The Ministry of Finance has called on insurance companies to uphold the highest standards of service and to improve processing times for policyholders, particularly when it comes to hospitalisation and claim settlements. At a meeting with insurers and healthcare providers in New Delhi, the Secretary of the Department of Financial Services, M. Nagaraju, addressed the issues of rising medical inflation and the increasing cost of premiums.
During the meeting, Nagaraju emphasised the need for a more efficient and streamlined process by advocating for standardised criteria for the empanelment of hospitals across all insurance companies. This would ensure consistent access to cashless services for policyholders, improve service conditions, enhance operational processes, and reduce the administrative burden on hospitals.
The Secretary also highlighted the importance of increased collaboration between hospitals and insurers. He argued that through cost control measures and the standardisation of processes, both transparency and efficiency could be significantly improved. The ultimate goal, according to Nagaraju, is to deliver better value for health insurance policyholders, making the insurance system more transparent, cost-effective, and responsive to the needs of the public.
This call for reform comes amid growing concerns about the affordability of healthcare and the efficiency of insurance claim processing, which continues to be a significant point of focus for both the government and private sector players in the insurance industry.
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