Health Insurance for the MSME Workforce is Key to the Sector’s Growth Story: FICCI-KPMG Knowledge Paper on the MSME Sector
MSMEs will be contributing significantly to the GDP as well as the industrial output. In order to ensure their continued success, the key imperatives are to ensure ease of doing business, infrastructure upgradation, skilling and ensuring workforce welfare. In order to analyse workforce welfare in terms of healthcare coverage, FICCI and
Key highlights from the survey:
* Approximately 90 per cent MSMEs do not offer any financial aid for medical purposes to the families of employees
* Most micro and medium enterprises offer no financial support to their employees and their families
* MSMEs preferred a basic cover of personal accident and critical illness with a focus on a reduction in premiums and coverage of employees only
* MSMEs primarily prefer to purchase insurance through broking channels and bancassurance, with group health insurance penetration through online channels at minimal level of about 6 per cent.
Speaking on the occasion, Mr. G Srinivasan, Chairman, FICCI Health Insurance Committee and Chairman & Managing Director,
Speaking about the knowledge paper, Mr.
He further added, "The
While the Government could play a pivotal role in setting up the healthcare infrastructure and incentivising group health cover adoption, the regulator could explore aspects around obligations of non-life insurers. The insurance industry could explore policy customisation, innovations in servicing and cluster based communications drives. A concerted three way approach could go a long way in realising the ambition of providing healthcare coverage to a larger population base.
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