Key facts
- The General Insurance Council (GIC) is establishing a common platform for hospital empanelment.
- This initiative aims to streamline the process for hospitals to partner with multiple insurance companies.
- Over 10,000 hospitals have applied to be onboarded to the GIC Common Empanelment Platform.
- IFFCO-TOKIO MD Subrata Mondal believes this will lead to standardization and increased negotiating power for insurers.
- IFFCO-TOKIO is also upgrading its IT system to improve claim processing and underwriting efficiency.
The General Insurance Council's (GIC) initiative for a common hospital empanelment platform is expected to benefit all stakeholders, including policyholders, by streamlining processes and reducing friction between insurers and hospitals, according to Subrata Mondal, MD and CEO of IFFCO-TOKIO General Insurance.
Mondal stated that the common empanelment allows hospitals to engage with all 32 participating insurance companies through a single digital process and a unified agreement, eliminating the need for separate empanelment procedures with each insurer. He highlighted that this move will lead to standardization and enhanced negotiating power for the insurance industry.