The Insurance Regulatory and Development Authority (IRDA) is working on the formation of a data repository for health and motor transport insurance. It is also planning to developing insurance policies in vernaculars.
“It is a suggestion. Languages of the products and mechanics of the whole thing evolve through a process of interaction between the regulatory body, counsel and individual companies,” said J Hari Narayan, chairman, IRDA. Currently, insurance policy is issued in English only. The dry run for such a data mechanism health and motor is complete and it is likely to be made available to the insurers by the end of the current financial year.
Speaking to the reporters on the sidelines of a health insurance summit, which was jointly organised by CII and KPMG in Mumbai on Tuesday, J Hari Narayan, chairman, IRDA said that the tariff advisory committee (TAC), which is part of IRDA, was working on the development of such a database. While data warehouse has already been created, things like the regulatory requirement and software for the same were being put in place, said Narayan. In this connection, the experiments in various forms are being conducted and the people have been trained how to send the data to the insurers as per their requirement. The whole transmitter of information from where it is created to the warehouse has been stabilised, said Narayan.
The total healthcare market in the country currently is valued at Rs 1,70,000 crore which comprises of Rs 1,00,000 crore expenses by the out patients and the remaining Rs 70,000 crore goes for hospitalisation.
“And merely 5 per cent of this hospitalisation costs have been covered by insurance so far and hence we are planning to take it up to 20 per cent in the years to come,” said Narayan.
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