Introduction of Technology in Every Aspect of Underwriting and Claims has Been Challenging the Orthodox Methods

Says, Parag Gupta, Chief Underwriting Officer, Bharti AXA General Insurance, in an interaction with Ekta Srivastava, Health

Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group holding 51% stake and AXA, a world leader in financial protection, holding the other 49%.


Presently, the organization offers insurance covers to the retail and corporate segment across various product categories such as motor, health, travel, agriculture, student travel, SME, home, fire and more. It presently has cashless facilities across 4,500+ network hospitals, 2,700+ garages for motor claims and associations with 16+ TPAs pan India

What are the main challenges for gaining traction in the market for your solutions?

This is one of the most intensely competing categories in the market differential features get replicated very quickly. Therefore it is the connect with the customer, the ability to delight the customer with service that determines movement of market share

What are the main trends shaping/ disruption insurance industry in 2017 and beyond

Introduction of technology in every aspect of underwriting and claims has been challenging the orthodox methods. This is a positive trend as complex products are getting simpler to underwrite and the claims process is becoming easier. We expect this to bring about a drastic change in the kind of products available to the consumers.

How can we better the existing health insurance scenario of India?

Incentivize people to buy health insurance – increasing the tax exemption limit, waiver of taxes while buying. Similarly encourage insurers to innovate on products.

There are number of analysts who say insurance is all about making profit. How do you answer that?

Any industry is built on that logic, if the key stakeholders would not make money, the industry would not exist. In an insurance contract the customer is making a payment against a commitment today to ensure that in the time of need the insurer will come good on the commitment. This requires long term sustainability and transparency from the insurer’s perspective. Each product before being offered in the market goes through various stages including an approval from the regulator. This ensures the product is fully scrutinized against various parameters before being offered in the market.

How have the changes in health, economic stability and family dynamics changed the landscape of Bharti AXA’s best offering?

We now have a market for all types of products – from the basic needs low cost products to the more complex niche products – customers’ understanding of the product is improving every day

What about your company’s offering that stands out from your competitors

We believe that the product we offer is a culmination of ideas received from the consumer and in-depth study of grievances – helps identify the pain points of customers. Therefore we have a product which identifies with the customer more than anything else. Fancy features may sound attractive on paper but may fail to address a customers’ need have a short lived shelf life.

What is the main thing or things that you believe should be changed about the healthcare system in this country?

We could start with regulating parts of the healthcare eco system, bring about some uniformity. Healthcare financing is still out of pocket for >60% of the spend, we need to effectively use financial inclusion tools, including insurance, to change this scenario.


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