India regulator forms health insurance consultative committee

Its purpose is to look into improving the health insurance segment.

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 15-member committee to look into the various needs in the health insurance sector.

The committee is tasked with creating ways and means to increase penetration of health insurance in India, including identifying issues and challenges in the value chain and making recommendations to overcome them.

It will also make recommendations regarding the standardisation of procedures amongst providers including for the capture, collation and analysis of data.

The committee’s main goal is to standardise the rules for insurance providers to collect and analyse data, identify concerns related to policyholder servicing, create a simple, standard product design, and facilitate ease of doing business.

The committee is given two years to suggest ways to identify challenges in India’s health insurance sector and mitigate problems across the industry.