A PROJECT REPORT ON

EVALUATING THE ROLE OF NO-COST EMI AND CASHLESS OPD SERVICES IN

TRANSFORMING HEALTHCARE ACCESSIBILITY

SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF THE DEGREE

OF

MASTERS OF MANAGEMENT STUDIES (MMS)

(UNDER UNIVERSITY OF MUMBAI)

SUBMITTED BY

DIPAK KUMAVAT

ROLL NO- 090

BATCH: 2023-2025

UNDER THE GUIDANCE OF

PROF. MANMEET BARVE

1
 A PROJECT REPORT ON

EVALUATING THE ROLE OF NO-COST EMI AND CASHLESS OPD SERVICES IN

TRANSFORMING HEALTHCARE ACCESSIBILITY

SUBMITTED IN PARTIAL FULFILMENT FOR THE AWARD OF THE DEGREE

OF

MASTERS OF MANAGEMENT STUDIES (MMS)

(UNDER UNIVERSITY OF MUMBAI)

SUBMITTED BY

DIPAK KUMAVAT

ROLL NO- 090

BATCH: 2023-2025

THE ACADEMIC YEAR 2023-25

2
 SUMMER INTERNSHIP REPORT

A PROJECT REPORT ON SUMMER INTERNSHIP

AT BAJAJ FINSERV HEALTH LIMITED

PROJECT TITLE:

EVALUATING THE ROLE OF NO-COST EMI AND CASHLESS OPD SERVICES IN

TRANSFORMING HEALTHCARE ACCESSIBILITY

BY

DIPAK KUMAVAT

ROLL NO- 090

MARKETING BATCH: 2023-2025

3
 CERTIFICATE

This is to certify that the Project titled A STUDY ON EVALUATING THE ROLE OF NO-
COST EMI AND CASHLESS OPD SERVICES IN TRANSFORMING HEALTHCARE
ACCESSIBILITY completed by Dipak KUMAVAT during the II semesters, in partial
fulfilment of the Master’s Degree of Management Studies recognized by the University of
Mumbai for the academic year of 2024. Bearing Roll No. 090 in the semester II the academic
year 2023-25 semester.

This original project work was not submitted earlier for any award of any degree/
diploma or associated with any other institution /university.

Name: Prof. Manmeet Barve Signature:

Date:

4
 DECLARATION

I hereby declare that this Project report submitted by me to the University of

Mumbai is a bonafide work undertaken by me and it is not submitted to any
other University or Institution for the award of any degree/ diploma/
certificate or published at any time before.

Name: Dipak Kumavat Signature

Date:

5
 ACKNOWLEDGEMENT

I wish to offer my Thanks to BAJAJ FINSERV HEALTH LIMITED

for giving me a chance to be a part of their regarded association and upgrade my insights by
conceding authorization to do a summer internship under their direction.

I truly say Thanks to Shashank Tiwari, who was a genuine wellspring of help and I accept this
open door to also thank my colleagues.

I express my gratitude to my guide Prof. Manmeet Barve, for giving his timely inputs

and suggestions throughout my summer internship which has contributed immensely in the

making of this report.

I want to thank every one of them with whom I collaborated. Their due participation

and inspiration made the finish of this internship effective.

Regards,

Dipak Kumavat

Date:

Place: Mumbai

Table of contents
6
Title Page 1
Industry Profile 3
Company Profile 13
Vision and Mission of BFHL 15
Marketing Strategy and Analysis 16
Future Growth and Prospectus of Industry 25
Overview of Internship Experience 30
Conclusion 33

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1. INTRODUCTION
Industry Overview: Healthcare Financing

The healthcare financing industry encompasses the organizations and systems

responsible for the generation, allocation, and utilization of financial resources within
the healthcare sector. It's essentially the business side of healthcare, dealing with how
money is collected, managed, and spent to ensure healthcare services are accessible
and affordable. Healthcare has become one of India’s largest sectors, both in terms of
revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials,
outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The
Indian healthcare sector is growing at a brisk pace due to its strengthening coverage,
services, and increasing expenditure by public as well as private players.
India’s healthcare delivery system is categorised into two major components - public and
private. India's competitive advantage lies in its large pool of well-trained medical
professionals. India is also cost-competitive compared to its peers in Asia and Western
countries. The low cost of medical services has resulted in a rise in the country’s
medical tourism, attracting patients from across the world. Moreover, India has
emerged as a hub for R&D activities for international players due to its relatively low
cost of clinical research.
The Indian healthcare market, which was valued at US$ 110 billion in 2016 is now
projected to reach US$ 638 billion by 2025.The healthcare sector, as of 2024, is one of
India’s largest employers, employing a total of 7.5 million people.
The demand for Indian healthcare professionals is expected to double nationally and
globally by 2030 due to a shortage of healthcare workers in India, where there are only
1.7 nurses per 1,000 people and a doctor-to-patient ratio of 1:1,500 nationwide.

The Indian Healthcare industry continued its healthy growth in 2023 and reached a
value of US$ 372 billion driven by both the private sector and the government. As of
2024, the Indian healthcare sector is one of India’s largest employers as it employs a
total of 7.5 million people. Progress in telemedicine, virtual assistants, and data

8
analytics is expected to create 2.7-3.5 million new tech jobs. India’s public expenditure
on healthcare touched 2.1 % of GDP in FY23 and 2.2% in FY22, against 1.6% in
FY21, as per the Economic Survey 2022-23.
India's hospital market was valued at US$ 98.98 billion in 2023, projected to grow at a
CAGR of 8.0% from 2024 to 2032, reaching an estimated value of US$ 193.59 billion
by 2032.In FY24 (Till February 2024), premiums underwritten by health insurance
companies grew to Rs. 2,63,082 crore (US$ 31.84 billion). The health segment has a
33.33% share in the total gross written premiums earned in the country. Indian medical
tourism market was valued at US$ 7.69 billion in 2024 and is expected to reach US$
14.31 billion by 2029. According to India Tourism Statistics, around 634,561 foreign
tourists came for medical treatment in India in 2023, which was nearly 6.87% of the
total international tourists who visited the nation. With US$ 5-6 billion size of medical
value travel (MVT) and 500000 International patients annually, India is among the
global leader destinations for international patients seeking advanced treatment. The e-
health market size is estimated to reach US$ 10.6 billion by 2025. As per information
provided to the Lok Sabha by the Minister of Health & Family Welfare, Dr. Bharati
Pravin Pawar, the doctor population ratio in the country is 1:854, assuming 80%
availability of 12.68 lakh registered allopathic doctors and 5.65 lakh AYUSH doctors.

Historically, healthcare was primarily funded out-of-pocket, placing a heavy burden on

individuals. The Industrial Revolution introduced employer-based insurance as a
benefit, while governments began limited programs for specific groups. Post-World
War II saw the rise of social insurance and national health insurance models. The late
20th century brought managed care, consumer-driven plans, and technological
advancements, complicating the landscape. Today, aging populations, chronic diseases,
and technology continue to shape healthcare financing, with a growing emphasis on
value-based care and sustainability.

9
India's total health expenditure (THE) as a percentage of GDP has been steadily rising.
According to the National Health Profile 2023, India's THE was around 5.3% of GDP
in 2021-22. A significant portion of this is out-of-pocket expenditure, indicating a
substantial financial burden on citizens. Government spending on health has been
increasing but still falls short of meeting the country's healthcare needs.

It's crucial to note that India's healthcare financing is complex, with variations across
states and regions. Moreover, recent initiatives like Ayushman Bharat have introduced
new dynamics to the market.

The healthcare financing industry has been experiencing robust growth. Globally,
health expenditure has been rising steadily. For instance, the World Bank reported a
global health expenditure growth rate of around 4.1% annually between 2010 and
2019. In India, the healthcare sector has exhibited even more rapid expansion, with a
compound annual growth rate (CAGR) of approximately 22% since 2016. This growth
is driven by factors such as increasing population, rising income levels, technological
advancements, and growing prevalence of chronic diseases. The industry's expansion
creates employment opportunities in various healthcare sectors. A thriving healthcare
sector contributes significantly to overall economic growth.

The healthcare financing industry is segmented primarily based on the payer, provider,
and product. Payer segments include government programs like Medicare and
Medicaid, private health insurance companies, and self-pay individuals. Provider
segments encompass hospitals, clinics, physician practices, and long-term care
facilities. Product segmentation focuses on the type of financial service offered, such
as health insurance plans, managed care programs, healthcare financial analytics, or
consulting services. This segmentation allows for tailored strategies, product

development, and market penetration within the diverse healthcare landscape.

10
Key players in India's healthcare financing industry include the government, private
health insurance companies, and hospitals. The government plays a pivotal role
through schemes like Ayushman Bharat, providing health insurance coverage to
millions. Private insurers such as ICICI Lombard, HDFC Ergo, BFHL and Star Health
& Allied Insurance offer various health plans. Hospitals, both public and private, are

essential providers of healthcare services and bill payers or insurers directly.

The online realm has significantly influenced healthcare financing. Digital platforms
have facilitated the emergence of telemedicine, enabling remote consultations, which
can reduce costs and improve access. Online marketplaces for health insurance plans
have increased transparency and competition, potentially lowering premiums.
Additionally, digital health records and data analytics have improved claims
processing, fraud detection, and risk assessment.

Regulatory compliance is a cornerstone of the healthcare financing industry. It

encompasses adherence to a complex web of laws, regulations, and standards
governing everything from patient privacy (HIPAA) and data security to billing
practices and fraud prevention. These regulations are essential to protect patients,
maintain public trust, and ensure the financial integrity of healthcare organizations.
Non-compliance can result in severe penalties, including fines, legal actions, and
reputational damage.
Need and Justifications:

 Understanding the healthcare financing industry in India is crucial for several

reasons, , ranging from its economic significance to its impact on consumers
and society. Here are the needs and justifications for studying the industry:

 A well-functioning healthcare financing system is not just about providing

healthcare but is a cornerstone for economic growth and development in India.

11
 It contributes to a healthier, more productive population, which in turn drives
economic prosperity.

 A healthy population is a productive workforce. Healthcare financing ensures

preventive care, early diagnosis, and timely treatment, leading to a healthier
workforce. A healthy population means fewer sick days, resulting in increased
productivity and economic output.

 Promoting health insurance increases financial inclusion, as more people have

access to formal financial services. Health insurance protects individuals from
financial ruin due to catastrophic healthcare expenses, encouraging
entrepreneurship and economic participation.

 Knowledge of available healthcare providers, facilities, and payment options

helps consumers access the care they need efficiently. Knowledge of different
insurance plans, their coverage, premiums, deductibles, and co-pays helps
consumers select the plan that best suits their needs and budget. Knowledge of
insurance policies ensures consumers claim all eligible benefits, avoiding
unnecessary out-of-pocket expenses.

 Understanding healthcare finance empowers consumers to communicate

effectively with healthcare providers and insurance companies. Understanding
cost-effective options like generic drugs or telehealth can help consumers
access care without breaking the bank.

 The increasing cost of healthcare creates a significant demand for innovative

financing solutions. As populations age, the demand for healthcare services and
associated financing increases. By offering affordable and accessible health
insurance plans, businesses can contribute to improving public health.

12
 Healthcare financing companies often partner with hospitals, clinics, and
pharmacies, supporting the overall healthcare ecosystem.

Inshort the healthcare financing industry in India is a complex system significantly

impacting the nation's health and economic landscape. It comprises public initiatives
like the National Health Mission and Ayushman Bharat, private health insurance, and
out-of-pocket spending. While challenges such as low public health expenditure,
inequitable resource distribution, rising costs, and low insurance penetration persist,
opportunities for growth lie in expanding coverage, innovative financing, public-
private partnerships, and preventive care investments. Understanding this intricate
system is crucial for improving healthcare access, affordability, and quality for
millions of Indians.

Market Research and Consumer Understanding:

Need: Bajaj Finserv Health Limited required in-depth insights into changing market trends and
consumer preferences to remain competitive in the healthcare financing industry.

Justification. : The task I will be performing will help in market research providing the
company with data-driven insights of product / services , marketing strategies.

Efficiency and Process Improvement:

Need: Bajaj Finserv Health Limited aimed to enhance efficiency, streamline processes.

Justification: My contributions in this area will help identify bottlenecks, improve services and
optimize processes, leading to fast response and better services.

Competitive Analysis:

13
Need: Bajaj Finserv Health Limited needed to assess its position in the market relative to
competitors and identify areas for improvement.

Justification: My competitive analysis work will help the company understand its strengths
and weaknesses compared to rivals, enabling more informed strategic decisions.

Consumer Behavior Analysis:

Need: Understanding consumer behavior was critical for Bajaj Finserv Health Limited to tailor
its products and marketing to meet customer expectations.

Justification: My role will help in consumer behavior analysis allowing the company to adapt
its marketing campaigns, and pricing strategies based on consumer preferences.

Brand Visibility and Image Enhancement:

Need: Bajaj Finserv Health Limited sought to enhance its brand visibility and reputation.

Justification: My efforts in customer acquisition will lead to increasing the brand's visibility
and reinforcing a positive image among customers, resulting in potential sales growth.

Academic Integration:

Need: My academic program required practical experience and project work as part of the
curriculum.

Justification: Your internship fulfilled the need to apply classroom knowledge in a realworld
business context, enhancing my academic and professional development.

14
2. Objective of the Project
Marketing objectives

Marketing objectives for the Bajaj Finserv Health Limited are crucial for success. These
objectives should focus on key areas such as increasing market share, enhancing brand
visibility, diversifying product offerings, boosting online consultations, improving customer
retention, promoting ethical practices. Clear, measurable objectives in these areas enable
company to thrive in the competitive market and cater to changing consumer needs and
preferences.

Business objectives

Business objectives for the Bajaj Finserv Health Limited should include increasing market
share, expanding product lines, and boosting online presence .Diversifying offerings,
promoting and fostering brand loyalty are key to success in this competitive market. Clear,
measurable objectives in these areas guide companies in achieving growth, adapting to
changing consumer preferences, and enhancing their market presence.

Research objectives

Research objectives for the Bajaj Finserv Health Limited industry aim to gain insights into
consumer preferences, market trends, and industry challenges. Short-term research goals may
include studying consumer buying behavior, assessing and identifying emerging market
opportunities. Long-term research objectives should focus on forecasting market shifts,
understanding evolving preferences of customers as well as hospitals with whom they are
going for business development. Such research objectives provide valuable insights for
businesses to make informed decisions and remain competitive in the Healthcare financing
industry.

15
Customer Acquisition objectives

Customer Acquisition objectives for the Bajaj Finserv Health Limited should aim to increase
revenue, drive online sales of services as well, and expand market share. Short-term customer
acquisition goals may include launching new services and running promotions to boost sales
of that particular service. Long-term objectives should focus on creating loyal customer bases
and business development with hospitals. These objectives help Bajaj Finserv Health Limited
to achieve financial growth and market competitiveness.

16
3. COMPANY PROFILE

Bajaj Finserv Health Limited

Bajaj FinServ Health is a wholly owned subsidiary of Bajaj FinServ Ltd., a prominent player
in India's financial services industry. Bajaj FinServ Ltd. boasts a diversified portfolio catering
to over 100 million customers, offering solutions like savings products, loans, mortgages,
insurance, investments, and more. They leverage technology and data analytics to provide a
seamless and personalized customer experience Bajaj FinServ Health Limited, a public limited
company established in India, operates in the healthcare and wellness sector. Their core
function is to market and distribute health plans, products, and programs to potential
customers. They achieve this through a combination of online, offline, and integrated
healthcare platform

17
Bajaj FinServ Health Limited is a listed public company incorporated on 5th July 2019. It is
classified as a public limited company and is located in Pune, Maharashtra. It has an
authorized share capital of 5 crores and a total paid-up capital of Rs 2.5 crores. The last
Annual General Meeting was held on 25th July 2023Bajaj FinServ Health is a health tech
venture that aims to transform the healthcare sector in India. It offers a range of healthcare
solutions and services. The mission is to provide a platform for customers to manage their
3600 health, which includes wellness, OPD, and IPD. In India, insurers only provide IPD
coverage which is not value-creating for customers as well as insurers. It has also developed a
consumer-facing app that allows customers to manage their plans, access a network of
healthcare providers, book appointments, and store their health records for future reference.
Bajaj FinServ Health is also a ‘WAVE-1’ partner of the Digital Health Mission of NHA.

BFHL aim to improve the health outcome of Indian consumers through smart, connected, and
holistic care plans. They want to offer solutions beyond health insurance and have created
health an integrated ecosystem by connecting doctors to service providers like hospitals, labs,
and insurance with Health EMI financing.

Their core offering, 'Aarogya Care, is an industry-first product providing preventive,

personalized, prepaid healthcare packages to consumers. Aarogya Care provides various
benefits within the healthcare ecosystem accessibility, quality, and affordability in quality
healthcare. All this is possible at your fingertips with the Bajaj Finserv Health App. Customers
can search for doctors, book appointments, and delve into teleconsultations. The app acts as a
digital health manager, offering consumers a digital gateway to access convenient, connected,
cost-effective health solutions at their fingertips. It also enables the customer to receive and
maintain digital health records and integrate them with their National Health ID. Their holistic
health plans include OPD, diagnostic tests, and health check-ups, apart from health insurance.
These plans are flexible and personalized, basis the need of the hour. Their COVID-19 health
plan is a prime example of this comprehensive offering has health insurance coverage from
Bajaj Allianz General Insurance and a pre-approved Health EMI facility from Bajaj Finance
Ltd to protect consumers from unexpected high medical costs

18
They have partnered with 700 hospitals in India and three diagnostic and laboratory partners,
having 3400+ consumer touch points and over 80,000 doctors registered on the platform.
These network partners will provide healthcare services. This venture by Bajaj FinServ
signifies their entry into the healthcare ecosystem. Their goal is to revolutionize the healthcare
landscape, making it more convenient and comprehensive for consumers.

Bajaj Finserv Health offers a range of products and services, including:

Telehealth platform: This platform allows users to connect with doctors online for consultation
and treatment.

Health insurance: Bajaj Finserv Health offers a variety of health insurance plans to meet the
needs of different customers.

Doctor directory: This directory lists doctors across India, along with their specializations and
contact information.

Lab test booking: Bajaj Finserv Health allows users to book lab tests online and get the results
delivered to their doorstep.

Pharmacy: With use of Bajaj Finserv Health Emi service medicinal bill at pharmacy can be
paid.

Key Points:

 Established under India's Companies Act 2013.

 Focuses on marketing and distributing healthcare products and programs.
 Operates through online, offline, and integrated healthcare platforms.

 Backed by the financial expertise of Bajaj Finserv Ltd.

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Vision And Mission of Bajaj Finserv Health Limited

Vision

 Innovation, and excellence with customer satisfaction.

 To provide cost-effective products with reliable quality and quick lead time to our
customers.
 To achieve excellence in our products and services and to build long-term relationships
with our customers.

Mission

 Commitment to continuous improvement and innovation.

 To develop an environmentally friendly healthcare system.

 Contributing towards better healthcare through innovation .

20
BAJAJ FINSERV HEALTH LIMITED

Leadership Team

Devang Mody (CEO)

Devang Mody joined Bajaj Finance in 2008 and advanced to become the CEO of Bajaj
Finserv Health Limited-a health-tech company. in 2019. From the company's popular credit
offering - 0% EMI loans for consumer goods and other segments to its EMI cards. Devang has
spearheaded numerous significant digital Initiatives at Bajaj Finserv.

As the CEO of Bajaj Finserv Health, he created 'Aarogya Care - a unique healthcare product
covering health insurance. OPD, labs. and application benefits. Devang is enthusiastic about
finding affordable solutions to real-life problems at scale and believes that technology is the
enabler in making it a reality. He says, "If passionate people are motivated to achieve
objectives, which can impact society positively, we can create a scalable business
model"Devang is a Chartered Accountant and a Wharton alumnus. Before working with Bajaj
Finserv, he worked with General Electric Money, where he held various roles spanning six

21
sigma. cross-sell, product management, and business development. He was also involved in
Business Process Re-engineering for customers in the Petrochemical. Cement, and Software
services at Ernst & Young.

Maneesh Sharma (CFO - Finance Head)

Maneesh Sharma is the Chief Financial Officer at Bajaj Finserv Health Limited. He joined
Bajaj Finserv Health in February 2022.As the Finance Head of this health-tech company, he
leads stakeholder management, capital allocation, risk control and management, and process
automation. He also heads accounting and taxation, Financial Planning and Analysis (FP&A),
statutory compliance, audit and special assignment, as well as business support and decision-
making.Prior to Bajaj, Maneesh led FP&A Asia Pacific for Otis Elevator Co... where he led

22
cost reviews, contract accounting, business evaluations, and more. At Mastek Ltd., he led
corporate planning at a group level. As an AVP at Barclays, he was responsible for the overall
operation of business functions in India,Maneesh has over 21 years of experience in financial
planning. variance analysis, budgeting, forecasting, financial modelling, and more. He is a CA
and an MBA In Finance and Strategy from MDI, Gurgaon

Sarita Prakash (National Head Human Resources)

Sarita Prakash is the Head of HR at Bajaj Finserv Health Limited, a health-tech company,
since 2019. She joined Bajaj Finance Limited in 2018 as an HR Consultant.

As the Head of HR Sarita is responsible for aligning HR strategy with business objectives. She
has a strong background in setting. up processes from the ground up and establishing systems

23
for effectiveness and efficacy. Sarita works closely with senior executives and managers to get
things done with a strong bias to action,

Before joining Bajaj Finance, she worked with Cerner Corporation for four years as Director,
Human Resources.

Jayant Kumar (Business Head B2B2C)

Jayant Kumar is the Business Head of the B2B2C function at Bajaj Finserv Health Limited
since May 2021. He leads alliances and partnerships in health-tech for Bajaj Health.Jayant has
more than 19 years of experience in sales and business management. Before joining Bajaj
Finserv Health, he led the Health Vertical at Bajaj Allianz Life Insurance Company
Limited.Earlier, he was an angel investor with Inflection Point Ventures. He served as an

24
advisor with EarnWealth Solutions Pvt. Ltd and ran his own management consulting firm. He
had also worked with Bharti Airtel Limited. Biria Sun Life, and Tata AIG Life Insurance.

25
Growth Strategy of Bajaj Finserv Health Limited

Bajaj Finserv Health Limited has implemented a robust growth strategy that combines market
research, product innovation, strategic partnerships, digital transformation, and customer-
centric marketing to establish itself as a significant player in the healthcare sector

Market Research and Analysis From the outset, Bajaj Finserv Health Limited conducted
extensive market research to understand the healthcare needs and pain points of various
customer segments. This research helped them identify gaps in the market and develop
products that address specific needs, such as comprehensive health insurance plans and
wellness programs

Product Development and Diversification: The company’s product innovation is evident in its
range of health insurance offerings and value-added services. They introduced innovative
products like the Aarogya Care plans, which combine health insurance with preventive
healthcare services. These plans offer extensive coverage, including consultations, lab tests,
and wellness programs, catering to the evolving needs of consumers

Strategic Partnerships and Alliances: Strategic partnerships have been a cornerstone of Bajaj
Finserv Health's growth strategy. They collaborated with numerous hospitals, diagnostic
centers, and technology providers to create an integrated healthcare ecosystem. These
partnerships enable them to offer a wide range of services, from telemedicine to digital health
records, ensuring customers have access to quality healthcare services

Digital Transformation: Bajaj Finserv Health has heavily invested in digital transformation to
enhance customer experience and streamline operations. They launched a comprehensive
mobile app that allows users to manage their health insurance policies, book appointments,
and access telecommunication.

Operational Excellence: Bajaj Finserv Health prioritizes operational excellence by

streamlining processes and ensuring efficient service delivery. They have implemented a
centralized digital claims processing system that reduces turnaround times and improves

26
accuracy. Their robust customer service infrastructure, including a 24/7 helpline, ensures
prompt resolution of customer queries and issues.

27
BAJAJ FINSERV HEALTH LIMITED COMPETITORS

1. ICICI Lombard General Insurance

ICICI Lombard is one of the leading private sector general insurance companies in India. It
offers a wide range of health insurance products, including individual, family, and critical
illness plans. ICICI Lombard is known for its comprehensive coverage options and extensive
hospital network, which ensures customers have access to quality healthcare services. The
company emphasizes customer service, providing various digital tools for easy policy
management, claims processing, and health services access. Their wellness programs, which
include health check-ups and consultations, add significant value to their insurance products.
ICICI Lombard also focuses on innovative products like policy coverage for outpatient
treatments and alternative therapies, ensuring they cater to the evolving needs of their
customers.

28
2.Max Bupa Health Insurance

Max Bupa is a specialized health insurance company that focuses on delivering health
insurance solutions tailored to various customer needs. With a strong emphasis on health and
wellness, Max Bupa offers plans that cover preventive care, chronic disease management, and
comprehensive hospitalization benefits. The company’s unique selling propositions include its
'ReAssure' benefit, which provides unlimited reinstatement of the sum insured, and its 'Health
Companion' plan, which offers coverage for both individuals and families. Max Bupa also
places a significant emphasis on customer experience, offering features like cashless claims
processing and a robust digital platform for policy management. Their collaboration with
leading healthcare providers ensures an extensive and quality network for their customers.

3.Star Health and Allied Insurance

29
Star Health is one of the largest standalone health insurance companies in India. It offers a
wide range of health insurance products, including individual, family floater, and disease-
specific policies. Star Health is known for its vast hospital network and efficient claim
settlement processes. The company places a strong emphasis on customer-centric products,
such as coverage for pre-existing diseases and specialized plans for senior citizens. Star Health
also focuses on providing value-added services like telemedicine, wellness programs, and
health check-ups. Their proactive customer service approach, including 24/7 assistance,
ensures a smooth and hassle-free experience for policyholders.

30
4. HDFC ERGO Health Insurance

HDFC ERGO is a prominent name in the health insurance sector, offering a variety of plans
tailored to different customer segments. Their products range from basic health insurance to
comprehensive policies that cover critical illnesses, maternity, and outpatient expenses. HDFC
ERGO emphasizes digital innovation, providing customers with a seamless online experience
for purchasing policies, managing claims, and accessing health services. The company’s
'Optima Restore' plan, which reinstates the sum insured upon its exhaustion during the policy
year, is particularly popular. HDFC ERGO also offers wellness programs that incentivize
healthy living through rewards and discounts on premiums. Their extensive hospital network
and efficient claim settlement processes make them a preferred choice for many customers.

31
5.New India Assurance Company

New India Assurance is a government-owned insurance company and one of the oldest in
India, offering a wide range of general insurance products, including health insurance. Known
for its strong financial backing and reliability, New India Assurance provides various health
insurance plans that cater to different customer needs, from individual and family floater plans
to policies for senior citizens and critical illnesses. The company’s 'Mediclaim 2012 Policy' is
particularly popular for its comprehensive coverage and affordability. New India Assurance
focuses on extensive coverage, including pre and post-hospitalization expenses, and has a
broad network of hospitals for cashless treatment. The company’s emphasis on customer
service, with efficient claim settlement processes and a robust grievance redressal mechanism,
ensures customer satisfaction and trust.

32
6.Bharti AXA Health Insurance

Bharti AXA offers a range of health insurance products designed to meet the diverse needs of
its customers. Known for its customer-centric approach, Bharti AXA provides policies that
cover hospitalization, critical illness, and personal accidents. Their 'Smart Health Insurance'
policy offers comprehensive coverage with benefits like hospital cash allowance, critical
illness cover, and lifelong renewal. Bharti AXA places a strong emphasis on digital solutions,
providing an easy-to-use online platform for purchasing policies, managing claims, and
accessing health services. The company’s focus on preventive healthcare is evident in its
wellness programs and health check-up packages. With a broad network of empaneled
hospitals and efficient customer service, Bharti AXA aims to provide a seamless and hassle-
free experience for its policyholders.

33
4. DATA COLLECTION AND ANALYSIS

Data Collection

Collecting and analyzing data for Summer Internship Program (SIP) project report in the
healthcare financing industry is a crucial step to gather insights, make informed decisions, and
draw valuable conclusions. Here's a general guide on data collection and analysis for project
report:

The collected data can be categorized into two types:

1. Primary data

2. Secondary data

Primary Data:

Primary data comprises original information collected for specific purposes. In this project,
primary data was utilized, obtained through a well-structured questionnaire to elicit responses.

Secondary Data:

Secondary data can be defined as information already existing elsewhere, collected for
different purposes. In this study, secondary data was derived from various sources, including
books, journals, research papers, articles, and the internet.

Tools for Data Collection:

To collect primary data, the following methods were employed:

1.Questionnaire:

34
Open-ended and multiple-choice questions were both included in the structured questionnaire
that was used to collect the data. The questionnaire included a Likert scale so that respondents
could score the degree of agreement they had with certain claims.

2.Observations:

As a scientific tool and method of data collection, the observation method was frequently
utilized in behavioral science investigations. An organized plan and checks and controls were
used to plan the observation. The observation method was approached from different angles,
such as participant, nonparticipant, or disguised approaches, and it might be structured or
unstructured, controlled or uncontrolled.

In this research, primary data was collected through questionnaire survey among individuals
during loans.

Data Analysis:

Quantitative Analysis: By collecting quantitative data through surveys or questionnaires, we

can use statistical tools and software (e.g., SPSS, Excel) to analyze the data. Perform
descriptive statistics, regression analysis, and other relevant statistical tests to identify patterns,
correlations, and trends.

Qualitative Analysis: If the collected data is qualitative (e.g., from interviews or open-ended
survey responses), we can employ thematic analysis or content analysis to identify recurring
themes and patterns within the text data.

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Market Trends Analysis: Use collected data to identify and analyze current market trends
within the healthcare finance. Look for patterns in consumer preferences, shifts in product
demand, and emerging fashion or sustainability trends.

Competitive Analysis: Evaluate the competitive landscape by comparing data related to

market share, pricing strategies, product differentiation, and customer feedback. This analysis
can provide insights into the positioning of various brands within the industry.

Consumer Behavior Analysis: Analyze data related to consumer preferences, buying habits,
and factors influencing their purchasing decisions. This information can help in understanding
target audiences and developing effective marketing strategies.

SWOT Analysis: Perform a SWOT analysis by considering the strengths, weaknesses,

opportunities, and threats within the innerwear industry. This analysis can inform strategic
recommendations for businesses operating in the sector.

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5. PROCESS AND PROCEDURES

Primary data (raw data)

Later contacted by BFHL

Later if they agree, lead generation comes in

Converted into prospects

Document verification of the lead

Application form is filled and the convenience fee is paid by customer

And at last, the loan amount is provided to the customer

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PORTERS FIVE FORCE ANALYSIS

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Threat of New Entrants

Established insurers like Bajaj FinServ Health Limited may enjoy economies of scale, which
enables them to offer competitive pricing and a wide range of services, New Entrants may
struggle to achieve similar cost efficiencies.

Established players have built brand recognition and trust among customers, which can be a
significant barrier for newcomers trying to gain market share.

Bargaining Power of Suppliers

Hospitals, Doctors, and other healthcare providers may have significant bargaining power,
especially if they are well-established and have a large customer base. Insurers like Bajaj
FinServ Health rely on these service providers to deliver healthcare services to policyholders.

Bargaining Power of Buyers

The power of policyholders can vary based on factors such as the number of available
insurance providers, and the comprehensiveness of multiple options can have more bargaining
power.

Customers are price sensitive and their ability to compare policies from various insurers
allows them to have some bargaining power. Customers may be sensitive, especially in
markets with numerous health insurance providers. They can shop for the best value, putting
pressure on insurers to offer competitive pricing

Customers today are well-informed, with easy access to information about health insurance
plans, coverage options, and pricing. This knowledge empowers them in decision making.

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Threat of Substitutes

The number of health insurance providers in the market can influence rivalry. In markets with
many competitors, competition tends to be more intense.

Companies with larger market shares may have more influence over pricing and can offer a
wider array of services. Smaller insurers may struggle to compete with the offerings and
pricing of market leaders.

The level of product differentiation, including unique features (product/ service USP),
coverage options, and customer service can impact competitive dynamics.

Price competition can be fierce in the health insurance industry, as customers often compare
premiums and deductibles.

Competitive Rivalry

The health insurance industry is highly competitive, with several established players
competing for market share. Competitors will engage in price wars, product innovation, and
marketing strategies to attract and retain customers. BFHL needs to differentiate through
unique offerings, customer service, and network coverage to maintain a competitive edge

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SWOT ANALYSIS

SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats, is an analytical
framework that identifies the internal and external factors that are favorable and unfavorable
for a company. Every company has its strengths, weaknesses, opportunities, and threats; the
manager or any chairperson to begin with will identify the BFHL company’s SWOT analysis
and after that, they will make a strategy or plan for the future growth of the company.

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Strengths:

Strong Brand Backing: Bajaj FinServ Health leverages the brand recognition and reputation of
Bajaj Finserv Ltd., a leading financial services company in India. This association fosters trust
and credibility with potential customers.
Distribution Network: Bajaj Finserv Ltd.'s extensive network across online and offline
channels can be utilized by BFHL to reach a broad customer base.
Focus on Technology: Bajaj FinServ Ltd. emphasizes technological innovation. This benefit
BFHL by creating a seamless and user-friendly platform for healthcare product distribution
and customer service.
Size Advantages: Bajaj Company has an outstanding network in India, the company has
branches not only in metro cities but also in non-metro cities

Weakness

Limited Track Record: Being a relatively new company (established in 2019), BFHL has a
shorter track record compared to established players in the healthcare space. This might make
it challenging to establish themselves and gain customer trust.

Financial Dependence: As a wholly-owned subsidiary, BFHL's financial health is directly tied

to Bajaj Finserv Ltd.'s performance.

Customer Service: Weak customer service hurts Bajaj FinServ’s reputation and causes
customers to go to competitors, who are more respondents.

Opportunities

Growing Health Awareness: Increased demand for health and wellness services.
Expansion Potential: Opportunities to expand into underserved markets.
Innovation in Health Tech: Potential to leverage emerging technologies for enhanced services.

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Threats:
Intense Competition: This can lower the company’s profit because competitors can entice
customers away with superior products
Cybersecurity Risks: Threat of data breaches affecting consumer trust.
Government Regulations: changes in the rules and regulations by the government can
negatively impact the functioning of the system
Economic Factors: A declining economy can reduce the number of potential customers that a
company holds.
Substitute products: An availability of substitute products damages the company’s ability to
raise the price because customers can easily switch to another product or services.

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44
 Core Benefit: This is the fundamental need or problem a product solves for the customer.
For Bajaj FinServ Health, the core benefit would be access to affordable healthcare
solutions including healthcare services and wellness program.

 Generic Product: This is the basic version of the product that delivers the core benefit. In
BFHL’s, the generic product would be a platform offering health plans or basic healthcare
financing options.

 Expected Product: Customers expect reliable and easy claim settlement processes, a wide
network of hospitals and clinics, and access to basic healthcare services such as
consultations, diagnostic tests and also online access to manage health plans, secure
payment processing, or a user-friendly mobile app for health plan. This are the set of
features and attributes customers normally expect in a product category.

 Augmented Product: Here, features and services are added that exceed customer
expectations and differentiate the product from competitors. For BFHL, augmented
features would include value-added services like free consultations with doctors, discounts
on health screenings and personalized health management tools, telemedicine services,
health check-up packages, and 24/7 customer support for health-related queries.
 Potential Product: This level focuses on innovation and explores possibilities to improve
the product and create future value. For BFHL, this would involve integrating AI-powered
health assessments, offering personalized wellness coaching, or partnering with fitness
trackers for data integration into health plans and personalized health coaching programs.

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Suggestions and Recommendations

My Learnings

An internship is a learning experience of its own kind. The importance it has got over the
years in building one’s career is not exaggerated given what it has to give back.

During my internship at Bajaj Finserv Health Limited, I worked as a customer acquisition and
business development Intern in the western region from Virar- Andheri region hospitals.

The first day of the Internship was virtual, where we were briefed by our Reporting manager
Mr. Ajit Sawant regarding the various products of Bajaj Finserv health that we were going to
cater to apart from that I got to know about our area sales manager shahshank Tiwari.

From the next day onwards, I went to my customer acquisition and business development
region (virar-andheri). As it was my first day on field, I was guided with my ASM Mr.
Shahshank Tiwari, western areas The next day I went to namaha hospital and Surana hospital
in Kandivali. I had to report in both the hospitals where I discussed the products or services
the bajaj finserv health limited will be providing to these hospitals if there was a tieup. The
services were no cost emi and cashless opd.

In Wockhardt Hospital I used to look for customer acquisition so that it can be converted into
lead. There I used to explain the no cost emi benefits to potential customers.

Then, I used to speak to IPD Patients relatives, if they have any issues in paying hospital bills
as many times it happened that there are issues in the mediclaims being not covered and also
many patients’ payments are being done through Cash. So, in order to reduce the burden of
paying instantly, Bajaj EMI Financing on hospital bills are quite helpful and I used to suggest
this to the relatives. And the patient.

Later on, many relatives also inquired for any future benefit schemes or products, that time I
used to recommend them the Bajaj Finserv Health EMI Card, which gives instant loan on EMI
for the hospital bills with additional benefits on daily consultations with no expiry date.

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In SRV Hospital, the hospital used to provide the list of patients bill payment being done in
cash, so I used to directly approach the relatives on the phone ask if they are present in the
hospital premises to talk about EMI Finance and then meet with them and discuss about it.

I was also given another task of Business development where I used to look for the hospitals
which wew not tied up with the bajaj finserv health limited. My job was to visit many various
hospitals in virar – andheri region and convince the Head of the billing department, TPA
department, HR, decision maker, marketing team for a meeting regarding the services which
are no cost emi and cashless opd. Then, I got 4 Bajaj pay meetings and my Area Sales
Manager attended those meetings and then proceeded for my other work in the hospitals.

During the internship, I have done 4 EMI Conversions in Wockhardt Hospital mira road I was
being appreciated for the same as well.

This internship was a very good experience, which gave me open platform to open up to the
outside world, talk to complete strangers regarding their financing needs which not only
helped the Customers but also helped me in developing Confidence and Customer
Relationship Management.

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