Avibrant and growing SME sector is vital for the development for any sector. The IT-BPO industry today accounts for a large number of SMEs. NASSCOM data indicates that out of the 5,000 companies in India, almost 85% are SMEs. NASSCOM membership of over 1300 companies includes over 700 SMEs.
The need to attract and retain high caliber talent is critical for SMEs to grow and an effective health insurance plan is an important priority for them. However, current cost structures have created an environment wherein:
Small and medium-sized companies either can’t get coverage or are priced out completely
Healthcare costs are rising by the minute at every level of care
Urban tech companies have very high utilization rates compared to other types of companies
Access to knowledgeable, effective intermediaries is very difficult for SMEs
Support for claims and dispute settlement is nearly non-existent for smaller employee groups
Insurers have no qualms increasing premia for smaller companies