TATA AIG targets accelerated growth in health insurance with launch of innovative riders, including industry-first comprehensive preventive mental health coverage
FinTech BizNews Service
Mumbai, October 23, 2024: TATA AIG General Insurance Company Limited, a leading general insurance provider in India, today announced the launch of five new riders offering more than 60 benefits, aimed at enhancing the flexibility and comprehensiveness of its retail health insurance products. As medical costs continue to rise and healthcare needs evolve, these riders are designed to provide customized protection, addressing emerging health concerns and lifestyle changes. The launch reflects TATA AIG’s commitment to advancing growth in the health insurance sector by offering innovative and pertinent solutions for its customers.
The new riders—Mental Wellbeing, EmpowerHer, OPD Care, CanCare, and Flexi Shield—are tailored to meet critical healthcare needs, such as mental wellness, female health and cancer coverage. EmpowerHer rider focuses on comprehensive healthcare issues of female, like infertility, PCOS and other gynaecological concerns, while Mental Wellbeing introduces an industry-first mental health preventive screenings and rehabilitation coverage. CanCare provides enhanced cancer protection, OPD Care and Flexi Shield ensure customers are protected against rising medical costs and everyday health expenses.
Strategic Expansion and Market Growth
TATA AIG aims to enhance its health insurance operations over the next two years, targeting an expansion of its agent base from 92,000 to over 150,000 as part of its broader strategy. The company’s health insurance segment currently contributes 21% to its overall Gross Written Premium (GWP). With the introduction of new riders and expansion of its distribution network, the company projects its retail health insurance to grow at a CAGR of 30% over the next three years. This growth reflects TATA AIG's focus on positioning health insurance as a cornerstone of its business strategy, targeting both urban and rural markets.
Enhancements in Claims Process
Tata AIG has also made significant improvements to its claims settlement process, which is critical to maintaining customer trust. The company’s cashless claims utilization has risen from 67.7% in FY 2022- 23 to 76.95% in FY 2024-25, with 96% of cashless claims processed within four hours and 85% of reimbursement claims settled within five days. The company aims to target 100% through cashless anywhere in coming years. These enhancements demonstrate Tata AIG’s commitment to providing fast, seamless service, setting new benchmarks in the industry for efficiency and customer satisfaction.
Network Expansion
Tata AIG has aggressively expanded its network to ensure access to quality healthcare services across the country. With 11,700+ network hospitals across India, representing a 64% increase in the last 18 months, Tata AIG is committed to growing its presence, especially in underserved regions. The OPD network, which includes over 5,000 listed doctors and 3,000+ diagnostics providers, ensures comprehensive healthcare coverage, supported by a robust teleconsultation service in over 10 languages, further enhancing customer convenience.
Pratik Gupta, Senior Executive Vice President & Head– Agency at TATA AIG General Insurance Company Limited, emphasized the company’s commitment to innovation and growth: “The launch of these new riders is a critical step in our strategy to accelerate growth in the health insurance segment. We are focused on driving expansion across India, particularly in tier 2 and 3 cities, where healthcare access and awareness are rapidly increasing. By scaling up our network of branches, agents, and hospital partners, we aim to make quality healthcare more accessible to millions, supporting our projected growth in health insurance."
Key Rider Highlights:
1. EmpowerHer:
Dedicated rider for comprehensive female health concerns, including PCOS, infertility, gynaecological issues, female-specific cancers and many more. It also includes preventive care coverages such as cervical cancer vaccinations.
2. Mental Wellbeing: Industry first coverages for mental health concerns that includes preventive mental health screenings, psychological therapy, rehabilitation services, with a focus on early and timely intervention.
3. CanCare: Expanded cancer coverage with lump sum payment of sum insured on diagnosis of cancer of specific severity.
4. OPD Care: Covers outpatient expenses like doctor consultations, diagnostics, pharmacy bills, and vision care, ensuring that the day-to-day health needs are met.
5. Flexi Shield: Designed to protect policyholders against medical inflation, offering unlimited restoration of sum insured with Restore Infinity+ and an Inflation Shield for protecting enhancing sum insured against rising medical cost, as well as other premium benefits like International second opinion, day 31 cover for pre-existing disease/s, worldwide hospital cash and many more.
With a presence in over 220 locations and a network of 11,700+ hospitals, TATA AIG is well-positioned to drive innovation in health insurance while enhancing its footprint nationwide
