MUMBAI, India, May 7, 2024 – Star Health and Allied Insurance Company Ltd (Star Health Insurance), India’s largest retail health insurance company, has won the ‘Best Risk Transformation of the Year’ award at the BFSI Innovation Confex & Awards 2024 held in Mumbai. This accolade stands as a testament to the commitment at Star Health Insurance towards excellence in the field of risk management. It is an acknowledgment of the efforts and innovative initiatives, which has fostered a resilient risk management culture at the Company.
With a focus on innovation and customer-centricity, Star Health Insurance strives to set industry benchmarks and drive positive change in the health insurance ecosystem. It is committed to facilitating organizational expansion, responsibly and sustainably. This commitment is fulfilled by strategic risk management practices, prioritizing safety, and sustaining the organization’s cultural values. The overarching purpose remains steadfast, which is keeping the customers and society safe for a better future. The strategic approach acknowledges these inherent risks and diversification by leveraging the scale, range of products and services, and various distribution networks. This enables the company to be agile and respond to challenges while capitalizing on new opportunities.
Commenting on the achievement, Anand Roy, MD & CEO, Star Health Insurance, said, “We are thrilled to win the ‘Best Risk Transformation of the Year’ award. The health insurance business today is fraught with risks from rapidly evolving markets, climate change, technology disruptors, geopolitical conflicts, and changing consumer dynamics. This award reaffirms our commitment to robust risk management practices, ensuring that the crucial aspects of our business get adequate protection and that we remain ready to respond to any eventuality. We have adopted a ‘risk first’ attitude and this is reflected across all our operations.”
A vigorous risk management culture is very critical for risk management strategy, and this is established through building the organization’s capacity at all levels of employment. Star Health believes that all employees & associated entities must be trained in the basics of risk management and be able to institute mitigating controls across employee levels. This is achieved through a sustained knowledge-sharing program, encouraging collaborative endeavor across departments, implementing strong risk protocols to respond to anticipated and unanticipated threats, and stringent risk-based audits.
Market Dominance
Star Health is a leading provider of comprehensive health insurance solutions, committed to delivering exceptional service and value to its customers. The company is a pan-India player with a presence across 881 branches. As of March 2024, Star Health Insurance holds the largest market share in the retail health insurance business in India, accounting for 33 percent. The insurer has a strong distribution network of 7.01 lakh agents, which is among the largest in the insurance sector. The company also distributes its products through other channels such as digital, direct sales, corporate relations, brokers, and alternate channels. The commanding presence in the distribution networks enables a competitive advantage for the Company.
About Star Health and Allied Insurance:
Star Health and Allied Insurance Co. Ltd. (BSE: 543412) (NSE: STARHEALTH) is a market leader in standalone health insurance in India. The Company commenced operations in 2006 and is India’s first Standalone Health Insurance Company. Star Health Insurance provides Health, Personal Accident and Travel Insurance to customers. The Company has grown to emerge as one of the preferred private health insurance Company in India with several pioneering products and services to its credit. With customer-centricity at its core, the Company has superior and innovative product offerings, service capabilities and a seamless claims management process. Star Health offers tailor made products to cater to the needs of customers across cancer, diabetes, cardiac illnesses and senior citizen, women and children specialized suite of health insurance offerings Star Health is India’s first health insurance Company to settle over 1 crore claims.
Star Health Insurance has a strong multi-channel distribution network with 881 offices, with 14,295 hospital networks, 7,01,000 licensed agents, robust bancassurance and financial institution partners, and 15000+ employees. In FY24, Star Health’s gross written premium stood at Rs 15,254 Cr with its net worth at Rs 6,339 Cr.
