00:00Well, before I start, maybe it's important for us to remember why we are on this journey at this point of time.
00:07And remind ourselves that over the last few years, we have seen a very clear and worrying trend.
00:14Medical claim inflation is rising, probably at a pace far above general inflation.
00:21While for many countries of the world, they are seeing this, but here the impact is really real.
00:27So, higher claims means higher cost, inadvertently forcing premiums for families and employers to go up.
00:35And as a consequence, we are also seeing some people surrendering back their insurance and then falling off cover.
00:42As the government is concerned, because what we don't want is that if this trend continues unchecked,
00:49fewer individuals can afford protection than they do today.
00:52We cannot accept the scenario where choice slips out of the reach and becomes a luxury for a very few.
01:00Our goal, however, is not just to arrest this decline in excess, but ultimately to focus about expanding excess.
01:11We want to make private healthcare coverage accessible to more individuals than we have today.
01:17It is not about forcing people to go to private sector, private healthcare.
01:21It is actually building a mechanism where people have choice and those who want will be given the choice that they can actually access it
01:31rather than only depend on what we have in the public healthcare system.
01:36Thus, this is important that when we look at it, we have to look at it from a holistic point of view
01:42that addresses all the fundamental building blocks of healthcare and not just tackle the insurance issue by itself.
01:51This is a core philosophy of the RESET program.
01:56We cannot address inflation by looking at insurance costs in isolation.
02:02We must elevate the whole ecosystem of healthcare.
02:06Our strategy is to focus on the fundamental building blocks, establishing a sustainable baseline for coverage,
02:15empowering consumers with decision-making tools so they know what they're doing,
02:20catalyzing investments by reducing barriers of entry,
02:23and leveraging technology for a more efficient system.
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