Comparative Analysis of Private and Public Health Insurance Companies in Haryana
Keywords:
Health Insurance, Private Insurance, Public Insurance, Haryana, Customer Satisfaction, Service QualityAbstract
Health insurance plays a vital role in ensuring financial security during medical emergencies. The study aims to conduct a comprehensive comparative analysis of private and public health insurance companies in Haryana, focusing on their services, benefits, customer satisfaction, and operational efficiency. With the increasing importance of health insurance in ensuring financial security against medical expenses, understanding the performance of these two sectors is crucial. Public insurance companies, which are often backed by the government, provide affordable and widely accessible plans, but may suffer from bureaucratic delays and slower claim settlements. On the other hand, private insurers are known for better customer service, faster claim processing, and more customizable plans, yet they often come with higher premiums and may have stricter claim approval processes.
This research utilizes both primary and secondary data sources, including surveys, reports, and industry analyses, to examine various parameters such as claim settlement ratios, premium costs, policy coverage, and consumer feedback. The findings aim to highlight the strengths and weaknesses of both sectors, identifying areas for improvement and policy recommendations. Additionally, the study explores the impact of regulatory frameworks on the industry's growth and efficiency. The ultimate goal is to provide a clearer understanding of which type of insurance best serves different consumer needs in Haryana, contributing to informed decision-making for policyholders, regulators, and stakeholders in the healthcare sector.
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References
Books:
Health Insurance in India: Issues and Challenges by Rajendra Pratap Gupta
Indian Insurance Industry: Transition & Prospects by Tapas Kumar Panda
Previous Studies and Journals:
Sharma, R., & Gupta, S. (2018). Comparative Study on Public and Private Health Insurance in India. Journal of Health Economics, 12(3), 45-60.
Mehta, A. (2019). Customer Satisfaction in the Health Insurance Sector. International Journal of Insurance Studies, 14(2), 78-92.
Patel, R., & Roy, K. (2020). Growth and Challenges in Health Insurance. Indian Journal of Economic Studies, 11(1), 102-118.
Reddy, M. (2021). Effectiveness of Health Insurance Regulations. Regulatory Studies Journal, 9(4), 56-72.
Singh, P., Verma, N., & Sharma, L. (2022). Analysis of Claim Settlement Ratios. Journal of Financial and Insurance Research, 15(3), 134-150.
Verma, K., & Kapoor, A. (2017). Affordability of Health Insurance Plans. Indian Journal of Public Health Policy, 8(2), 60-75.
Kumar, S., & Das, P. (2019). Consumer Awareness and Health Insurance. Journal of Consumer Studies, 13(1), 88-105.
Banerjee, T. (2020). Impact of Digitalization on Health Insurance. International Journal of Digital Finance, 10(4), 44-59.
Aggarwal, V. (2021). Role of Government in Health Insurance. Policy and Governance Review, 16(2), 112-130.
Choudhury, A., & Sen, R. (2022). Health Insurance and Financial Inclusion. Indian Economic Review, 19(3), 75-89.
Mishra, D., Sharma, P., & Yadav, R. (2023). Customer Perception of Public and Private Insurers. Journal of Business and Finance, 17(1), 98-115.
Nair, S., & Pillai, K. (2023). Comparative Analysis of Health Insurance Policies. International Journal of Insurance Policy Studies, 20(2), 55-72.
Journal of Health Economics
Indian Journal of Insurance Studies
Harvard Business Review on Insurance Trends
Reports from Public and Private Insurance Companies
WHO Reports on Health Insurance Trends
Websites:
IRDAI Annual Reports (www.irda.gov.in)
Ministry of Health and Family Welfare (www.mohfw.gov.in)
PolicyBazaar and insurer-specific portals (www.policybazaar.com)
Research papers from PubMed and Scopus Databases
Articles from The Economic Times and Business Standard Magazines