First-of-its-kind insurance

The legendary American Henry Ford is known to be a hard bargainer. He is also known for the saying, 'A business that makes nothing but money is a poor busine ss'. This left a deep impact on two bright entrepreneurs Arun Kumar and Shashe Kanth. And that's what gave rise to their unique business model in insurance.

First, a question. Which insurance company covers medical expenses towards med icines and diagnostic tests? Answer: None in India. When they first decided to foray into insurance, they stumbled on this fact that is peculiar to Indian insurance sector. In many countries, such miscellaneous health expenses are covered by insurance even if they are normal daycare procedures. They dug in and uncovered more such insurance covers provided overseas. Like dental insurance, provided the insured undergoes a total dental checkup every six months.

That's why and how they founded Artha. In association with leading insurance companies like Reliance, they provide cover to more than 20,000 lives in Bangalore. According to a company official, they have more than 15,000 members in the retail sector, and their 200-strong workforce bring in an average of around 2,000 new customers every month.

Artha offers a variety of health insurance products, such as preventive healthcare pack (to stay healthy), leisure pack (to beat stress) and an insurance pack (in case of any mishap). The Artha Card ensures members access to good preventive health care and at the same time help them save some serious money.

At the outset, people assume miscellaneous health expenses are a minor spend, but their experience and research proved that it is not. They found that an average Indian family spends an average amount of Rs 10,000-20,000/- per year on such expenses. Such miscellaneous expenses are not reimbursed by either your employer or the insurance companies and include a wide range of day-care procedures like dentistry, consultations, health checks, diagnostic services, medicines and outpatient treatments that may not require hospitalization, and so are not covered. Nobody can plan for these expenses and they can be debilitating.

Preventive healthcare is a subject on which Arun Kumar and Shashe Kanth are passionate about, and feel that people's response to this is far less than desirable. They ask, should you visit a doctor only when you are ill? Or should you take your family for regular checks even when everything seems fine? Answer these and you will know whether you believe in Preventive Healthcare or not.

How many times have we seen people tormenting themselves with the question of "if only…" after the event is past? A person is diagnosed as being in an advanced state of cancer and ago nizes, as king hims elf again and again, "If only I had gone for regular check up." Somehow, we are tuned to believe bad things happen only to others and not to us! We tend to take our health for granted. Hope and optimism is all fine, but should it not be tempered with reason, ask people at Artha. That's where preventive healthcare comes in.
There are many dreaded diseases like cancer, heart attack, coronary bypass surgery, organ transplants, renal failure, bone marrow transplant, etc. which do not manifest themselves overnight, but take time to develop and therefore can be prevented or at least delayed by preventive healthcare. That's why it makes more sense to have regular checks and consultations with the doctor while you are hale and healthy.

Quoting the popular proverb, 'a stitch in time saves nine', Artha appeals to the people to go to a doctor when you are fit and not just when you are sick. It makes sense.

(Artha's corporate office is located on Nrupathunga Road diagonally opposite RBI, Ph 41519898, Fax 41324687, email info@arthaoptions.com)