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    Aditya Birla Health set to offer wellness incentives

    Synopsis

    The company is the first to launch an incentivised wellness scheme where customers can claim benefits of up to 30% of their premium for maintaining active lifestyles.

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    To ensure customers are healthy, the company constantly engages with them.
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    (This story originally appeared in on May 29, 2019)
    MUMBAI: Health Insurance is taking the health management route to keep claims in check. This strategy includes offering monthly payouts to those who maintain active lifestyles, and a chronic care management programme for those suffering from diabetes, hypertension, high cholesterol or asthma.

    The company, which is one of the six standalone health insurers in India, is a 50:49 joint venture between Aditya Birla Capital and MMI Holdings of South Africa. Both the partners have invested Rs 705 crore, of which Rs 320 crore came in FY19. Both promoters have committed to invest additional funds required for growth. The company is targeting profits in 2022-23.

    Speaking to TOI, Aditya Birla Health CEO Mayank Bathwal said that — to ensure customers are healthy — the company constantly engages with them. “Most companies offer free check-up for customers. On an average, this check-up is undertaken by 2-3% of policyholders in the industry. In our case, 40% of our customers participate in an annual check-up and are aware of their health conditions,” said Bathwal.

    After its second full year of operations, the company has a network of over 2,200 employees, 20,000 agents and 10 bank partners, which includes HDFC Bank, Axis Bank and Citibank. “As part of our plan to remain engaged with customers, we have introduced virtual care managers to provide support to policyholders at the time of claims,” said Bathwal.

    Although the company has a combined ratio (of claims and expenses to total premium) of 151%, Bathwal attributes this to higher management costs before economies of scale kick in.

    According to Bathwal, the company has been the first to launch the first incentivised scheme where customers can claim benefits of up to 30% of their premium for maintaining active lifestyles by walking a minimum number of steps daily or working out in a gym.
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    1 Comment on this Story

    Rohit Kumar642 days ago
    More than insurance, India needs free primary healthcare from MBBS doctors and MD doctors. This combined with nutritionists, physical therapists, and psychologists who combine to give advice on eating healthy food, healthy physique , and healthy mind should be encouraged to keep people low stress, healthy and fit. The doctors with primary care and prevention will save everyone in the nation. And save a bunch of money. Primary healthcare should be encouraged like Mohalla clinics in Delhi by AAP. They have not done too many good things in Delhi but this is something amazing and should be emulated. Saving people from getting diseases and preventing bad lifestyles will lead to tons of money, heartache, pain and better outcomes in overall life. Not this insurance company like Aditya Birla Health which only wants to save its own money and make profits.
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