L&T Insurance launches MediCash Card

MediCash Card will go a long way in ensuring quality healthcare and adding to customer convenience.

June 25, 2013 2:36 IST | India Infoline News Service

L&T Insurance partners with E-Meditek Global to launch an innovative product called MediCash Card to facilitate Instant Cashless Claim Authorization. The interface of the innovative technology has been configured over Visa Prepaid Card under an exclusive alliance between Ratnakar Bank, Visa and E-Meditek Global. Designed to change the course of health insurance approvals with the option of payment to hospitals, MediCash Card will go a long way in ensuring quality healthcare and adding to customer convenience.

Currently it takes over 4 hours’ time for our corporate group health customers on an average, for a customer to receive the Cashless Approval after entering the Hospital. Sometime this delay can lead to unexpected and unpleasant situation especially in case of emergency and critical cases. To overcome this challenge E-Meditek Global has designed a world-class platform, which is integrated with its claim application.

This platform provides instant cashless approval based on the eligibility. The unique technology just requires a swipe of the MediCash Card at the Point of Sale (POS) terminal, followed by filling of requisite information on the POS machine itself; and then a small wait much like your experience at a retail store for credit card payments; and you have your Cashless Authorization Slip containing all the information any standard cashless authorization carries. This is followed by a confirmation call to the customer. At the time of discharge, communication regarding the approved amount is shared through SMS and email, with the customer to enable immediate refund of security deposit by the hospital.

Speaking at the launch, Mr. Joydeep Roy, CEO & Wholetime Director, L&T Insurance, said, “At L&T Insurance, we are committed to a philosophy of making the process of Health Insurance fast and seamless for our customers with innovative use of technology. We were the first insurance company in India to offer the 6-hour service response guarantee for our retail customers and now we are the first insurance company in India to offer an instant cashless approval solution for our group medical insurance customers. The MediCash Card allows instant authorization and on-the-spot payment, making the crucial period of wait almost negligible. So, help and health are only a swipe away.”

Mr.Gopal Verma, Chairman, E-Meditek Global said, “At E-Meditek we constantly endeavor to enhance the customer experience through technology and overcoming the gaps in the processes. The “E” in E-Meditek signifies our approach and vision of concentrating on excellence in using technology to the advantage of every stakeholder including the end customer.”

“The card also enables insurers to introduce the Out Patient Insurance Plans rather than just the hospitalization insurance. This will pave the way for launch of genuine OPD or Dental insurance plans in the country”, he further added. 

Mr Vishwavir Ahuja, MD & CEO, Ratnakar Bank, shared “We are pleased to be an integral part of this first of its kind medical prepaid card solution in India. MediCash Card provides the cardholder with an easy-to-use, extremely secure and hassle free product. Our focus and endeavor is to launch innovative products like these which help build efficiency, convenience through electronic payments system.”

Mr. Uttam Nayak, Group Country Manager India and South Asia, Visa, said “At Visa we recognize that many customers are discouraged from buying insurance due to the anticipated complexity involved in settlement of claims. The Medicash Visa Prepaid Card provides tremendous value to insurance companies seeking a more efficient way to collect  and make payments to health care recipients or channelize  direct payments to the hospitals,  in facilitating medical treatment to policy holders.  Visa is proud to partner Ratnakar Bank, L&T General Insurance and E-Meditek Global to bring a very effective and low cost solution to improve healthcare in India.”

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