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Oct 13 2011 1:18PM
Insurance portability: Follow a wait and watch strategy

If not satisfied with the services of existing health insurer, now you can change the insurance company without losing policy benefits as the long awaited portability has come into force. In February, the Insurance Regulatory and Development Authority(IRDA), the apex body that regulates insurers, had issued necessary orders for implementing portability to allow policyholders to switch over to another insurance company with the same terms and conditions.The health insurance portability facility, which was earlier scheduled to become operational from July 1, finally has come into force from October 1. Portability is allowed to all individual health insurance policies issued by non life companies including family floater policies. From a layman s perspective , health insurance portability will allow the customer to switch to a different health insurer with benefits from previous insurer being carried forward. According to the guidelines, only health insurance policies offered by non life companies are portable. Typically, non-life companies offer indemnity policies and the regulator intends to bring portability to this format of health insurance. Portability will mean greater competition within the health insurers to retain customers which will compel them to constantly improve their efficiency standards in terms of customer engagement and relationship along with the service levels. Portability, thus is expected to bring in new benchmarks in delivery mechanisms and product innovation in the industry.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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