Tata AIG General Insurance has introduced a service where it will settle health claims within four hours of filing for a claim.
"Normally it takes over six hours for claims approvals due to processing. We thought to tighten the procedure further and bring down the time to only four hours. We introduced this feature to prevent a medical emergency from becoming a financial burden on our customers," Tata AIG General Senior Vice-President, Consumer Lines, Ramesh Ramani said. This fast-track approval feature is available for existing customers as well as the new ones, he added.
The private insurer is relatively a new entrant into the health space and launched its first product in the segment around 10 months ago.
"Being a new player in the health space we are planning to introduce innovative features and products that will not only establish our brand but also help us increase our customer base," Ramani said.
The firm, a joint venture between the Tata Group and American International Group Inc (AIG), has eight health policies under its portfolio. It has sold over 20,000 health
polices between April¿December 2012.
Going ahead, the private insurer is looking to launch segment specific products under the health category.
"We already have filed few segment specific health products with the regulator IRDA (Insurance Regulatory and Development Authority). We hope to launch our first such
product in the next six months," Ramani said.