Monday, August 7, 2023

Star Health And Allied Insurance Enters Into Bancassurance Tie-Up With Standard Chartered Bank

Partnership to provide health insurance solutions across 100 branches in 42 cities

A significant step in enhancing health insurance solutions among urban affluent

Tie-up will ensure new potential customers avail a comprehensive product line and excellent customer service.

Star Health and Allied Insurance, India's leading standalone health insurer, has established a strategic corporate alliance with Standard Chartered Bank. Under this collaboration, Standard Chartered Bank will offer Star Health's insurance products through their extensive branch network across India. This collaboration showcases Star Health's commitment to customer service, its robust reputation, and its proven history of success within the insurance sector.

Through this strategic agreement, Star Health will make its top-notch health insurance products readily accessible to customers via Standard Chartered Bank's extensive distribution network. With 100 branches spread across 42 cities, the bank will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

This strategic alliance will enhance Star Health distribution network. As of 30th June 2023, the company has over 6.4 lakh agents and 38 bancassurance partners.

The escalating healthcare costs in India have resulted in an unprecedented surge in the demand for health insurance. Customers now require comprehensive policies that cater to their medical requirements, encompassing benefits such as OPD Care, Hospi Cash, and Critical Illness covers. Moreover, there is an increasing emphasis on health and fitness, leading to a growing interest in customized wellness programs. Recognizing this, Star Health provides personalised wellness programs that address the unique health and wellness needs of individuals. The company's team of experienced doctors works closely with policyholders, ensuring they attain their specific health goals. Additionally, Star Health provides telemedicine services, staffed by over 550 experienced doctors across various specializations, enhancing policyholders’ access to quality healthcare.

This partnership will help Star Health touch new lives through its wide array of customer friendly products and service.

Anand Roy, MD and CEO, Star Health and Allied Insurance Co. Ltd. said, "At Star Health, our commitment lies in tailoring health insurance to cater to a wide spectrum of customers, encompassing even those with substantial financial portfolios. Our health insurance policies are meticulously crafted to cater to the varied health insurance requirements of individuals, offering holistic protection for every customer. By collaborating with Standard Chartered, a reputed international bank with a strong presence in key Indian markets, we not only expand the reach of insurance in these areas but also deliver top-tier services that align with the distinct needs of India's affluent clientele."

Saurabh Jain, MD & Head, Wealth Management India, Standard Chartered Bank said “Health and protection are key needs today for clients managing their wealth, with Standard Chartered’s Wealth Expectancy Report for 2022 revealing that over 54% of respondents in India have prioritised health and wellness post the pandemic. We are pleased to partner with Star Health and bring their products and services to address the evolving health needs of our clients.”

This partnership will help increase insurance penetration in India and will contribute to Star Health’s endeavour to make quality health insurance accessible to everyone in every part of the country.

About Star Health Insurance:

Star Health and Allied Insurance Co Ltd (BSE:543412 | NSE:STARHEALTH) commenced its operations in 2006 as India’s first Standalone Health Insurance Company with business interests in Health, Personal Accident and Overseas Travel Insurance. The company uses its vast resources to focus on service excellence and product innovation to deliver the best to its customers. Star Health has been providing innovative health insurance products to individuals, families and corporates, directly and through various channels – agents, brokers, online and digital channels like web aggregators, fintech, etc. Star Health is also a prominent Bancassurance player with long standing relationship with various banks. 

Star Health currently has 835 branch offices spread across 25 states and 5 union territories in India. These existing branches are also supplemented by an extensive network of over 369 Sales Managers Stations (“SMS”), which are small individual service centres, located across India. As of 31st March 2023, the company has 14,203 network hospitals pan India.  In FY23, Star Health had a gross written premium of Rs. 12,952 crore and a net worth of Rs. 5,430 crore. 

Star Health and Allied Insurance Company Limited is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) 

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