Religare Health insurance company rebranded itself as Care Health insurance company in September 2020.
Companies rebrand themselves for a number of reasons, and the decision may typically be driven by a combination of internal and external factors.
The evolving demographic landscape of Indian youth is creating fresh opportunities for health insurance companies. In response, Religare appears to be in the midst of a substantial transformation in their business approach. Consequently, the company is expanding its product range to align with emerging interests and is strategically repositioning itself in the market to enhance its appeal to a novel target demographic.
Sometimes old brands no longer resonate with their target audience may opt for a rebrand to modernize their image and stay relevant.
The general insurance sector in India, particularly the health insurance segment, is experiencing a significant transformation in both competitive dynamics and evolving customer preferences. These changes may have motivated Religare to shed its previous image and embark on a rebranding journey, aiming to establish a distinctive identity that sets it apart from rivals.
However company said in press release that rebranding is aimed at further building on opportunities to deliver the best possible ‘Care’ to its consumers. Company official also said “we have always believed ‘Care’ lies at the centre of everything we do as a health insurance specialist”. “
The new brand will ensure that customers gets
- Easy access to quality healthcare
- Broadening the spectrum of overall ‘Care’ beyond hospitalisation to include preventive health check-ups, wellness, doctor consultations, diagnostics and home care
Care health is now offering over 30 health insurance plans, designed to meet the the demand of cross section of populations and IRDA regulations/guidelines. However it must be noted that change of brand doesn’t mean abandoning of existing health plans. All the existing health plans are continuing as such with no change in terms and conditions.
Stand Alone Health Insurance company
Care is a standalone health insurance company means care only deals in health insurance segment of general insurance. Generally, stand-alone health insurance are more innovative and focused in terms of products launch and services offered.
Wide Network of Hospitals
Care has over 9400 providers on its network. These hospitals are often chosen based on level of services, quality of health care and geographical distribution.
Care health insurance has agreed rates with these hospitals for surgical procedure and medical management.
If you have care health insurance plan and undergoing some planned surgery in near future then you should consult the care customer care for selection of hospital that offer good services at reasonable price. This will not only save you form extra payment over and above the insurance cover but also saves the sum insured in your policy.
Analysis of Claim Reported and Repudiated
From the public disclosures uploaded on care portal, we can see the total number of claims reported during the quarter 01.04.2023 to 30.06.2023 are 231763 and total number of claims repudiated for the same period are 15715 which is 6.78% of total claim settled.
The claim repudiation ratio serves as a valuable metric for assessing an insurance company. While a 6.78% repudiation ratio for a single quarter falls within acceptable boundaries, it’s the overall annual repudiation ratio that offers a more comprehensive and informative perspective.
If you are considering purchasing a policy from Care Health Insurance, it is advisable to conduct a thorough analysis, carefully review the policy documents, and make your decision in accordance with your specific needs.
With over 12 years of industry experience, I am an associate and fellow from the Insurance Institute of India. I am dedicated to guiding individuals through the complex world of insurance, helping them make well-informed decisions.