Covid-19 a great ad for health insurance, says ManipalCigna chief Sikdar - The Hindu BusinessLine



Covid-19 a great ad for health insurance, says ManipalCigna chief Sikdar

ManipalCigna Health Insurance Company Ltd (ManipalCigna), a standalone private health insurer, expects to maintain its growth momentum and clock at least 20 per cent growth in gross written premium (GWP) this fiscal despite the Covid-19 induced lockdown affecting business in the first two months, a top official said.
“Because of the expected increase in health insurance demand due to Covid-19, I am optimistic that growth will hold on for us and we will continue to grow like the last couple of years. To have a double digit growth in this kind of environment is not bad at all,” Praasun Sikdar, Managing Director & CEO, ManipalCigna, told BusinessLine in an interview.
He highlighted that the company was not changing its business growth aspirations due to the two months of lockdown.
In 2018-19, ManipalCigna’s GWP stood at about ₹577 crore, up 19 per cent over the previous year. In 2018-19, this health insurer had achieved GWP growth of 40 per cent.
Sikdar said that Covid-19 has been a great advertisement for health insurance and this has also significantly increased the awareness level among consumers on the growing medical inflation in the country.


“Post Covid-19, I see health claiming priority plot in the hierarchy of needs. If health insurance till recently were just a priority in people’s mind, clearly now there is a shift happening or will happen to move health insurance from a priority need to a necessity,” he added.

Digital tech-centred

Sikdar said that ManipalCigna is now focussed on how can the company use digital technology to better determine customers’ access problems.
Going forward, one can expect a slew of simple and easy to understand products coming into the market from the ManipalCigna inferior, he said.
“You will also see far more extensive cashless covers at a more affordable prices. There will be more simple bundled products that customers can buy on the go, digitally and from websites. You can also expect higher sum assured products. The guiding principles for us will be affordability, predictability and simplicity,” he said.
Asked if the company had settled Covid-19 claims, Sikdar said that the health insurer had till date settled 50 cases. For these cases, the average reported claim size is between ₹2-2.5 lakh.
The entire private insurance industry is estimated to have settled about 6,000 claims involving ₹80 crore as regards Covid-19 positive cases, according to Sikdar.

Co-payment clause

In a first-of-its-kind initiative, ManipalCigna had recently waived off the mandatory co-payment clause for senior citizens aged 65 years and above if they need treatment for Covid-19. This benefit will be available for its ProHealth customers till August 31, Sikdar said.

A letter from the Editor


Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism
Thanks for reading our article Covid-19 a great ad for health insurance, says ManipalCigna chief Sikdar - The Hindu BusinessLine . Please share it with responsible.
Sincery One Health Club
SRC: https://www.thehindubusinessline.com/premium/covid-19-a-great-ad-for-health-insurance-says-manipalcigna-chief-sikdar/article31725059.ece

powered by Blogger News Poster

0 Response to "Covid-19 a great ad for health insurance, says ManipalCigna chief Sikdar - The Hindu BusinessLine"

Post a comment