Galaxy Health Insurance is committed to promoting preventive healthcare and wellness among its policyholders through several initiatives. For the first time in the industry, are promoting Kid’s wellness by introducing various activities, shared G. Srinivasan, Managing Director and Chief Executive Officer, Galaxy Health Insurance in an exclusive interaction with Srajan Agarwal of Elets News Network (ENN). Edited excerpts
Q. How is Galaxy Health Insurance leveraging technology to improve customer experience, streamline claims processes, and deliver innovative health insurance solutions?
As digital transformation revolutionises the insurance industry, Galaxy Health Insurance is poised to invest in developing an intuitive digital platform. Delivering a seamless digital experience will be essential in attracting tech-savvy consumers who prefer managing their insurance needs online. In our product, we are covering Digital ICU which isthe integration of Modern technology gadgets, with medical expertise. This includes the use of remote monitoring devices, telemedicine, AI-driven analytics, and other sophisticated gadgets to enhance patient care.
The Galaxy Partner App is designed to help agents and partners efficiently manage leads and customers. It allows for easy creation and sharing of quotes through the Quick Quotes feature. Users can manage proposals based on these quotes, and submit and view claims and requests. The main feature is dashboard access, which enables users to view multiple dashboards and provides access to support and training functions. The platform will simplify policy purchases, streamline claims processing, and enhance customer support through mobile apps and websites.
We also offer comprehensive support, covering everything from onboarding to claim services and wellness programs.
Q. With the rise of digital health tools like telemedicine and wearable devices, how is Galaxy integrating these advancements into its health insurance offerings?
Galaxy Health Insurance is actively integrating digital health tools into its offerings to enhance customer experience and provide more comprehensive coverage.
With digital health tools like telemedicine and wearable devices on the rise, Galaxy Health Insurance is integrating these advancements to improve its offerings and customer experience.
Telemedicine: Allows remote consultations with healthcare professionals, ensuring timely advice and fewer in-person visits.
Including general Physician and specialist consultations, we segregate our tele medicine doctors based on language speciality. Unlimited consultations can be made within restricted time limits. We are serving the customers without any costs.
- Wearable Devices: Encourages use of devices that monitor health metrics, offering rewards and premium discounts for shared data.
- Health Apps: Partners with apps to provide personalised health insights and track fitness goals.
- Data Integration: Uses data from telemedicine and wearable devices for accurate risk assessments and tailored plans.
- Preventive Care Programs: For the first time in the industry, we are promoting Kid’s wellness by introducing various activities. These activities are categorised into preventive health checks, mental enrichment programs, physical activities, and interactive engagement programs. For Adults promotes proactive health steps through digital tools.
These efforts showcase Galaxy’s commitment to better healthcare solutions and customer satisfaction.
Q. Affordability remains a significant challenge in health insurance. What initiatives is Galaxy Health Insurance undertaking to make comprehensive health coverage accessible to all income groups?
Our Galaxy Promise is a comprehensive health insurance plan designed to cater to the diverse healthcare needs of individuals and families. Coverage is accessible to all income groups through several initiatives.
The Premium Promise feature guarantees that policyholders’ premiums will remain unchanged until they make a claim or reach 55 years of age, whichever comes first. This helps individuals budget their healthcare expenses without worrying about sudden premium hikes. These plans offer extensive coverage at various price points, ensuring affordability for different income groups. The plans include Signature, Elite, and Premier options, each tailored to meet diverse healthcare needs.
Q. Preventive healthcare is becoming a major focus area. How does Galaxy Health Insurance promote preventive measures and wellness programs among its policyholders?
Galaxy Health Insurance is committed to promoting preventive healthcare and wellness among its policyholders through several initiatives. For the first time in the industry, we are promoting Kid’s wellness by introducing various activities. These activities are categorised into preventive health checks, mental enrichment programs, physical activities, and interactive engagement programs.
- Incentives for Regular Health Check-ups: Policyholders are encouraged to undergo regular health check-ups by offering incentives such as premium discounts
- Vaccination Programs: Galaxy Health Insurance provides coverage for vaccinations and promotes their importance through awareness campaigns.
- Wellness Programs: The company offers wellness programs that include fitness challenges, yoga sessions, and nutritional counselling to help policyholders maintain a healthy lifestyle.
- Premium Discounts for Healthy Activities: The ‘Gala Fit’ feature rewards policyholders for engaging in healthy activities, offering premium discounts of up to 20% at renewal.
- Comprehensive Coverage: Plans like Galaxy Promise provide extensive coverage for consumables, hospitalisation, and pre-existing diseases, ensuring policyholders have access to necessary medical care without financial burden.
By implementing these strategies, Galaxy Health Insurance aims to reduce long-term healthcare costs and improve the overall well-being of its policyholders.
Q. The health insurance sector faces challenges like rising medical costs and fraud. What strategies does Galaxy Health Insurance employ to tackle these issues while maintaining customer trust and satisfaction?
We tackle the challenges of rising medical costs and fraud by offering diverse coverage plans, competitive premiums, and a focus on preventive healthcare. They provide enhanced benefits, employ advanced fraud detection systems, and maintain transparency in our policy terms. We plan to control medical costs through achieving negotiated rates with hospitals. We plan to use technology extensively in fraud mitigation.
Q. India aims to achieve “Insurance for All” by 2047. What role do you see Galaxy Health Insurance playing in making this vision a reality, particularly in addressing health insurance needs in underserved and rural areas?
Galaxy Health Insurance a newly established standalone health insurer, will play a significant role in achieving the vision of “Insurance for All” by 2047.
Expanding Coverage: In the initial years, the company will concentrate on the South Indian states. The focus will be on the retail health insurance market and the small and medium-sized enterprises (SME) segment, aiming to increase insurance penetration through multi- line distribution channels. Even within a single state, our focus will extend deep into remote areas. By offering affordable and comprehensive health insurance plans, Galaxy Health Insurance can help increase insurance penetration in rural and underserved areas.
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- Setting up our branches: We are currently establishing our offices, with our initial focus on the southern states—primarily Tamil Nadu, followed by Karnataka, Andhra Pradesh, and Telangana within this financial year (FY25). We plan to enter Kerala in the next six months. Thus, even in the first one to two years, our focus remains on the southern states. Our strategy is to target smaller towns within these regions, recognising the substantial potential for growth in the health insurance segment.
- Innovative Products: Our goal is to become a prominent player in the health insurance sector within the next 2-3 years. We plan to launch at least one new product each month, aiming for a total of at least eight products by the end of FY25. By crafting tailored insurance products that address the specific needs of our customers, we can make health insurance both relevant and accessible.
- Technology Integration: Utilising technology, such as mobile apps and online platforms, we plan to simplify the process of purchasing and managing health insurance, making it easier for people in remote areas to access these services
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