Health Insurance Portability explained!

Health Insurance Portability after many delays and setbacks has finally arrived in India. From 1st October,2011 , you will be able to switch your policy to another Insurance provider in the country along with all the benefits in the existing policy. Yes, this one is for real! Say a customer has a 5 year policy and wants to switch when only 2 years have been completed and paid for, he can switch to another Insurance provider in the market. The cover amount will remain the same along with most of its features.

Now this new development will bring a lot of changes in the Insurance market. An individual, now, not satisfied with his/her present Insurance providers services will now have the power to make a switch. And finally “customer care” will become a huge factor which will come into play in this industry.

Companies, who do not have the product depth or variety in the market, could easily gain clients on their customer care prowess. The provided service levels will now decide who gets to keep their clients. Industry experts predict, that, this will lead to ‘specialization’ in services.

A company will try to focus and retain customers from one particular section in the market. This will lead to further specialized products,  and  availability of companies dedicated to limited categories will increase for the benefit of the customer satisfaction, reducing the confusion a customer faces when buying a new policy.

The only effort that the customer now needs to put in is to inform the two insurance companies 45 days before the policy matures.

Be safe. Buy Insurance online