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The Insurance Regulatory Development Authority (IRDA) is helping the health insurers to price premiums effectively by carrying out a survey on the country's disease patterns on the insured population, thus helping them get a clear view on pricing their products too.
This data which will be out in a few months can help companies price their products sensibly and will also have a fair idea of the risk they are taking thus bringing about clarity in the policy which could also avoid claim disputes.
A database built on morbidity is difficult because the lifestyles of people their consumption and other factors do not remain the same. A consumer's health can improve or deteriorate for a variety of reasons. The price of premiums is adversely proportionate to the geography, cost of health care across regions, gender etc.
Many players like Apollo hospitals, Max hospitals and Dr. Reddy's are looking for a joint venture in the niche health insurance segment