Under the proposed rules, insurers and takaful operators would have to check customer understanding before underwriting and stop sales that cannot meet a customer's needs.
The funds will be disbursed in two IDR10trn (US$557m) instalments, as the insurer seeks to address a cash flow gap between contributions collected and healthcare service payments.
With over 15 years of experience in health insurance, Singla is the latest in a series of hires by the insurer after it received its licence from IRDAI in July.
Amid rising medical inflation in the region, the insurer and its insurtech venture have developed a model to standardise claims data, with the approach rolled out across six Asian markets.
AM Best expects underwriting profits from the platform-sold products to improve step by step as they scale, while profitable Samsung-linked commercial business keeps results steady.
