Progressive Insurance, one of the biggest insurer groups in India, has said it is not liable for any loss caused by the death of a customer or a person with a pre-existing condition.
In an interview with BusinessLine, the company said that it had made an error when the insurer had said that the product could not be insured, but that it would not be liable for loss.
The company said the mistake was not the fault of the customer or the person with the pre-condition.
“It is not our fault that the person has not been insured.
It is a product failure and we will not be responsible for that,” a company spokesperson told BusinessLine.
Progressive is one of several insurance companies to have said in the past that it is unable to offer the product in India.
The group has been in the spotlight recently due to the deaths of a few customers.
The company, which has about 2,000 employees in India and employs more than 2 lakh people, said in an email that the error was caused by an error in a data entry system that was “inappropriate for a non-profit company”.
The spokesperson added that the company is working on a solution to resolve the issue.
The spokesperson said that since the data entry was not a standard part of the process, the issue was not an issue for any other insurer.
The controversy has drawn criticism from the insurance industry.
“What happened was wrong and unacceptable.
We apologise unreservedly for this error,” said Pradeep Khushniah, head of marketing at Indiatab Insures, an insurance group.
Progression Insurance, another large insurer group in India with about 1,000 members, said that they had offered the product to customers in a limited number of circumstances.
“The product was not available at the time of the event, so we did not make an offer for the product,” the spokesperson said.
Profitability of the product, the spokesperson added, is the number of people who are insured, not the amount.
The statement from Progressive Insurance comes a week after the death in a hospital of a patient in India who had been receiving insurance through the Progressive platform.
The patient had an existing pre-concussion condition, but had been in a critical condition for a while, according to the company.
Prospects for the companyProspect Healthcare has a business model in which it offers a range of insurance products.
The business model is to provide insurance products that cover the needs of small businesses, small homeowners, small employers and retirees.
“Our main business model, and what we do in India is to connect our clients with insurance,” said Vikram Choudhary, president and CEO of Prospect Healthcare.
The premium of its products is a mix of government subsidy and its own money.
According to the Prospect Healthcare website, it charges an average of 6.65 percent premium for a policy for the coverage of pre-planned and pre-negotiated services.
A spokesperson for the insurance group said that Prospect Healthcare was looking into the incident.
“We are looking into what happened and we are looking at the situation in the context of what was being done.
We will take the necessary steps to resolve this situation,” the company spokesperson said in response to queries from BusinessLine on the issue, adding that the insurer is “working with its insurance partners”.
According to the website, Prospect Healthcare is an umbrella group that covers a range to insurance products including health insurance, life insurance, annuity, life and accident insurance.
The representative for Prospect Healthcare declined to comment on the incident with the company that the spokesperson mentioned.
The issue with the policyProspect Health has not yet responded to requests for comment.