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Health Insurance Industry is the fastest growing insurance industry. So we can expect some new changes in this particular segment. Insurance Portability is one of the changes that soon will be take place in the industry. 

A welcome move by Irda which will make industry more competitive, transparent and innovative. Portability which will allow policyholder to switch freely to other insurance companies which otherwise becomes difficult. 

Health Insurance Portability will force companies to provide all records and claim history of customer to new insurance company which will bring more transparency and will also allow insurers to assess the risk accordingly. 

Irda has made this move in the best interest of customer which importantly contribute to change their insurers without worrying about the continuity benefits such as pre existing diseases, some named illness which only can be cover after specified years. 

It will also make insurance companies to focus on customer values and quality service. Having said that industry is still in the search of data sharing mechanism to ensure continuity in maintaining high quality of service. 

Portability further can help to reduce waiting periods for pre existing diseases because new products will have portability feature as an add on feature. Insurance companies believe portability may not bring mass migration but it will increase service requirements. 

New guidelines on health insurance portability issued by Irda which makes customer a king as they will get more importance such as they get more choices and they can demand more service and will have the option switch to other insurers. 

 Know more about Health Insurance Policies in India.