ICICI Lombard along with Medway Technologies’ MedPay, a technology startup, has announced to provide customers with a cashless and seamless claims experience.
ICICI Lombard policyholders can now avail cashless OPD solutions at their neighborhood clinic, pharmacy or diagnostic centre through MedPay’s Connected Care Network (Medpay CCN).
In its official communique, the company writes that health inflation in recent times has increased to 8.4% from 3.8% back in December 2019, because of which people avoid visiting OPD centres. In India, out-of-pocket medical expenses roughly account for 62% of all healthcare costs.
Sanjay Datta, Chief – Underwriting, Claims & Reinsurance, ICICI Lombard said, “Given the rising medical inflation, consumers often bear extreme financial burden as a result of paying out of pocket and waiting for reimbursements. Consumers today are aware and hence are looking out for all-around and a one-stop solution for their short term as well as long term needs. This unique OPD solution has been curated keeping in mind the evolving needs of the changing customer base who are more financially aware and are expecting a more holistic coverage out of their health insurance policy. The ease with which this cashless OPD product can be accessed by the consumers is unparalleled and fulfils a critical gap in the customer’s experience journey.”
Ravi Chandra, Co-Founder and CEO of MedPay said, “There is an immense need for OPD insurance in India. IRDAI the regulatory body is encouraging insurers to cover OPD and most insurers are experimenting with a variety of OPD insurance products. We as a disruptor in this space are empowering insurers by giving them access to a large hyperlocal OPD network with a cashless claims facility. Thus, also enabling stand-alone Clinics, Pharmacies and Labs with the ability to accept insurance payments without friction.”