Most respondents who are using a digital platform for the administration of their group mediclaim policy noted lower turnaround times for claims processing
As per the results of a survey conducted by Safetree Insurance (A brand name of A2V Insurance Brokers Private Limited), more than half of the MSMEs have observed that the Group Mediclaim policy has reduced their employee attrition rates.
Vikas Anand, CEO, Safetree, mentioned that such policies help in the retention of employees as they feel valued by the organisation. In addition, these policies bring peace of mind to employees which leads to higher employee motivation and productivity. Furthermore, many progressive organisations also offer optional insurance benefits to their employees for their ageing parents, which are normally available on a standalone basis in the market at a much higher cost with many policy exclusions.
Another significant trend that emerged from the survey is the significant increase in technology adoption to smoothen the administrative aspects of the Group Mediclaim policy. Most respondents who are using a digital platform for the administration of their group mediclaim policy noted lower turnaround times for claims processing, reduction in workload for the HR team and an increase in employee satisfaction.
The survey also noted that 69 per cent of the respondent felt that policy coverage and pricing are important criteria when selecting the group medical policy. Over 91 per cent of the respondents look at the service delivery and domain expertise of brokers while selecting their insurance consultant.
Safetree has recently introduced Health First, a digital platform for corporate clients and their employees to administer the group health policies more efficiently.
Anand mentioned that the Health First platform provides a user-friendly dashboard that provides all the relevant information relating to the policy such as the total number and status of claims, endorsement status etc. The information can be customised as per the requirement of clients. The employee can also administer the policy and its benefits on both web and app.
Safetree has implemented its Health First platform with a leading luxury cosmetic brand which has over 350 employees.
Lalit Sharma, National Head, Corporate Sales, mentioned that the Health First platform will significantly reduce the workload for HR personnel. Furthermore, the Health First mobile application will bring flexibility for employees to access and operate the Mediclaim policy from their mobile phones. Going forward, more such technology-enabled health insurance products will contribute significantly towards enhancing the employee-employer relationship in the corporate sector.