Health insurers plan common platform to check rising fraud

Non-life insurance companies are coming together under the General Insurance Council to create a platform for onboarding hospitals for cashless claims settlement. The platform will make it easier for hospitals to tie up with insurers and enable the industry check leakages by identifying bad players in the healthcare sector.

“The platform will address a key pain point of the healthcare industry of having to deal with 30 insurance companies separately. It would also help the industry check leakages due to fraud, waste and abuse and help bring down costs,” said S Prakash, MD, Star Health and Allied Insurance, and executive committee member of General Insurance Council.

According to Prakash, the objective is to increase the share of cashless claims to close to 100% from 55%.

He said that the industry has grown at a compounded annual growth rate of 20.3% to Rs 73,000 crore in FY22 and was expected to touch Rs 90,000 crore this year.