March 2025 | 791 words | 3-minute read
The oft unspoken yet enduring bond between a father and child is the subject of Tata AIG’s most recent advertisement, ‘With you like family, with you always’.
Like the unconditional support of family through life’s uncertainties, this latest campaign highlights Tata AIG’s commitment to solidarity in adversity, true to its promise — “trusted name, complete claim.” As the third largest private sector general insurance player with a 5.7% share in the Indian market, this trust in the consumer’s mind has propelled Tata AIG, as it has achieved an impressive health insurance claims settlement ratio of 96.70%.
A changing landscape
According to a report by Axis Securities, India's healthcare industry is poised for remarkable growth, with its current market size of ₹38,000 crore expected to reach ₹66,500 crore by FY27, reflecting a strong CAGR of 19 per cent. The share of health insurance in the non-life insurance segment has risen from 24.6 per cent in FY18 to 37.1 per cent in FY24. The report states that health insurance premium collections currently stand at ₹1,07,800 crore and are projected to reach approximately ₹1,90,000 crore by FY27, growing at a compound annual growth rate (CAGR) of 18 per cent.
The increased penetration of health insurance across India has been aided by a slew of regulatory changes introduced by the Insurance Regulatory and Development Authority (IRDA) such as a 30-day free-look period, coverage during grace periods for instalment premiums, coverage for all age groups, reduction in the waiting period for pre-existing diseases from 48 months to 36 months, and reduction of the moratorium period from 96 months to 60 months of continuous coverage.
“In recent years, health insurance has undergone a paradigm shift from being considered a ‘luxury’ to being recognised as a ‘necessity.’ This transformation reflects both societal and economic changes, driven by factors such as rising healthcare costs and global health crises. As a result, people’s perception of health insurance is evolving. This shift has also moved the industry away from a ‘one-size-fits-all’ model towards a more personalised approach, tailored to individual needs,” says Mr Neel Chheda, Chief Underwriting and Data Science Officer, Tata AIG. Recognising these changing dynamics, the company recently introduced five riders — Flexi Shield, Mental Wellbeing, OPD Care, CanCare, and EmpowerHer — to address the diverse needs of customers and provide them customised protection.
“These riders address emerging concerns, including preventive mental healthcare, general preventive healthcare, and coverage for women-specific issues such as PCOD, infertility, cancer screenings, vaccinations, and maternity support programmes. Additionally, they offer outpatient care, in-person consultations, and dental OPD services — benefits not commonly included in standard policies,” says Mr Chheda. “Furthermore, riders like Inflation Protect help shield policy holders from rising medical costs, while Restore Infinity Plus provides unlimited restoration of the sum insured. Our dedicated CanCare rider offers specialised cancer benefits, further enhancing our comprehensive coverage,” he adds.
The digital core
Guided by its core philosophy of customer centricity, Tata AIG’s digital capabilities are designed to provide a seamless and consistent experience to its customers. To drive critical innovation and promote new technology initiatives, Tata AIG set up an Innovation Lab in 2020. The company has maintained a sustained focus on innovation through improved underwriting precision, accelerated claims processing, and streamlined policy issuance.
A vast network of 11,000 hospitals spread across the country, including Tier 2 and Tier 3 cities, is ensuring increased accessibility and convenience for Tata AIG's customers when it comes to receiving quality medical care.
“Our digital transformation is reflected in initiatives such as user-friendly mobile apps, intuitive online policy management platforms, and hassle-free cashless claims settlement processes. We have also integrated AI and data analytics to enhance risk assessment, personalise policy recommendations, and provide proactive customer support,” says Mr Chheda. “These efforts not only simplify interactions for our customers but also reinforce our commitment to creating a transparent, hassle-free, and customer-centric experience at every stage of their journey with us. By leveraging technology, we aim to make health insurance more accessible, responsive, and tailored to the evolving needs of our customers,” he adds.
Additionally, through its vast network of 11,000 hospitals spread across the country, including Tier 2 and Tier 3 cities, the company is ensuring increased accessibility and convenience for its customers when it comes to receiving quality medical care.
Such is the case of Mr Mohan KS, a scientist residing in Bengaluru. Sweating profusely and experiencing severe palpitations, he was rushed to the hospital, where an angiogram revealed multiple blockages in his heart. During this moment of crisis, Mr Mohan availed of TATA AIG’s cashless claims facility and received timely treatment, without having to worry about his hospital bills. In his own words, “Because of their support, my surgery went smoothly and my entire family could breathe a sigh of relief.”
- Sharmistha Choudhury
