprehensive yet simple manner for the buyers’ convenience and knowledge.
Another unique feature on sana.insure is SANABot. This is an intelligent chat engine built for customer interaction and query resolution.
SANABot is available through Whatsapp for 24*7 connect, to solve all queries pertaining to any health insurance policy. For customers who prefer a more personal engagement, our team of highly experienced, professional, and service-oriented Customer Experience Officers is available and ready to respond.
As a free service and extended value add, SANA Insure has launched SANAliser, an automated rule-engine that analyses customers’ existing health insurance policies. It generates an electronic report on the effectiveness of a customer’s current policy, considering family demographics and expectations in terms of health insurance coverage.
SANA Insure is proud to be considered one of the “10 Best Insurance Start-ups in India in 2020” by Silicon India StartUpCity, in December 2020, as an innovative InsureTech company.
We invite you to visit our health insurance portal, sana.insure for quick, impartial, simple, and easy access to comparative information across various health policies available in India, best suited to your needs. Our Sana Expert can help guide you along the way in choosing the right plan.
Wish you a healthy and happy life!