Health Insurance Reviews - A profile of all the Health Insurance companies at one

place
In the Indian non-life insurance industry, health insurance is the second largest
segment. It has picked up pace in previous fiscals, and is set to reach new heights in
the coming few years as public and private insurers are coming up with various
schemes to cover the untapped insurance market.
The health insurance market in India is unique and has developed a strong growth
potential in the recent years with the entry of many foreign players in the market. The
health insurance market in India was worth INR 5,125 crores with a compounded
annual growth rate of 37 percent between 2002 and 2008. While the penetration of the
health insurance market is still quite small, it is one of the fastest growing industries in
India.
As per IRDA report 2011-12, health Insurance registered 14.05% growth (in terms of
premium earned) in 2011-12 as compared to the previous year.

Unlike life insurance, where LIC rules a major chunk of the market, health insurance is
thinly distributed among various players. Health insurance is a more intricate product
than life insurance and comes in a lot of variants serving various niches. That is the
reason why health insurance market is not ruled by a single player. Heres a detailed
health insurance review of the leading players in India along with their respective key
achievements in the sector.
Leading Health Insurers - A Critical Review
National Insurance Co. Ltd.

Celebrating its 106 glorious years, NIC is the oldest insurance company in India (even
older than LIC). With a 14.11% market share, National Insurance Co. Ltd. is the third
leading player in the health insurance sector and the fastest growing public non-life
insurer. With its robust network of 1,340 offices and 15,200 employees, NIC serves
over 16 million customers.
Business leader award by NDTV Profit in 2011
Unserved market penetration award by Indian Insurance Awards in 2012
Outstanding social contributor of the year award by Indian Insurance Awards in
2012
Recognized as best in service in health insurance
Best customer service by HT-MaRs survey in 2010-11
Rated AAA/Stable by CRISIL, suggesting a sound financial health

Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz is the joint venture between Bajaj Finserv Limited and Allianz SE. In a short
span of time, the brand made its way to the leading health insurers in India. Features
like tie-ups with over 3,200 network hospitals and 24X7 call assistance for claims
settlement is the proof of their customer oriented approach.

Lowest claim rejection ratio among private health insurance companies
The only private insurer to make a whopping profit of Rs 100 crore in the last 4
years
ISO re-certified for claim processing

New India Assurance Co. Ltd.

New India is the first wholly Indian owned insurance company in India. With a 17.89%
market share, it stands tall as the nations leading health insurer. Bolstered by a network
of 1068 offices and 21000 employees, New India has always tried to add an Innovative
approach to insurance products. As a health insurer, New India Assurance launched
mediclaim policies that cover Ayurvedic / Homeopathic and Unani system of medicine
(limited to 25% of the sum insured), a first of its kind initiative.
Rated A- (Excellent) by A.M.Best Co., reflecting its robust financial framework
The only Indian insurance company to be rated by an international rating agency

Bharti AXA General Insurance Co. Ltd.

Bharti AXA is a joint venture between Bharti Enterprises, Indias leading telecom
business group and AXA Group, a global leader in insurance.

Recently, it has gained huge attention of the market by transforming the way a claim is
perceived by the customer. With their new strategy, they have managed to speed up the
claim settlement process by assigning a dedicated claim handler to each insured person
making a claim. The brand has also come up with an innovative health insurance
product Lifestyle Protection Solution, that promises to take care of not just health
expenses but also lifestyle expenses of the insured.
Claims initiative of the year award by Star of the Insurance Awards in 2013
Best performance in insurance category by Hyundais CCS Vendor Conclave in
2013
Best product innovation award by Indian Insurance in 2012

Oriental Insurance Co. Ltd.

Incorporated in 1947, Oriental Insurance Company is a general insurance company
owned by the Central Government of India. With over 900 offices and 16,000
employees, Oriental Insurance enjoys 11.94% market share and stands tall as the
5
th
biggest player in the health insurance sector.

Its claim settlement ratio is high and so is its Incurred claim ratio (102.83%), reflecting a
high level of trust and reliability, customers can put in this brand.

Best public general insurance award by CNBC TV18 in 2011
Best bank and financial institution awards by MCX in 2011
iAAA rating given by ICRA, indicating a sound financial health

United India Insurance Co. Ltd.

United India Insurance, set up in 1938, is one of the oldest insurance companies in
India. In 1972, as a consequence of nationalization of general insurance, a number of
Indian and foreign insurers merged together with United India Insurance. From that
point, there was no turning back for the brand. At present with a 15.09% health
insurance market share, United India stands only second to the New India Assurance in
the health insurance domain. Supported by 1,340 offices and a diligent workforce of
18,300 employees, the company has insured over 10 million people.
Innovation in product award for super top-up medicare in 2012
General insurer of the year public sector award from Bloomberg UTV in 2012

Future Generali India Insurance Co. Ltd.

Future Generali is a joint venture between Future Group, Indias leading business house
and Generali Group, Europes largest insurance provider. To give you an idea of how
gigantic this group is, Generali Group employs 1,00,000 people serving 70 million
clients in 68 countries. Future Generali differentiated itself as a brand by introducing the
concept of mallassurance channel that is providing total Insurance solutions at shopping
malls.
A+ rating given by A.M Best global rating agency, indicating a robust financial
framework

HDFC ERGO General Insurance Co. Ltd.

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC
Limited, Indias premier Housing Finance Institution & ERGO International AG, the
primary insurance entity of Munich Re Group. HDFC is renowned for its customer
centric approach and its efficient claim settlement. HDFC has one of the highest claim
settlement ratios among health insurers (96% CSR in 2011) and has a comparatively
shorter claim settlement turnaround time than most of its competitors.

ISO 9001:2008 certified for its claim services
Best general insurance company in India by IAIR in 2013
iAAA rating given by ICRA, indicating a sound financial health

ICICI Lombard General Insurance Co. Ltd.

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second
largest bank and Fairfax Financial Holdings Limited, a Canada based multi-billion dollar
financial services company.

With a 12.04% market share, ICICI Lombard is the fourth largest general insurance
company and the largest among private players. It boasts of having one of the highest
claim settlement ratios in the health insurance segment.

Golden peacock award for corporate social responsibility in 2012
ICICI Lombard Complete Health Insurance was voted product of the year by
Nielsen in 2013
Best technology implementation award by NASSCOM - CNBC TV18 in 2010
Most preferred brand in the General Insurance category by CNBC Awaaz
Consumer Award in 2010

IFFCO Tokio General Insurance Co. Ltd.

IFFCO Tokio is a joint venture between IFFCO (Indian Farmers Fertilizer Co-operative)
and its associates and Tokio Marine and Nichido Fire Group, the largest listed
insurance group in Japan.
The brand is known for its customer focused strategies such as speeding up claim
settlements and conducting bi-annual customer satisfaction surveys.
Mentioned as an innovative distribution channel in Capgemini World Insurance
Report, 2009

L & T General Insurance Co. Ltd.

L&T General Insurance is a wholly owned subsidiary of Larsen & Toubro Limited which
was listed as one of the world's top 50 most reputed companies by Forbes in 2009.

L&T General Insurance leads all the other health insurance companies in incurred claim
ratio. A high ICR (183.40% for the year 2011-12) is a reflection of how dedicated a
company is, in paying out the financial cover to its customers at the time of need.
my:health Medisure Prime Insurance was voted product of the year by Nielsen in
2012
Rising star insurer award at the Indian Insurance Awards in 2011
Technology leader award at the Indian Insurance Awards in 2012



Reliance General Insurance Co. Ltd.

Reliance General Insurance is a subsidiary of Reliance Capital, Indias leading financial
services company. The company was set up with an objective to make health insurance
an easily accessible product in India through a network of hospitals and distribution
channels. Reliance is well keeping up with its objectives via 152 offices spread
throughout the country and 24x7 customer care center.
First ISO 9001:2000 certified insurance company in India

Royal Sundaram Alliance Insurance Co. Ltd.

Royal Sundaram Alliance is joint venture between Sundaram Finance, a non-banking
financial company and Royal Sun Alliance, one of the largest insurance companies in
UK. The company boasts of providing cashless facility in more than 3000 hospitals
throughout India. Currently, it has over 1700 employees fulfilling the health insurance
needs of over 5 million customers. The companys high claim settlement ratio is a
reflection of its dedication to its customers.
First private sector general insurance company in India to be licensed since 2001
First private insurer to introduce innovative health insurance concepts like
hospital cash and cashless settlement

SBI General Insurance Co. Ltd.

SBI General Insurance Company Limited is a joint venture between the State Bank of
India, the largest banking franchise in India and Insurance Australia Group (IAG), an
international general insurance group.

With a high incurred claim ratio of 122.82% in 2011-12, SBI gained the trust of the
customers and is on its way to capture a big chunk of the health insurance market this
year. SBI General registered a staggering 481% growth in premium in 2012.

TATA AIG General Insurance Co. Ltd.

Tata AIG General Insurance is a joint venture between Tata Group and American
International Group, an US based global insurance organization. The brand is a perfect
blend of Tata Group's leadership position in India and AIG's global insurance
leadership.

Recognized for its effective mobile application in insurance by Celent Model
Insurer in 2013



Apollo Munich Health Insurance Co. Ltd.

Apollo Munich is a joint venture between Apollo Hospitals Group, Asias largest
healthcare provider and Munich Health, a global health insurance leader. With such a
cogent tie-up, the brand has created quite a buzz in the market.

Apollo Munich Health Insurance is one of the four stand alone health insurance
companies in India and purports to offer the fastest claim settlement though its network
of 4000 hospitals and 10,000 doctors.

The brand is known for its innovative health insurance plans with unique features such
as 50% NCB in just a year. The following statistics gives an idea of their customer
centric approach.

Cashless authorization done within 2 hours of claim intimation 90%
Customer satisfaction 85%
Renewal Rate 80%
<30 days claim settlement 95%

Max Bupa Health Insurance Co. Ltd.

Max Bupa is a joint venture between Max India Limited and the UK based Bupa Finance
PLC. This diverse partnership has strengthened the brand with the best of both worlds,
Max Indias local expertise and Bupas global healthcare experience.

Health insurance company of the year at Indian Insurance Awards in 2011

Religare Health Insurance Co. Ltd.

Religare Health Insurance Co. Ltd. is a joint venture between Religare Enterprises
Limited, a leading diversified financial services group based out of India, Union Bank of
India & Corporation Bank. Further, the brand is backed up by Fortis Hospitals and SRL
Diagnostics. Incepted in the year 2012, Religare is the youngest player among health
insurers. The brand has made quite a place for itself in the health insurance segment for
its efficient claim servicing.

Some distinguishing features that make it a league apart from its competitors include
availing treatment anywhere in the world, no claim-based loading and no maximum-
entry age limit.





Star Health and Allied Insurance Co. Ltd.
Star Health is Indias first stand alone health insurer. It is a joint venture between Star
Health Investments, ICICI Venture, Sequoia Capital, Oman Insurance Company and
ETA Ascon Group.

Enjoying 11.06% market share, it is the second biggest private health insurer in India
(closely following ICICI Lombard). Imbibed with a rich expertise and experience in the
insurance sector, Star Health has well proved its mettle as a specialized health insurer
striving to bring the best on the table. The two distinguishing features of Star Health as
a brand are its direct tie-up with a wide network of hospitals and cashless service
without TPA intervention. Top it up with value added services such as free 24x7
physician consultation over phone.

The brand has been a pioneer in introducing innovative insurance products targeting at
a niche. Star citizen red carpet is one such health insurance targeted at people aged
between 60 and 75. Star cardiac care, their newest offering is also first-of-its-kind
initiative pertaining to the health insurance needs of heart patients.