Sharad Mathur, MD & CEO of Universal Sompo General Insurance, has emphasized the urgent need for integrated insurance products and stricter regulation in India’s healthcare ecosystem. In a recent interview, he stressed that unified offerings and hospital regulation could significantly reduce consumer complaints and improve trust in the industry.
Call for Unified Insurance Packages
- Mathur proposed bundled insurance products that bring life, health, personal accident, and property cover under a single integrated plan.
- According to him, today’s fragmented products confuse customers and weaken trust. Integrated plans could simplify choices, enhance transparency, and ensure wider coverage.
Hospital Billing and Consumer Complaints
- A large share of consumer grievances stem from opaque hospital billing practices.
- Mathur suggested that if hospitals are brought under direct regulatory supervision, many disputes between insurers and policyholders would automatically reduce.
- He added that standardized billing would bring greater accountability and fewer aggrieved customers.
The Bigger Insurance Landscape
- India’s insurance penetration is still relatively low, particularly in health.
- With rising medical costs, insurers face mounting claims while customers struggle with unexpected out-of-pocket expenses.
- Mathur believes regulatory reforms in hospitals, along with better insurer–hospital integration, will lead to a healthier ecosystem for all stakeholders.
Why It Matters
- For Consumers: Simplified bundled policies could offer holistic protection and make insurance easier to understand.
- For Insurers: Integrated products would reduce administrative costs and claims disputes.
- For Healthcare: Hospital regulation could streamline billing, making healthcare more affordable and transparent.
Related Reads
