BANKS AND FINANCIAL SERVICES COMPANIES
Banks and NBFCs have always played a pivotal role in the healthcare sector, although most of that is focused on services to healthcare providers. Working capital loans and financing for new projects and/or upgrades have been staples for many years. Secured or unsecured loans to doctors are relatively new but are gaining ground really fast, as many doctors upgrade their clinics and hospitals. In recent times, most banks have inked deals with insurance companies, both life and health, to distribute policies to their existing customer base.
However, much larger opportunity for banks and financial services companies like AMCs is to be a part of how consumers pay for healthcare. While there has been a lot of focus on health insurance, it is our belief that the most appropriate protection against healthcare costs is a health savings fund combined with a high deductible health insurance policy complemented with a critical illness cover from a life insurance company. Vidal Health is already partnering with banks, NBFCs and AMCs to design such specialised health savings funds that can help individuals deal better with healthcare expenses than a vanilla savings account, or sometimes even a base health insurance policy.
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Most banks have inked distribution deals with health insurance and life insurance companies, and are banking on their branch networks as well as digital channels to sell policies to their existing customers. AMCs, on the other hand, are seeking to acquire more members into their funds and increase their AUM. Vidal Health can support this customer acquisition in more ways than one. It can equip the bank branch employees and independent financial advisors employed by AMCs with a more powerful narrative relating to health and the need for adequate protection. It can also help banks and AMCs engage with their existing members more effectively using health and wellness programs and create alternate channels for customer acquisition.