Insurtech company EGI has announced the launch of an “Out-of-Network Cash Advance” facility to assist customers with monetary support at any hospital that is not part of EGI’s network. Usually, one would have to pay out of pocket for treatment at out-of-network hospitals. However, under the new ‘Cash Advance’ facility, clients will receive cash up to Rs 10,000 to cover admission fees or other expenses during hospitalization. The advance is then adjusted at the time of the claim
Insurtech company EGI has announced the launch of an “Out-of-Network Cash Advance” facility to assist customers with monetary support at any hospital that is not part of EGI’s network. Usually, one would have to pay out of pocket for treatment at out-of-network hospitals. However, under the new ‘Cash Advance‘ facility, clients will be provided with cash up to Rs. 10,000 to cover admission fees or other expenses during hospitalization. The advance is then adjusted at the time of the claim.
The launch of this service was based on insights gained from qualitative research conducted by EGI in 4 cities of Mumbai, Delhi, Bengaluru and Kolkata. Research has been undertaken for a better understanding of clients’ pain points during medical emergencies. The results revealed that customers are demanding real cashless benefits, not just refunds.
Speaking on the development, Shanai Ghosh, Executive Director and CEO of Edelweiss General Insurance, said: “Based on our extensive research, we have observed that in an emergency, customers expect that their insurer supports them when and where they need it. . With the aim of providing innovative solutions to our customers, we launched our instant cashless service in March 2022. In line with our vision to make insurance simple, user-friendly and transparent, we try to take a step forward through our Out-of-Network Cash Advance. »
