An Interview with Pankaj Nawani

An interview with Pankaj Nawani, CEO of CarePal Secure

In this insightful interview, we speak with Pankaj Nawani, the CEO of CarePal Secure, a pioneering company in the health assurance sector.

With a strong focus on innovation and consumer trust, Pankaj shares his vision for transforming healthcare access and affordability, as well as the challenges and opportunities within the industry.

Can you explain the basics of health insurance and why it is essential for individuals and families in today’s world?

Pankaj Nawani: Health care expenses are characterized by three key features. One is that they are sudden and allow little time for preparation. Secondly, they are large. High medical costs are one of the leading causes for people falling below the poverty line in India.

The situation is going to worsen with high medical inflation. Finally, unlike most expenses, like housing, food, clothing, etc., health expenses are not in control of an individual. Illnesses affect the rich and poor equally. This the reason that you should have health insurance.

How does CarePal Secure support families during health emergencies? Can you share some specific services or resources that are available?

Unlike traditional health insurance, Carepal Secure’s packages not only provide protection against sudden catastrophic hospitalization expenses but also cover the customer and their family against less severe, but much more likely, health expenses like OPD, doctor consultation, medicine costs and diagnostic tests.

Mobile access to our doctors is available 24/7 in 18 languages, 365 days a year. Also, our prescriptions clearly state the salt of the medicine rather than a particular brand, which helps customers find their medicines with ease. This makes Carepal Secure’s packages one of the most beneficial in India.

How has CarePal Secure integrated technology into its services, particularly in terms of teleconsultation and digital health services?

Pankaj Nawani: Our entire process, from sourcing business to customer onboarding and servicing, is entirely digital. Our issuance process is one of the most friction free in India, with easy mobile access available for all our services.

Why is health literacy important, and how does it impact patient outcomes?

Pankaj Nawani: In healthcare, the saying “forewarned is forearmed” is particularly relevant. Being aware of one’s health is the first step towards avoiding mishaps. The earlier a health issue can be detected, the cheaper and more effective the treatment will be.

Sadly, India’s cancer screening rates are far below those in Western countries, leading to most diagnoses occurring at an advanced, malignant stage, resulting in expensive, painful treatment and low survival rates.

Carepal Secure engages with its customers to break this negative cycle and encourage regular health checkups.

How does CarePal Secure ensure that its services are tailored to meet the diverse needs of its members?

Pankaj Nawani: We are passionate about our goals of protecting 1 million lives before 2030. Towards that purpose, our team consists of individuals with not only deep expertise in this field but also a

deep commitment to the company cause.

It also helps that most of our team members have worked in crowdfunding as well, through our sister company Impact Guru, and have seen firsthand the aggravation medical bills can cause to even well-to-do families.

We are also backed by investors like Apollo Hospitals and Healthquad which have deep expertise in the healthcare sector and bring decades of experience to advise and guide us.

Our partners, both healthtech as well as insurers, are reputed brands which have won accolades for customer focused products and services.

All of this, along with our constant customer engagement, creates an ecosystem that gives us the right information to design one of the best protection products in the market.

What trends do you see shaping the future of health insurance, and how is CarePal Secure preparing to adapt to these changes?

Pankaj Nawani: Health insurance is a very dynamic area. It has captured the centerpiece of not only insurance ecosystem but is also now a critical component of political economy, as is witnessed by the fact that health insurance is now on the agenda for almost all political parties. Few trends that we believe will impact health insurance are:

i. Customer friendly regulations which have made the claims process more transparent and speedier will raise the costs for insures and might impact profitability for a few of years, but in the long run will result in an increased demand for health insurance.

ii. Digitization of health records under Ayushman Bharat Digital mission will make the right information available to doctors as well as insurers quickly. This not only means better customer service and cheaper treatment, it will also curb frauds and customer complaints leading to health insurance becoming more cost effective.

iii. AI adoption in treatment will serve to increase the span of existing medical workforce and enable good quality care at cheaper rates to the population. It will also mean that the ailments will be detected much earlier than what’s possible today, leading to lower claims payouts and thus benefit the industry.

iv. Newer players and newer models. Recently the government has allowed 100% FDI in insurance. This will bring in new players and new innovations to the market.

Also, newer models which will seek to integrate the entire health ecosystem from primary care to hospitals, insurers, and pharmacies are likely to emerge.

This will enable companies to offer the kind of all-encompassing coverage which till now has not been possible. These products which cover the customer for almost all the expenses at an affordable cost will deepen the health insurance market in India.

Are there any partnerships or initiatives that you are particularly proud of that enhance community health?

Pankaj Nawani: We engage our customers to be proactive about their health as well as the health needs of their wider community.

Towards that purpose, we help our customers purchase health protection plans for underprivileged people around them or anywhere in the country by paying for their coverage.

What advice would you give to individuals and families when choosing a health insurance plan?

Pankaj Nawani: Be mindful of your health related risks. These vary from family to family and no two families are the same. You should also be realistic about what kind of cover you can afford for your family. We all want nothing but the best for our loved ones, but everything has a price.

So, choose a cover that you can realistically afford. And last but not the least, always make sure that you understand the product you are buying. This will help avoid nasty surprises later on.

As we wrap up our conversation, Pankaj Nawani’s commitment to enhancing health insurance solutions shines through.

His leadership at CarePal Secure is not only shaping the future of health assurance but also inspiring a more inclusive and transparent healthcare landscape.

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