SHIMLA, India, July 9, 2024 – Star Health and Allied Insurance Company Limited (Star Health Insurance), (BSE: 543412) (NSE: STARHEALTH) India’s largest retail health insurance company announced a strategic corporate agency agreement with Himachal Pradesh State Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh. Through this partnership, Star Health Insurance aims to enhance access to health insurance across the region, particularly in rural areas where the bank holds a significant presence.
Anand Roy, MD & CEO, Star Health Insurance said, “Our partnership with Himachal Pradesh State Cooperative Bank showcases our commitment to enhance insurance penetration in rural regions. We look forward to strengthen our reach and distribution across Himachal Pradesh. Together, we would enhance financial inclusion in the region by ensuring quality health insurance is accessible to rural Bharat. 94% of the Cooperative banks reach lies in rural India and thus through this partnership we aim to provide every corner of Bharat with our innovative and customer-centric health insurance products.”
Commenting on the partnership Sharwan Manta, Managing Director, HP State Cooperative Bank said, “One of the primary advantages of partnering with Star Health Insurance for customers is convenience. Through this partnership we can offer health insurance products alongside our existing banking services. This means that our customers can access a wide range of insurance options within the familiar environment of their bank. The extensive hospital network of over 14,000 hospitals and one of the largest agent networks in the country that Star has will help customers access healthcare in the remote areas of HP.”
The partnership will enable Star Health Insurance to offer its comprehensive range of health insurance products to the bank’s vast customer base by leveraging HPSCB’s robust and extensive branch network of 262 branches. This collaboration aims to enhance the accessibility of health insurance solutions to residents of Himachal Pradesh, ensuring they are well-protected against unforeseen medical expenses. The Himachal Pradesh State Co-operative Bank Ltd. is performing a dual function in the state, one of an Apex Co-operative Bank in Himachal Pradesh to play a leading role in the development of Co-operatives in the State and second of a Co-operative Bank in 6 districts viz. Bilaspur, Chamba, Kinnaur, Mandi, Shimla and Sirmour.
Star Health Insurance is present in 24 locations in Himachal Pradesh and plans to add 10 more locations in FY25. The top 5 sicknesses faced by people of HP are Gastroenterology, orthopaedics, obstetrics, urology and ophthalmology, based on claims in the state. The health insurance products which are most purchased by customers are Family Health Optima, Star Health Assure Insurance Policy and Accident Care.
The agreement between Star Health and HPSCB is a significant step towards increasing insurance penetration in Himachal Pradesh, thereby promoting financial inclusion, and ensuring that people have access to vital health insurance coverage. This strategic partnership between Star Health and Himachal Pradesh State Cooperative Bank underscores Star Health’s commitment to offer innovative solutions to enhance insurance penetration, particularly in the rural and Tier 3 regions and the underpenetrated Bharat in line with IRDAI’s commitment of ‘Insurance for all by 2047’.
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.
