Anticipate higher awareness levels on insurance needs in urban population: Girish Rao 

Girish Rao, CMD, Vidal Health

The healthcare industry expenditure this year forecasts the impact on insurance premiums next year. We are closely tracking the healthcare spends this year to see how this will impact medical inflation next year and consequently its impact on insurance premiums. With the high intensity of COVID-19 awareness being undertaken by several members in the healthcare ecosystem, we do anticipate higher awareness levels on insurance needs in the urban population.

With the announcement of the new vaccine, we should be prepared to join the industry’s efforts to educate our general population and improve our results for adult vaccinations.  Once the initial phase of vaccinations is completed as per government priority and private distribution is allowed, cost control and widespread availability will be a concern that will need to be addressed quickly. Mass vaccination will be crucial for the success of the battle against COVID-19. The TPA industry should be prepared to work hand in hand and activate all their networks to ensure that policyholders can reach out to identified hospitals to get their shots.

This year has been an unprecedented one. While those with technological advancements and flexible HR policies like us, had it a little easier, no one was really prepared for everything to happen together on such a large scale and for such a long duration. Learnings that we will incorporate into our strategic planning for the next decade:

New work models: Our new workspaces will evolve to include more flexibility. It will also incorporate hybrid models to deal with any challenges with contingencies in place.

Constant vigilance: As a community and as a nation, we will have to continue to remain vigilant on our health not just for ourselves but also our customers across all segments.

Right information: Be the trusted source of information in your industry. With the deluge of information that the industry and customers across all spectrums are being subjected to, it is easy for one to get confused and mislead. We will continue to educate our customers on the truth of the situation with the resources we have at our disposal.