Edelweiss General Insurance began operations in 2018 and is the latest entrant in the non-life insurance market
The newest general insurance company in India, Edelweiss General Insurance, has launched its maiden health insurance product and is looking to focus on health and mortgage insurance in the initial phase. In an interaction with Moneycontrol, Anup Rau, CEO, Edelweiss General Insurance talks about business plans. Excerpts:
Why did you start off the products portfolio with health insurance?
This was an opportunity to offer differentiated service. A lot of us have filed health claims in the past and felt that there was a lacuna as far as services were concerned.
How will your product be different than the existing ones?
Under our health insurance product, we will offer zero discharge time, zero deposit and a guaranteed bed. Here, the company will guarantee its customers ‘zero’ discharge time for a total of 14 procedures which are initially being rolled out across 23 hospitals pan-India. Further, it will cover AYUSH treatment and bariatric surgeries.
We want to sell insurance but not as a product. So the focus should be on the treatment and not on the process or discharge of the patient that takes between two to five hours.
We also want to make sure that when a policyholder is taken to the hospital, there is no waiting time for the patient. The treatment will start immediately.
Will you also be open to entering the group health space?
I believe that when you offer a differentiated product, an employee who experiences the services will value the product. And they will be willing to pay a premium for that. But unfortunately, in some cases, it tends to be a race to the bottom in case of pricing.
Apart from health, what are the other segments that you will expand into?
Health and mortgage insurance will be first priority. While we have been operational for only seven months, third-party insurance also offers an opportunity.
What will your focus areas be for the first year?
Areas like hiring and product launches are still ‘work in progress’ for us. However, having the backing of the Edelweiss Group provides an advantage.The first year is all about testing our systems, testing our service levels, testing customer satisfaction and seeing how quickly we can settle claims.