[TechSparks 2020] From Oct 1, all health insurance policies will cover mental illnesses: PolicyBazaar CEO

Brushed under the carpet for long, mental health is finally getting the attention it deserves.

Sarbvir Singh, CEO, PolicyBazaar, on Wednesday said health insurance policies provided by all insurance providers would cover mental illnesses from October 1, 2020, under the new health insurance rules issued earlier this year.

“This is a big initiative. At large, people will now start considering mental health as an ailment which needs treatment,” Sarbvir said.

The PolicyBazaar CEO was speaking at YourStory’s flagship virtual conference TechSparks 2020 along with Shradha Sharma, Founder and CEO, YourStory, and Tanuj Shori, Founder and CEO, Square Yards.

The new health insurance policies would also clarify claim rules, coverage for telemedicine, and new definition of pre-existing disease among others.

Sarbvir said COVID-19 was a great opportunity to get things that we have always wanted to do in healthcare "done". "Today, there is no shortage of people on internet. But COVID-19 accelerated digital adoption only because there was no other option," he said.  

Digitisation had also led to a shift in the role of insurance agents.

Sarbvir said insurance agents now had more time to focus on building relationships and understanding the needs of customers, rather than investing time in administration tasks.

He added that technology will continue to play a huge role in the future.

“It's not just building apps or making user journey more efficient; it’s effectively trying to bring the ecosystem together to do the job in a better, more efficient way. All we need is to step out of our boundaries.“

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TechSparks - YourStory's annual flagship event - has been India's largest and most important technology, innovation, and entrepreneurship summit for over a decade, bringing together entrepreneurs, policymakers, technologists, investors, mentors, and business leaders for stories, conversations, collaborations, and connections that matter. As TechSparks 2020 goes all virtual and global in its 11th edition, we want to thank you for the tremendous support we've received from all of you throughout our journey and give a huge shoutout to our sponsors of TechSparks 2020.