Insurance Regulatory and Development Authority (IRDA) has launched an independent body Insurance Information Bureau (IIB) that would take care of the health insurance grid by linking the hospital, TPAs and insurers. IIB has come up with its pilot hospital unique ID master program which helps the health insurance sector by enlisting hospitals in preferred provider network, as informed by IRDA chairman TS Vijayan.
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It store the entire data required by the insurance sector just like an analytics organization. On inauguration of IIB’s new premises, Vijayan said IIB came into being for assisting health insurance sector when dealing with claim management. It is designed to maintain transparency during treatment as well as checking the cost and efficient pricing of the products.
Vijayan informed about an estimated growth in premium of Rs. 4 lakh crore including life and non-life during the current fiscal. The life sector is likely to offer lesser growth of about 10% in comparison to non-life which could be around 16-17%.