Thursday, September 14, 2023

Star Health Simplifies Health Insurance Purchases; Launches Dynamic UPI QR Code Based Payments

*  Star Health promotes 'Make in India' initiative; introduces dynamic UPI QR code based payment options

*   Powered by NPCI, UPI QR code based payment system enhances customer experience, safety  and simplifies insurance purchases especially in rural India

*   Shortens payment journey, reduces transaction time, increases customer satisfaction

*   Supports IRDAI's vision of Insurance industry embracing UPI payments across India

Star Health and Allied Insurance, the leading Health Insurance Company in India, today announces a significant move towards transforming the insurance payment landscape with the launch of its dynamic UPI QR code-based payment option for policy purchases and renewals. The customized solution simplifies the customer purchase experience to a few clicks. Star Health also launched personalized UPI payment intent links to enhance customer ease. This cutting-edge initiative, enabled by the National Payments Corporation of India (NPCI), represents a paradigm shift in the adoption of modern technology driven payment solutions. The initiative furthers Star Health’s customer centricity, enhances customer experience and convenience while ensuring seamless and secure transactions.

The dynamic UPI QR code, integrated into payment reminder emails, empowers customers to complete their transactions within seconds. All essential payment details, including the premium amount, are pre-fed into the QR code, simplifying the payment process and eliminating the need for manual premium amount entry. With a simple scan of the customized code, customers can make payments within a few seconds, ensuring a hassle-free, error-free and efficient experience.

Star Health’s unique customized UPI payment intent link improves universal accessibility, enabling customers to complete transactions with ease on any mobile phone. Upon clicking the link, the UPI app launches promptly, and in cases where multiple UPI apps are present, customers are prompted to choose their preferred app. The payment details, including the premium amount, are automatically loaded into the chosen app, and customers can authenticate the payment using their UPI PIN, culminating in a seamless purchase experience.

Mr. Anand Roy, MD & CEO of Star Health & Allied Insurance Co. ltd., said, “Catering to our customers' ever-evolving needs and preferences, we are delighted to introduce our dynamic QR code & intent link based UPI payment options. This initiative reaffirms our commitment to adopting the latest in payment technology, making us a leading insurer in providing cutting-edge solutions to our valued customers. At Star Health, we prioritize the safety and convenience of our customers, and the adoption of customized UPI payment solutions reflects our dedication to providing seamless, efficient, and secure payment experiences. With this development, we empower all our customers to embrace a new era of insurance transactions."

“By streamlining the payment journey, we empower our customers to secure their insurance with just a scan and a click. Adoption of a dynamic QR code-based UPI process is a testament to Star Health's continuous pursuit of excellence & innovation. Embracing UPI payments aligns perfectly with the Government's 'Make in India' vision and IRDAI's transformative goals for the insurance sector.” added Mr. Chitti Babu, Chief Innovation Officer, Star Health & Allied Insurance Co. ltd

Mr. Kunal Kalawatia, Chief of Products, NPCI, said “Unified Payments Interface (UPI) has gained significant popularity as one of the most preferred modes of payment in the country, owing to its convenience and wide acceptability. We are delighted that customers of Star Health and Allied Insurance will now have swift access to UPI-based payment options for their insurance-related transactions. The seamless, efficient, and secure payment choices offered through UPI will undoubtedly pave the way for a digitized insurance ecosystem in India. With financial inclusion at the forefront of the nation's economic agenda, the integration of UPI will make the process of policy renewal and purchases more accessible, thereby, further propelling the penetration of the Insurance sector in India.”

Star Health's UPI QR code and UPI payment intent link based payment system significantly shorten the payment journey, reducing transaction times to a matter of seconds and delivering a hassle free experience.

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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About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay. NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

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