ICICI Prudential Life is betting big on health business, a new area for life insurance companies. About 12-15% of the life plans that the private-sector life insurer writes every month are said to be health products. The firm, which has created a specialised team dedicated to selling benefit products, is likely to unveil a category-specific campaign shortly. Also on the anvil are plans to explore new planks within the category such as reimbursement policies that are similar to mediclaim products from general insurance companies.
Currently, the scope of the healthcare market is estimated to be around Rs 60,000 crore and the share of insurance is less than 1%. Moreover, over 80% of the market is indemnity driven and is largely covered by mediclaim. ICICI Prudential Life Insurance, said, It is a big challenge to create awareness and understanding of the need of health insurance products.
As a category, health insurance is generally is not a top of the mind product.
The company has put up a dedicated team to sell health insurance products, for which, it is spending on training frontline distribution teams. It plans to cross sell and up-sell to the existing base. ICICI Prudential currently has a portfolio of hospitalisation plans and critical and specialised illness products.
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