Chennai, Jan 3 (IANS) Health Insurance TPA of India, the common health insurance claims processing company floated by public sector insurers, is expected to be functional in nine to 12 months, said its chairman.

“We are in the process of selecting the information technology (IT) platform and hiring people. The company has been incorporated with equity contributions from the government-owned four general insurer and the General Insurance Corporation of India (GIC),” G.Srinivasan told IANS.
Srinivasan is also the chairman-cum-managing director of the New India Assurance Company Ltd. – one of the five promoting companies of Health Insurance TPA. The other three promoters are National Insurance Company, Oriental Insurance Company and United India Insurance Company.
He said the GIC will hold five percent in the Rs.200 crore equity capital and the balance 95 percent will be shared equally between the four primary insurers.
Industry officials expect the captive health claims processing company to plug holes in the current system.
The captive claims processing joint venture will also enable the primary insurers to retain the goodwill of the policyholders on settlement of the claims.
At present the four PSU general insurers get their health insurance claims processing outsourced from private players.
Prior to the opening up of the insurance sector for the private players, the four companies were processing the claims at their operational offices.

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