INTRODUCTION

TITLE COMPANY HEALTH INSURANCE

RESEARCH METHODOLOGY
RESEARCH QUESTION METHODOLOGY RESEARCH DESIGN

> OBJECTIVE > PARAMETERS > NEED OF THE STUDY

ANALYSIS & INTERPRETATION

ANALYSIS TEST OF HYPOTHESIS PARAMETER COVERAGE POLICIES EVLAUATION

FINDINGS & SUGGESTION LIMITATIONS OF THE STUDY CONCLUSIONS

REFERENCES

Exponential growth in health insurance industry. The entry of new players in the insurance market igniting competition. The best way to sustain the competition and increase the customer domain is to study the products given by different companies, comparing the critical parameters of different policies to our policies and design a best policy which will cover major customer requirements.
The goal of this project is to study the different health insurance products and find out the critical parameters and with the help of comparative studies deriving justifiable information in which areas our (icici Lombard General Insurance Co) products lagging behind It also helps to draw the possible modifications that might improve the quality of the products, so that there will be an opportunity to attain the expectations of the customer. It will ultimately leads to customer loyalty and expansion of business.

ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) over 4,734.89 crore as of March 2011. Company issued over 56 lakh policies & settled over 81 lakh claims. Its expertise lies in providing retail insurance products ( Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance.) ICICI Lombard GIC Ltd. was incorporated on October 30, 2000. It is a 74:26 joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited.

ICICI Lombards organizational structure comprises of four key segments: - Corporate solutions group : focuses on large conglomerates, small and medium enterprises, state, central government and government owned enterprises. - Financial inclusion solutions group : offers insurance solutions to rural customers with weather, cattle, health and personal accident covers as its vital product segments. - Retail group : addresses individual customers needs like Health, Home, Motor, Travel and Personal Accident insurance. - Shared services : encompasses of areas like underwriting, customer service, technology, operations, reinsurance, broking, finance and accounts, human resources, legal, marketing, administration and fraud control.

 Telecalling
Online

Policies Weather insurance Women Seri-culturists and workers Health Insurance scheme Rajiv Gandhi Shilpi Swasthya Bima Yojana

 Insurance

is a form of risk management primarily used to hedge against the risk of a contingent loss. Health insurance is insurance against the risk of incurring medical expenses among individuals. Health insurance is agreement between two entities- insurer and insured. The insurer is the insurance company approved by Insurance Regulatory and Development Authority and insured is people who buy policy.

 Major

players in health insurance Public sector players

The New India Assurance Company Ltd. The National Insurance Company Ltd. The Oriental Insurance Company Ltd. The United India Insurance Company Ltd.

1. 2. 3. 4.

Bajaj Allianz General Insurance Co. Ltd. ICICI Lombard General Insurance Co. Ltd. IFFCO Tokio General Insurance Co. Ltd. Reliance General Insurance Co. Ltd. Royal Sundaram Alliance Insurance Co. Ltd Tata AIG General Insurance Co. Ltd. Cholamandalam MS General Insurance Co. LtD Star Health and Allied Insurance Company Limited Apollo DKV Insurance Company Limited Max Bupa Universal Sompo General Insurance Co. Ltd. Shriram General Insurance Company Limited,

 Individual

mediclaim policy Floater policy Group insurance Group personal accident insurance Critical illness policy Overseas mediclaim policy

 Lifestyle

have changed Rare non communicable disease are now common Medical care is unbelievably expensive Indirect costs add to the financial burden Incomplete financial planning

 Which

one is the best health insurance product available in the market that suits best to the requirements ? Supplementary question: On what basis a health insurance product should be evaluated ? RESEARCH DESIGN Comparative Research (Descriptive comparison)

To know different health insurance products available in the market at present.

To know what are the major critical parameter to evaluate a health product.
To know in which parameters our (icici lombard general insurance co) products are lagging behind. To modify or design a new kind of policies as per the requirements of customers

To identify the major players in health Insurance market. To categorize the various health products provided by those players. To identify and develop the various parameters for evaluation of the products. To analyze the various products based on the parameters devised. To study the policies with reference to the terms and conditions, coverages and exclusions.

Identifying the various products of the existing and new players in the market based on the market shares. Categorizing various products into Individual products, Group products, Family products, Critical Illness products, Developing critical parameters for evaluation of various policies under each of the above products. Comparing the various terms and conditions, coverages and exclusions of each product.

Drawing up of suitable conclusions and inferences.

 Sample

size = 28 Sampling technique = Purposive sampling Data type = Secondary Data Data = Policy wordings Data collection methods = Telephonic conversations, websites etc Test of hypothesis = Sign test Tools and techniques applicable: 1) Histograms. 2) Check sheets. Etc 3) Ranking method.

1.
2. 3. 4. 5. 6. 7. 8. 9. 10.

Apollo dkv premia plan Apollo dkv family premia plan Bharati-axa smart health ICICI Lombard-health advantage plus Max-Bupa heart beat family Max-Bupa individual Oriental family floater Reliance-health wise policy iffco-tokio individual medishield iffco-tokio swasthya kavach family

United India family Medicare 12. ICICI Lombard-family floater 13. Royal sundaram-health shield 14. Tata-Aig wellIsurance 15. Star-unique individual 16. Star-family health optima 17. Reliance-mediclaim policy 18. Bajaj allianz-individual health guard 19. Bajaj allianz-family health guard 20. Apollo dkv easy health individual plan 21. New india mediclaim
11.

1. Eligibility 2. In patient treatment 3. Pre Existing diseases 4. Out patient treatment 5. Pre hospitalization 6. Post hospitalization 7. Day care procedures 8. Domiciliary coverage 9. Maternity cover

10. Dental treatment cover 11. Critical illness 12. Health check up 13. Contact lens, Hearing Aid etc 14. Floater 15. Attendant charges 16. Other than allopathic cover 17. Emergency Ambulance cover 18. Organ transplantation coverage 19. Tax benefit 20. Cosmetic treatment cover 21. Premium

1. Bajaj Allianz Critical Illness

2. ICICI Lombard Critical Care Illness

3. Reliance Critical illness 4. IFFCO Tokio Critical Illness Policy 5. Star criticare plus.

1. Eligibility 2. In patient treatment 3. Pre Existing diseases 4. Pre hospitalization 5. Post hospitalization 6. Organ transplantation coverage 7. Premium 8. sum insured 9. day care 10. domiciliary 11. non-allopathic. 12. Transportation.

S.NO

POLICY NAME APOLLO DKV PREMI PLAN APOLLO DKVFAMILY PREMIA PLAN BHARTI AXA SMART HEALTH ICICI LOMBARDHEALTH ADVANTAGE PLUS

SCORE

PERCENTAGE

X-Xa

SIGNS

13

72.22222222

5.562222

13

72.22222222

5.562222

13

72.22222222

5.562222

11

61.11111111

-5.54889

MAX BUPA HEALTH BEAT FAMILY MAX BUPA INDIVIDUAL ORIENTAL FAMILY FLOATER

11

61.11111111

-5.54889

10

55.55555556

-11.1044

10

55.55555556

-11.1044

S.NO

POLICY NAME RELIANCE HEALTH WISE POLICY IFFCO TOKIO INDIVIDUALMEDIS HIELD IFFCO TOKIO SWASTHYA KAVACH FAMILY APOLLO DKV- EASY HEALTH INDIVIDUAL PLAN NEW INDIA MEDICLAIM UNITED INDIA FAMILY MEDICARE ICICI LOMBARDFAMILY FLOATER

SCORE

PERCENTAGE

X-Xa

SIGNS

10

55.55555556

-11.1044

50

-16.66

10

50

-16.66

11

44.44444444

-22.2156

12

44.44444444

-22.2156

13

44.44444444

-22.2156

14

44.44444444

-22.2156

S.NO

POLICY NAME ROYAL SUNDARAMHEALTH SHIELD TATA AIG WELL INSURANCE STAR UNIQUE INDIVIDUAL STAR FAMILY HEALTH OPTIMA

SCORE

PERCENTAGE

X-Xa

SIGNS

15 16 17 18

7 7 7 7

38.88888889 38.88888889 38.88888889 38.88888889

-27.7711 -27.7711 -27.7711 -27.7711

19

RELIANCEMEDICLAIM POLICY BAJAJ ALLIANZINDIVIDUAL HEALTH GUARD BAJAJ ALLIANZFAMILY HEALTH GUARD

38.88888889

-27.7711

20

33.33333333

-33.3267

21

33.33333333

-33.3267

120 100 80 60 40 21 20 0 15 21 14.29 3 21 21 11 6 9.52 7 2 13 9.52 10 2 100 100 100 100 95.24

71.43 61.90 52.38 47.62 28.57 42.86

33.33
19.05 4 9.52 2 20 9 0 0

SCORE

PERCENTAGE

80 70

72.2 72.2 72.2 61.1 61.1

60 50 40 30 20 10 0 13 13 13

55.6 55.6 55.6 50 50 44.4 44.4 44.4 44.4

38.9 38.9 38.9 38.9 38.9

33.3 33.3

11

11

10

10

10

SCORE

PERCENTAGE

120 100 80 60 40 20 0 5 40 40 100 100

SCORE

PERCENTAGE

45 40 35 30 25 20 15 10 5 0 STAR CRITICARE PLUS ICICI LOMBARD CRITICAL CARE RELIANCE CRITICAL ILLNESS SCORE PERCENTAGE BAJAJ ALLIANZ CRITICAL IFFCO TOKIO CRITICAL ILLNESS CARE 4 20 20 30 30 40