health insurence portibility
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HEALTH COVER PORTABILITY
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PRESENTED BY:-
Harsh Murumkar
Krunal Parmar
Hardik Dasani
Kamaljeet Singh
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WHATIS HEALTH INSURANCE?
Its a insurance against the risk of incurring medical
expenses among individual.
By estimating the overall risk of health care expensesamong a targeted group, an insurer can develop a routine
finance structure, such as a monthly premium or payroll tax.
Health care policies give returns also on paid premium.
Returns may depend up on a share market or fixed rate.
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WHATISHEALTHINSURANCEPORTABILITY
This means one can switch from one health
insurer to another without losing any
benefits you have earned on your existing
health cover.
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SWOT ANALYSIS-
STRENGTHS
Portability will allow policyholders to switch to another
company and carry forward the waiting period credit for the
pre-existing disease cover. Till now policy holders have been
forced to stick their insurer for fear for losing continuity
benefits. If the new insurance company does not communicate its
decision on the portability proposal within the stipulated time
it becomes obligated to accept the proposal.
Even policy holder cover under employers group mediclaimcan now transfer the waiting period credit and move to
individual or family floater health policy.
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WEAKNESSES
It is up to the insurer to accept or a reject the proposal for a
switch. Those dissatisfied with an insurer claim settlementrecord and wishing to migrate may not find takers.
Insurer are free to levy premiums as per their norms. Hencethose in high risk categories like the, elderly or those with
illnesses can not accept reasonable premium while porting. Those with accumulated no claims bonus could be at a
disadvantage as a new insurer will levy the premiumapplicable enhanced sum assured.
While porting from a group cover the insured first will have to
switch to an individual cover of the same insurer. Only afteryear can they then move to the insurer of their choice.
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OPPORTUNITIES
For the customer if they are dissatisfied with prior insurancepolicy they can think about switch to another insurer.
If policy returns are linked with the share market those
customers also can be switch to the fixed rate policy and vice
versa.About the companies concern company can attract customers
from the other insurer company.
Companies can implement new policies to retain their old
customers.
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GRAY AREAS-(THREATS)
Insurer should clear migration proposal in a specified
time, but there is confusion over the calculation of the
time limit. Some say guidelines stipulate 15 days others
feel it is 35-40 days.
Clarity is needed on whether new insurer should
immediately cover disease contracted during existing
policy term.
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MARKET ENVIRONMENT
Competition will at high level. Though customers got power
to port from one insurance company to another insurer.
Companies first of all have to take efforts to retain their oldcustomers.
Insurance policies should more flexible.
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CONCLUSIONS
There are many confusing factors.
Portability will give a new power to insurance holder
and dissatisfied customers can switch policy.
Portability is a new thinking and yet not beenimplemented in market.
Portability has a great future.
Companies has to plane new policies for both old
as well as new customers to be remain existed inmarket.
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SOURCES:-
The Economics Times
www.google.com
Special Thanks to
Kamaljit Singh
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