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28

March
2022

IIB Website Goes Live

Health Insurance Portability

The importance of health and wellbeing is becoming widely recognised, especially after the COVID-19 pandemic. Medical costs are also on the rise, which has led to an increase in health insurance subscribers. A health insurance policy is a contract between a policyholder and an insurance company wherein the medical expenses of the former are incurred by the latter in case of an emergency. It is important for everyone to have a suitable health insurance policy to be able to avail adequate healthcare for themselves and their families without breaking their banks. However, the health requirements of every person can keep changing with time. Also, no two health insurance policies are the same. Therefore, just one health insurance policy won’t suffice one person and his family members throughout their lives. This is where health insurance portability can help them.

There could be a number of reasons why policyholders might want to switch their policy provider, such as changing budgets, not receiving the promised benefits, their hospital no longer accepting their plan, etc. Health insurance portability is a provision that is given by the Insurance Regulatory and Development Authority of India (IRDAI) to policyholders to switch their insurance company at the time of policy renewal without losing out on the policy’s benefits.

Revalsys’s Health Insurance Portability Portal For the Insurance Information Bureau Of India (IIB)

The IIB is an independent body created by the IRDAI to collect and digitally store data of the Indian insurance sector. It acts as a link between insurance companies, policyholders, and licensed Third-Party Administrators (TPAs) who facilitate processing of insurance claims. Revalsys created a health insurance portability portal for the IIB to register multiple insurance companies on. Agents of these companies can create accounts on this portal and log into them to access details of the policies that they handle and of their policyholders. Policyholders who wish to switch their provider can initiate the porting process by contacting an agent from their potential insurance company and sharing their policy details and their reason for opting out. The agent can then verify these details on the IB portal and choose to accept/reject the portability request.

Business and customer data is stored everywhere in today’s internet and technology era – on computers, hard drives, and the Cloud – and protecting it is important as cyberattacks are on the rise and physical devices are prone to theft. Fraudsters can use the leaked medical information to commit identity theft, sell fake medications to patients, and cause financial losses to them. To protect the privacy of the customer information stored on the IIB portal and prevent unauthorised access to it, Revalsys designed it to allow insurance agents acting as admins of their companies’ accounts to assign roles and grant different levels of permissions to account users.

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