Experts Warn of Increasing Number of Frauds in the Mediclaim Sector

At an average 9 out 10 frauds take place in the Mediclaim policy segment, proper methods will need to be implemented to curb the number of scams.

"In insurance industry, number of grievances received or number of frauds committed is an indicator of growth trend of particular segment. In entire insurance sector, 90 per cent of frauds and grievances come from health policies," said Niraj Kumar, General Manager, Oriental Insurance Company.

He was addressing a seminar at the Amity University on Health Insurance on the24th of February.

As an example he said that if one had to draw two curves -then the growth curve was ahead of the learning curve. This, he said showed the industry's focus was on marketing health policies, which had to change to, first bridge the level of trust between the insured and the insurer.

The Managing Director of a consulting firm - Mililman- said, as the health industry in India was growing greatly, India would have to be very careful. The American health industry was an example where the growth had now become stagnant.

NeerajBasur, Chief Financial Officer, Max Bupa Insurance Company said that there is lack of trust level among hospitals, third party administrators, insurance companies and customers.

The trust has to be built up - keeping in mind that the customer's needs are requisite to the growth of this industry.

References:

Hannah Punitha (IRDA Licence Number: 2710062)

R R Grover, Noida February 2013

Source: Medindia