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Star Health under IRDAI lens over claim settlement; insurer says routine process

Business Today

Business Today · 5m ago

Star Health under IRDAI lens over claim settlement; insurer says routine process

Star Health and Allied Insurance is under scrutiny by the Insurance Regulatory and Development Authority of India (IRDAI) for significant deficiencies in claim settlement practices. The insurer's claim settlement ratio for FY23-24 stood at 82.31%, with an overall incurred claim ratio of 66.47%. Star Health has been issued a show-cause notice, with IRDAI focusing on various business and operational aspects, including the number of claims rejected and approved. The company views this as a routine process.

Related News

IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders

Money Control

Money Control · 1y ago

IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the registration of Galaxy Health and Allied Insurance as a standalone health insurer. Galaxy Health will be the seventh company of its kind in India. The IRDAI also approved a set of new and revised regulations, including changes to product regulations, policyholder protection, and the establishment of Bima Sugam, an electronic insurance marketplace. Detailed circulars with the specific changes will be released by the IRDAI in the future.

WestBridge-backed Star Health sues Telegram, chatbot hacker after data leakage

VCCircle

VCCircle · 11m ago

WestBridge-backed Star Health sues Telegram, chatbot hacker after data leakage

Indian insurer Star Health has filed a lawsuit against messaging app Telegram and a hacker who used the platform's chatbots to leak personal data and medical reports of policyholders. The lawsuit follows growing concerns over Telegram's content moderation and its alleged use for illegal activities. Star Health has obtained a temporary injunction from a court in Tamil Nadu, ordering Telegram and the hacker to block any chatbots or websites in India that publish the leaked data. The insurer has also sued software firm Cloudflare, claiming that the leaked data was hosted using its services.

InsuranceDekho, Renewbuy in talks to merge in $1 billion deal

The Arc Web

The Arc Web · 10m ago

InsuranceDekho, Renewbuy in talks to merge in $1 billion deal

InsuranceDekho is set to merge with RenewBuy in a cash-and-stock deal, creating a combined entity valued at over $1 billion. This merger aims to compete with PolicyBazaar and Turtlemint, focusing on insurance distribution, especially in smaller towns. InsuranceDekho, which began as a distributor under CarDekho, now has extensive insurer partnerships and received a composite insurance broking license from IRDAI in July. The deal’s specifics are still under discussion.

Are hackers claims to having UnitedHealth's stolen data a bluff?

Economic Times

Economic Times · 1y ago

Are hackers claims to having UnitedHealth's stolen data a bluff?

A newly formed hacking group, Ransomhub, claims to have gained access to a massive amount of data stolen from UnitedHealth Group, the largest US health insurer. However, there is limited evidence to support their claim. The group alleges that a disgruntled affiliate of another hacking gang, Blackcat, handed over the data after a failed ransomware payment. UnitedHealth is aware of the claim and is working with authorities, while experts urge caution about the validity of Ransomhub's claim. There is uncertainty regarding whether UnitedHealth paid the cybercriminals or if the claim is a bluff.

Star Health Data Leak: Insurer Releases Chronology Of Events

Inc42 · 10m ago

Star Health Data Leak: Insurer Releases Chronology Of Events

- Company reported breach to CERT-In, IRDAI, and other agencies after receiving ransom emails from hackers. - Star Health hired an independent expert to conduct a comprehensive forensic investigation, expected to conclude by end of October. - Personal data of over 3 crore Star Health customers was put up for sale online by the hacker. - The company is taking necessary steps to address the breach and protect customer data. - Response to the breach will involve collaboration with authorities and cyber experts to mitigate risks and enhance security measures.

Planning to port your health insurance policy to another insurer? Remember these points - The Economic Times

Economic Times

Economic Times · 1m ago

Planning to port your health insurance policy to another insurer? Remember these points - The Economic Times

Porting health insurance allows policyholders to switch insurers while retaining benefits like no-claim bonuses and waiting period credits. The new insurer can reject the porting request based on health status. It's recommended to apply 30-45 days before renewal. Long-term policyholders (over four years) face easier porting without new underwriting. There are no charges for porting, but premiums may adjust based on age and health. Review policy terms carefully to ensure comparable coverage when switching insurers.

PE-backed Star Health probes alleged role of top exec in data leakage

VCCircle

VCCircle · 10m ago

PE-backed Star Health probes alleged role of top exec in data leakage

- Star Health, India's biggest health insurer, is investigating accusations against its chief information security officer for alleged involvement in a data leak. - The hacker, called xenZen, claimed on his website that the executive had sold customers' medical records and personal data to him. - Star Health stated that their chief information security officer is cooperating with the investigation, and they have not found any evidence of misconduct by him yet. - Last month, Star Health filed a lawsuit against Telegram and the hacker after Reuters reported that customer details were leaked using chatbots on the messaging app and accessible through websites set up by the hacker. - Star Health is working with independent cybersecurity experts and authorities to investigate the incident and ensure sensitive customer data remains secure.

US Proposes $21 Billion Medicare Payment Boost to Insurers

Livemint

Livemint · 7m ago

US Proposes $21 Billion Medicare Payment Boost to Insurers

The US plans to increase payments to Medicare Advantage insurers by 4.3% on average in 2026, enhancing revenue for firms like UnitedHealth, Humana, and CVS Health. This move follows insurer concerns over inadequate rates and rising medical costs. The proposed $21 billion boost contrasts with recent Biden administration efforts to limit payments. These adjustments could improve policy under the incoming Trump administration and address insurer complaints regarding risk coding policies.

Hacker uses Telegram chatbots to leak customer medical reports from Star Health

Economic Times

Economic Times · 11m ago

Hacker uses Telegram chatbots to leak customer medical reports from Star Health

Stolen customer data from Star Health, India's largest health insurer, is available for sale via chatbots on the messaging app Telegram. The data includes sensitive information such as medical reports and personal details of millions of people. Despite claiming that the data remains secure, Star Health has reported the unauthorized access to local authorities. This incident highlights the challenges faced by Indian companies in safeguarding data and raises concerns about Telegram's content moderation and abuse prevention measures. The case also exemplifies the trend of hackers utilizing chatbots to exploit stolen data.

Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown

Inc42 · 9m ago

Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown

Kenko Health's cofounder, Aniruddha Sen, has accused regulatory hurdles at the Insurance Regulatory and Development Authority of India (IRDAI) as the reason behind the startup's failure. According to Sen, the company was made to go through a lengthy and fruitless process to obtain an insurance license from IRDAI. In addition, he hinted at involvement from an undisclosed Indian family office that contributed to Kenko Health's downfall. No further details regarding this claim were provided.

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