What ails the health insurance industry
Hindustan Times East UP|December 12, 2024
Deny, delay, and depose pave the way for insurance company profits and widespread policyholder anger
Monika Halan
What ails the health insurance industry

Murders usually stoke a rush of sympathy for the victim and her/his family, as it should. But the murder of Brian Thompson, CEO of UnitedHealthcare, on a New York street on December 4, 2024, instead brought to the surface the simmering public anger against insurance firms which "deny, defend and depose" as a strategy to avoid claims to earn higher profits. In fact, these words were found on the bullet casings used by the assailant who has now been caught.

Thomson led the largest health insurance firm in the United States (data from tinyurl.com/mrnszwj8) with 2023 revenues of almost $360 billion. Other than being the largest company, it is also known as the one with the highest claim denials, denying, as per ValuePenguin, 32% of all claims whereas the best company denied just 7% (data from tinyurl.com/dp74kw6a). Social media comments played on standard responses in customer care when one tries to reach a health insurance firm, with one person tweeting: "I submitted a claim for my condolences but it was denied". However, no amount of public anger, misplaced or otherwise, can ever justify the murder or the criminal intent behind it.

Closer home, data on health insurance claims in the Indian market has also put the issue centre stage. Data for 2023 from the Insurance Brokers Association of India (IBAI) shows some worrying claim trends for health insurance (report here: tinyurl.com/42mydkc8). There are two main inferences from the data. First, the public sector firms are far more consumer-friendly in terms of their claims record than private sector firms. Worse, a few private health insurers have very poor claims behaviour.

Bu hikaye Hindustan Times East UP dergisinin December 12, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Hindustan Times East UP dergisinin December 12, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

HINDUSTAN TIMES EAST UP DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Change in the air as India get ready for Brisbane test
Hindustan Times East UP

Change in the air as India get ready for Brisbane test

The final nets session in Adelaide gives indications of possible changes in line-up after the pink-ball Test loss

time-read
7 dak  |
December 12, 2024
Hindustan Times East UP

INDIA LOSE AFTER MANDHANA HUNDRED, SUFFER 0-3 WHITEWASH

Opener Smriti Mandhana's elegant century went in vain as India lost to Australia by 83 runs in the third Women's ODI to suffer a 0-3 series whitewash here on Wednesday.

time-read
1 min  |
December 12, 2024
Manu Bhaker looks to ease back into action at National shooting
Hindustan Times East UP

Manu Bhaker looks to ease back into action at National shooting

NEW DELHI: India's Paris Olympics medallists will be back in action at the Senior National Shooting Championships starting on Wednesday.

time-read
2 dak  |
December 12, 2024
Ministry, SAI to introduce franchise national leagues
Hindustan Times East UP

Ministry, SAI to introduce franchise national leagues

NEW DELHI: In a first-of-its-kind initiative, the Sports Ministry and Sports Authority of India (SAI) have decided to organise franchise-based professional national leagues in several key sports disciplines at the grassroots and developmental levels.

time-read
1 min  |
December 12, 2024
How to claim deductions, save tax on rental income
Hindustan Times East UP

How to claim deductions, save tax on rental income

Rent can be an additional source of income for salaried individuals who have invested in property.

time-read
2 dak  |
December 12, 2024
New RBI guv takes over as growth slows, inflation rises
Hindustan Times East UP

New RBI guv takes over as growth slows, inflation rises

NEW DELHI: India got a new central bank governor on Wednesday, career civil servant Sanjay Malhotra, who has taken office at a time when the country's economic growth is slowing and inflation is surging.

time-read
1 min  |
December 12, 2024
Acme Solar secures 250 MW green project in NHPC auction
Hindustan Times East UP

Acme Solar secures 250 MW green project in NHPC auction

NEW DELHI: Acme Solar Holdings on Wednesday said the company has bagged a renewable energy project of 250 MW in an auction held by NHPC.

time-read
1 min  |
December 12, 2024
Hindustan Times East UP

Maruti Suzuki eyes 8,000 overall service touchpoints by FY31

THE COMPANY HAS ALREADY ADDED 78 NEW NEXA SERVICE TOUCHPOINTS SO FAR IN THE CURRENT FISCAL YEAR

time-read
1 min  |
December 12, 2024
Hindustan Times East UP

ADB LOWERS INDIA GDP GROWTH FORECAST TO 6.5% FOR FY25

NEW DELHI: The Asian Development Bank (ADB) on Wednesday lowered India's economic growth forecast to 6.5% for the current financial year from its earlier estimate of 7% due to lower-than-expected growth in private investment and housing demand.

time-read
1 min  |
December 12, 2024
Data centre mkt attracts $60 bn investment commitment in 6 yrs
Hindustan Times East UP

Data centre mkt attracts $60 bn investment commitment in 6 yrs

NEW DELHI: India's data centre market has attracted investment commitment of $60 billion in the last six years and the cumulative inflow is estimated to surpass $100 billion by 2027-end, according to CBRE.

time-read
1 min  |
December 12, 2024