Aditya Birla Health Insurance CEO, Mayank Bathwal, discussed the benefits of the new insurance bill, Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, and its potential to increase competition and improve penetration in the market. With the FDI limit raised to 100%, Bathwal expects new players to enter the market, bringing innovation and better offerings for consumers. However, he emphasizes that increasing FDI alone will not achieve the goal of “insurance for all by 2047,” and that consistent work on awareness, product offerings, and customer feedback is also necessary.
Bathwal also addressed the issue of conflicts between hospitals and insurers, stating that dialogue is the only way to resolve these issues. He mentioned that the industry is seeking predictability of costs from hospitals, which would enable insurers to price their products more accurately and make healthcare more affordable for consumers. Common empanelment, a platform where hospitals can gain access to all health insurers, is being explored as a potential solution.
The removal of GST on health insurance has led to a positive traction in policy purchases, with renewal rates and ticket sizes increasing. Bathwal hopes that this trend will continue, especially in segments where affordability was an issue, such as for senior citizens or the missing middle.
Bathwal also discussed Aditya Birla Health Insurance’s focus on creating a “health ecosystem” and promoting preventive care. The company aims to build long-term relationships with consumers and provide incentives for good health behavior, rather than just focusing on sickness funding. This approach has yielded encouraging results, with the company paying 9% of its customers some benefit for good health last year.
In terms of customer complaints, Bathwal acknowledged that the health insurance industry has the maximum number of complaints, but attributed this to the large number of claims processed. He emphasized the need for transparency and clarity in policy terms and conditions, and the importance of leveraging technology, such as AI, to process claims quickly and efficiently.
Overall, Bathwal emphasized the need for collaboration and dialogue between stakeholders to address the challenges facing the health insurance industry, and to create a more sustainable and affordable healthcare system for consumers. He also highlighted the importance of preventive care and promoting good health behavior, and the potential for technology to improve the claims process and customer experience.