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Wellness & Customization go Hand-in-Hand

Pooja Yadav, Chief Product Officer at Zuno General Insurance, unveils the trends and transformations in the world of corporate health insurance:

Ravi Lalwani: What is the growth rate of corporate employee health insurance in India? Which regions have shown higher demand?

Pooja: The corporate health insurance segment is experiencing robust growth, currently at approximately 20%, and this growth is evenly spread across the country. According to the Mercer Marsh Health Trends Report 2024, employer health insurance costs are projected to grow at 11% in India by 2024, up from 9.6% in 2023. Interestingly, we have observed higher demand in the western and central parts of India.

Which industry verticals exhibit the highest demand for corporate employee health insurance?

While the demand is widespread across various industries, certain sectors stand out. IT & technology and start-ups, known for their young and dynamic workforce, often prioritize employee well-being to attract and retain talent. Similarly, the banking and financial sectors, as part of their talent acquisition and retention strategies, commonly offer comprehensive health insurance packages. In recent years, industries with traditionally high demand include IT, finance & banking, healthcare, manufacturing, pharma, and biotech.

Could you share any recent product or service innovations introduced by Zuno General Insurance for the employee health insurance category?

Certainly! Corporate health insurance is evolving beyond basic coverage. We have introduced features such as coverage for the LGBTQ+ community, live-in partners, a buffer for non-payable claims at HR discretion, and coverage for non-payable items with an additional premium. These innovations reflect our commitment to providing inclusive and customized coverage.

Does Zuno General Insurance provide coverage for hazardous sectors, such as mining and chemicals, under corporate health insurance products? Also, how does your organization customize coverage for clients?

Coverage for hazardous sectors is provided selectively, considering factors like prior claims experience, risk management practices, and geographical location. We customize coverage through modular or flexible programs, allowing employees to enhance their coverage based on individual needs. Examples include enhanced maternity limits, co-pay buyback, modification to room rent, and increased sum insured for critical illness and accidental hospitalization.

Has Zuno General Insurance introduced new employee fitness and wellness products under corporate insurance?

Absolutely. We are committed to promoting employee well-being. Our offerings include annual health check-ups, cashless OPD services, discounted OPD services, health talks, and doctor-on-call features. These initiatives align with our goal of providing comprehensive health and wellness solutions.

What percentage of Zuno General Insurance’s business comes from direct, agents, and other channels?

Most of our business is sourced through partners, emphasizing the significance of collaborative efforts and strategic partnerships in our distribution channels.

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