ENA Sectors 2024-05-30 15:57:14 <p><span style="font-size:14px"><strong>New Delhi, May 30 (KNN)</strong> In a significant move aimed at enhancing the cashless claims experience and incentivising prudent healthcare utilisation, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced new directives through a master circular on health insurance.</span></p> <p><span style="font-size:14px">Insurers will be required to process cashless authorisation requests within one hour of receipt, facilitating seamless access to healthcare services for policyholders.</span></p> <p><span style="font-size:14px">To comply with this directive, insurance companies have been granted a transition period until July 31, 2024, to implement the necessary systems and procedures.</span></p> <p><span style="font-size:14px">Additionally, the circular mandates the provision of a 'No Claims Bonus' (NCB) for health insurance policyholders who have not filed any claims during the previous policy year.</span></p> <p><span style="font-size:14px">Insurers must offer policyholders the choice between increasing their sum insured or receiving a discounted premium upon renewal, contrasting with the current practice of solely providing a cumulative bonus added to the sum insured.</span></p> <p><span style="font-size:14px"> Customers have long expressed a desire for premium discounts in claim-free years. This regulatory move empowers policyholders with an incentive to continue their coverage while promoting responsible healthcare utilisation, remarked Bhaskar Nerurkar, Head of Health &amp; Travel Administration, Bajaj Allianz General Insurance.</span></p> <p><span style="font-size:14px">Industry experts note that the motor insurance segment already incorporates a structured no-claim bonus, with discounts on renewal premiums reaching up to 50 per cent over a 5-year claim-free period for own-damage cover.</span></p> <p><span style="font-size:14px">The IRDAI's initiatives underscore a commitment to enhancing policyholder experiences, fostering transparency, and aligning industry practices with evolving consumer expectations in the dynamic health insurance landscape.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38005 https://knnindia.co.in/news/newsdetails/sectors/irdai-mandates-one-hour-processing-for-cashless-health-insurance-claims 2024-05-30 15:57:14 knnindia.co.in