Westland Insurance has purchased two digital brokerages in an effort to broaden its technology capabilities to brokers, renters, and homeowners.
Agile Underwriting Solutions, owned by Westland, has purchased managing general agency (MGA) Exhale Insurance in the first of two mergers announced Thursday.
Exhale, a Canadian company founded in April 2019, uses digital technologies to deliver insurance products to its broker partners and customers. The licensed Lloyd’s of London coverholder provides insurance to brokers and their clients through Lloyd’s syndicates.
“Agile is positioned to be a market leader in the Canadian MGA field with the additional capabilities of Exhale’s technologies and capacity,” Brett Graham, president of Agile Underwriting Solutions, said in a statement. “Agile has exceptional access to powerful underwriting, data analytics, and actuarial knowledge, which genuinely distinguishes it in terms of product innovation and competitive pricing for Canadian brokers and their clients.”
Agile, based in Nova Scotia, first opened its doors in 1995 under the moniker UCAI (Underwriting Contract Administrators Inc.). Its mandate includes assisting brokers across the country in locating coverage for difficult personal and commercial lines accounts, as well as forestry operations. In 2017, UCAI renamed itself Agile Underwriting Solutions.
Is taking health insurance a good idea?
With the ever-increasing costs of healthcare in our country, as well as the ever-increasing incidences of diseases, health insurance is now a requirement. People with health insurance have a much-needed financial safety net in the event of a medical emergency. Risks and uncertainty in one’s health are unavoidable in life. One cannot plan for illness, but one can certainly plan for financial hardship. Purchasing health insurance is one method to be financially prepared for unforeseeable health risks.
Health insurance is a type of insurance that reimburses the insured for medical expenses. Health insurance can pay the care provider directly or compensate the insured for expenses incurred as a result of illness or accident. Individual health insurance, family health insurance, critical illness insurance, and other forms of health insurance programs are available. Buying health insurance is an important aspect of any financial plan.
Health insurance provides people with a much-needed financial safety net in the event of a medical emergency, but it is a well-known fact that medical care in our country remains mostly an expensive affair to this day. According to several statistics, India’s health insurance penetration remains the lowest in the world. The government’s focus on health programmes, new initiatives such as the Ayushman Bharat Yojana, and capital expenditure on healthcare, on the other hand, may help to improve the situation.
There are numerous reasons to having health insurance, and if you have a family to support, you can purchase family health insurance to cover your entire family’s medical requirements. However, the health insurance premium that one must pay in order to obtain a suitable insurance coverage varies from person to person and is determined by a variety of criteria.
1. Lifestyle changes: There are numerous reasons to have a health insurance coverage in place. The seismic upheaval in our way of life has rendered us more vulnerable to a variety of health problems. Commuting, demanding work schedules, poor eating habits, food quality, and rising pollution levels have all contributed to an increased chance of developing health problems.
2. Increasing medical costs: Medical costs have recently grown considerably. As a result, in the event of a medical emergency, consumers are forced to spend their funds, jeopardizing their future goals. According to reports, when it comes to dealing with health issues, Indians rely mostly on their own savings.
3. Tax benefit: Health insurance premium payments are also tax deductible under section 80D of the Indian Income Tax Act. Individuals under the age of 60 can deduct up to Rs 25,000 in health insurance premiums paid for themselves, their spouse, or their children. If you acquire health insurance for your parents who are 60 years or older, you can deduct extra Rs 50,000.
This deduction will be allowed for payments toward an annual health insurance policy premium, a senior citizen’s preventive health check-up, or medical expenses for every senior citizen. Overall, if you pay your senior citizen parents’ health insurance payments, you can claim a total deduction of up to Rs. 75,000 (Rs. 25,000 + Rs. 50,000), up from Rs. 55,000 (Rs. 25,000 + Rs. 30,000) previously.
4. Coverage of pre- and post-hospitalization charges: Not only have medical costs risen in recent years, but so have the costs of OPD (out-patient department) bills and diagnostic tests, making it even more important to get a health insurance coverage. It is worth noting that medical insurance cover not only the costs of hospitalization but also the costs of outpatient care and diagnostic testing before and after the policy’s specified time period.
5. Additional benefits: Health insurance also provides benefits such as ambulance coverage, coverage for day-care surgeries, coverage for health check-ups, and coverage for vaccine costs. Ayush therapy is now covered by health insurance by several insurance providers.
The question of when is the best time to acquire health insurance is a prevalent one among consumers. However, there is no set age for purchasing one. However, if one purchases a health insurance coverage at a young age, the cost of the policy will be lower. The cost of a health insurance coverage rises as one gets older since the risk connected with it rises. Health insurance premiums are determined by the insured’s age, medical history, city of residence, and other factors. As a result, purchasing a health plan early can help you save money on premiums.
When purchasing health insurance, it is also recommended that you purchase critical sickness insurance. A critical illness policy is a type of insurance that promises to pay you a set amount if you are diagnosed with a critical illness that the policy covers. You can get a critical illness coverage as a stand-alone policy or as a rider when purchasing conventional health insurance. In the event that you are diagnosed with a serious disease, critical illness insurance might be a very useful addition to your basic health insurance. While you can use your usual individual or family health insurance to cover your hospitalization costs, the lump sum payment from the critical illness cover can be used to cover additional critical illness-related expenses.
IFFCO Tokio, for example, offers a wide range of insurance coverage. They offer health insurance policies such as Family Health Protector Policy, Individual Health Protector Policy, and Health Protector Plus Policy Coverage.
Who owns agile underwriting?
Agile Underwriting Solutions, owned by Westland, has purchased managing general agency (MGA) Exhale Insurance in the first of two mergers announced Thursday. Exhale, a Canadian company founded in April 2019, uses digital technologies to deliver insurance products to its broker partners and customers.
Which insurance company has the highest customer satisfaction?
The National Association of Insurance Commissioners (NAIC) reports that USAA receives less policyholder complaints than its competitors. In addition, the company has the highest J.D. Power claims satisfaction rating.
Aside from its service and rates, USAA also offers discounts tailored to military personnel’s lives. If you park your car on a military base, you can earn a 15% discount on comprehensive insurance. The company also offers a car storage discount, which can save policyholders up to 60% on their premium if their vehicle is parked in a secure area when not in use, making coverage more affordable for deployed customers.
How do I choose the right health insurance plan?
Health insurance is undeniably one of the most important insurance policies to have in the current atmosphere, given the rise in the prevalence of health problems at a young age. Furthermore, the exorbitant expenditures of medical treatment emphasize the importance of obtaining a health insurance policy.
Unfortunately, health insurance is the most undervalued sort of insurance in India because it doesn’t pay out unless you get sick. While no one wants to get sick, it is important to recognize that health issues are an unavoidable part of life. As a result, it is critical to be financially prepared in the event of a health problem. You can’t plan to get sick, but you can plan to be financially prepared for the worst-case scenario.
In India, you can choose from a wide range of health plans, including individual plans, family floaters, and senior citizen health insurance. As a result, you must first examine your needs before purchasing a health plan.
What is the best time to buy health insurance?
Medical insurance policies are best purchased in your mid-twenties. You’re just beginning out in your job at this age, so there’s no need to be concerned about money.
You are still a long way from settling down, and purchasing a policy will not jeopardize your financial ambitions.
You can get practically all of the benefits listed above if you get the coverage at this stage in your life. Furthermore, cost-effective plans will urge you to select policies that provide the finest financial protection in the event of a medical emergency.
Other benefits that make this the best time to acquire health insurance include:
- For younger policyholders, a lifetime renewal option is offered, as well as extended coverage.
- Even if you’re in your twenties, you’re still vulnerable to accidents and illnesses. As a result, such a strategy serves as a backup plan for dealing with such emergencies.
Furthermore, if you are getting married in your mid-twenties, you should begin planning for your future right now. If you want to start a family in the next three to four years, you should consider adding maternity coverage to your health insurance plan.
When you decide to have a child after the two-year waiting period has passed, you can take advantage of the benefits of the add-on. That way, you’ll be able to deal with the high costs of birthing.
What is the best age to buy health insurance?
1. Low premium: When you’re young, you’re healthy and don’t have any severe medical issues. As a result, the insurers consider you a low-risk policyholder who is less likely to file a claim under the health plan. As a result, you can get more coverage, such as critical illness insurance, for a lower rate.
2. More options: You have the freedom to assess different health plans offered by different insurers at a young age, allowing you to make an informed selection. Furthermore, there is a decreased chance that your idea would be rejected. As you get older, insurers may not be able to cover all types of illnesses, lowering the number of options accessible to you.
3. No medical exams are required: If you are above the age of 65, your insurance company may force you to undergo many medical tests and check-ups. The results are examined by the underwriters, who then decide whether or not to provide the policy to you. When you are young and healthy, most health insurance companies do not require you to undergo medical exams.
4. Pre-existing condition waiting time: Almost every health plan has a pre-existing condition waiting period during which pre-existing condition coverage is not provided. As a result, if you have a medical condition, the policy will not cover it right away. Investing from a young age means that if you are diagnosed with a disease in the future, the waiting period is ended and coverage begins immediately.
5. Everlasting renewal: If you get a health insurance coverage when you’re young, you may be eligible for lifelong renewal. This ensures your financial security in the event of a later hospitalization. To assure continuing coverage, you must renew the policy on or before the expiration date.
Experts advise that you buy a health insurance plan as soon as you turn 18 years old. This lets you to build up your cumulative benefits (for each year you go without filing a claim) as you get older because you can get more coverage.
(The author is a Senior Executive Vice President and Chief Operating Officer) (Distribution, Underwriting & Operations, Kotak General Insurance)
What’s the difference between health insurance and medical insurance?
Health insurance, often known as medical insurance or healthcare insurance, is a type of coverage that pays for a portion of a policyholder’s medical expenses. The amount of coverage provided by insurance and how much the policyholder pays in copays, deductibles, and coinsurance is determined by the policy’s precise specifications, with certain plans having additional rules and regulations.
If you don’t have health insurance and require medical treatment, you may be faced with insurmountable medical bills or even medical providers that refuse to treat you. If you’re uninsured, only screening and stabilization at a hospital emergency department are assured. If your capacity to pay for the care is in doubt, it’s up to the provider to decide whether or not to treat you. Even if your out-of-pocket expenditures under the health plans accessible to you appear to be exorbitant, having a health insurance card could mean the difference between receiving care and not.
It’s also crucial to realize that you can’t immediately buy health insurance when you have a medical emergency. There’s an annual open enrollment period that applies whether you’re buying your own coverage or enrolling in a plan supplied by an employer, and enrollment outside of that window is limited to special enrollment periods triggered by qualifying events.
