 "Anand Roy, MD&CEO, Star Health and Allied Insurance")
Anand Roy, MD&CEO, Star Health and Allied Insurance
Star Health and Allied Insurance is looking to collaborate with insurers in Africa and the Middle East for inward reinsurance opportunities through GIFT City, said Anand Roy, managing director, Star Health and Allied Insurance, on Wednesday.
Inward reinsurance is a contract between two insurance companies, where the transferring insurer will act as the reinsurer. In March 2024, Star Health—the largest standalone health insurance company—received approval from the International Financial Services Centres Authority (IFSCA) to establish an IFSC International Office (IIO) at GIFT City.
“…many customers come to India for treatment. So we can become an inward reinsurance provider for them as well as a concierge provider for claim services. These are the opportunities which GIFT City provides for us,” Roy said.
Roy was speaking at the launch of the company’s first insurance policy in Braille—Special Care Gold—tailored for individuals with 40 per cent or more disability.
Roy said Star Health is focused on ensuring the democratisation of not just quality health insurance but also extending to enabling financial inclusivity by creating sustainable income generation opportunities for this unserved and marginalised section of society. Additionally, he said that the insurer will support the unserved, marginalised section of society with training and upskilling to enable them to become health insurance agents with the company.
The agency force accounts for nearly 80 per cent of the health insurer’s overall business.
Roy highlighted that the company plans to grow its premium to Rs 18,000 crore in FY25 from Rs 15,000 crore in FY24. The company is targeting premiums to the tune of Rs 30,000 crore by FY28, he said.
Retail health business makes up 90 per cent of Star Health’s portfolio, and the rest is group health business. In the retail business, the company has increased premiums by nearly 10 to 15 per cent, with revisions due in some other select products. “In a product ‘Young Star,’ the company has taken about a 10 per cent price revision in July and plans to revise rates in a couple of other products mainly due to a surge in medical inflation,” Roy said.
First Published: Sep 04 2024 | 8:41 PM IST