Magma HDI General Insurance has processed its first claim through the National Health Claims Exchange, or NHCX.
The NHCX platform, introduced by the NHA, streamlines healthcare claims under the Central Government’s flagship Ayushman Bharat health initiative.
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Furthermore, the NHCX portal facilitates seamless and real-time information exchange between all important stakeholders in the claim process. This includes the healthcare provider, insurer, patient beneficiary, government, and more.
Amit Bhandari, chief technical officer at Magma HDI, said: “The NHCX platform, designed to streamline and expedite the claims process, represents a significant advancement in the insurance sector. We believe it will play a significant role in furthering the insurance movement in the country. It testifies to our belief that technology can provide impetus to India’s insurance sector. Our first claim settled through the portal further demonstrates Magma HDI’s capabilities to align its processes with the Government’s vision for the industry. We look forward to settle more claims on the NHCX portal and become a part of the technological revolution that will positively impact India’s insurance sector.”
Benefits news
StanCorp Financial Group (the Standard), the US arm of Japan’s Meiji Yasuda Life Insurance, has agreed to acquire Allstate‘s Employer Voluntary Benefits business in all all-cash deal valued at around $2bn (Y293.94bn).
This move is expected to significantly enhance the Standard’s growth and competitive stance in the US employee benefits market.
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By GlobalDataCompletion of the deal is anticipated in H1 2025, contingent on the receipt of regulatory clearances and other standard closing conditions.
Once the deal is complete, the Standard will integrate Allstate’s Employer Voluntary Benefits business, including its employees and operations, into its existing structure.
The acquisition aligns with Allstate’s plan to unlock the growth potential of its Health & Benefits businesses, comprising Employer Voluntary Benefits, Individual and Group Health, by partnering with companies with complementary capabilities.
