Star Health & Allied Insurance Co. Ltd. Company Profile: Products, Promoters and Clients

Star Health & Allied Insurance Co. Ltd. Company Description:

Star Health & Allied InsuranceCo.Ltd., headquartered in Chennai, Tamil Nadu, is India's leading private health insurance company. Established in 2006, Star Health has been at the van of furnishing innovative insurance results acclimatized to the requirements of the Indian request. The company offers a comprehensive range of products in health, particular accident, and both overseas and domestic trip insurance, serving a different customer base across the country.

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Q1. What are the Product and service offerings of the company?

Star Health & Allied Insurance provides a wide array of insurance products designed to cater to different customer needs:

  1. Health Insurance:
    • For Individuals: Health insurance plans designed for personal health coverage.
    • For Families: Comprehensive family health insurance plans.
    • For Senior Citizens: Specialized health insurance plans catering to the elderly.
    • Specialized Policies: Including the Star Senior Citizens Red Carpet Health Insurance Policy, Star Women Care Policy, Star Diabetes Safe Policy, Star Cardiac Care Policy, Star Cancer Care Policy, and Young Star Policy.
  2. Accident Insurance:
    • For Individuals: Personal accident insurance plans.
    • For Families: Family accident insurance plans.
    • Saral Suraksha Bima: A standard accident insurance policy.
  3. Travel Insurance:
    • Overseas Travel Insurance: Coverage for international travelers.
    • Student Travel Insurance: Special plans for students traveling abroad.
  4. Corporate Insurance:
    • Group Mediclaim: Health insurance plans for corporate groups.
    • Group Travel Insurance: Travel insurance tailored for corporate groups.
    • Group Accident Insurance: Accident insurance for corporate employees.

Q2. Who are the Promoters/Management of the company?

Late Rakesh Jhunjhunwala and Safe Corp Investments India are the major stake holders of the company.

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Anand Roy serves as the Managing Director & CEO of Star Health, overseeing Business Development, Marketing, IT, Products, Publicity, Actuarial, HR, and Investments. Since joining in 2006, he has steered Star Health to become India’s leading standalone health insurance provider. With over 20 years in insurance and banking, including roles at ICICI Lombard and American Express, Anand is driving the company's digital transformation. He holds an MBA from IMI, New Delhi, and enjoys heavy metal music and touring on his Harley Davidson.

Anisha Motwani, an Independent Director and consultant with the World Bank, has over 28 years of diverse industry experience including advertising, automobiles, financial and health services. Formerly Chief Marketing & Digital Officer at Max Life Insurance, she founded StN Ventures in 2015, specializing in Brand & Innovation Projects. An MBA from Sophiya College, she resides in Delhi with her family.

Q3. Who are the Clients of the company?

Star Health serves a diverse client base, including individual policyholders, families, senior citizens, and corporate groups. The company has established a robust distribution network that includes:

  • Individual Agents (82%)
  • Brokers (3%)
  • Banca (5%)
  • Digital Channels (6%)
  • Other Direct Channels (4%)

Key Performance Indicators for FY24:

  • Claims Ratio: 66.5%
  • Expense Ratio: 30.2%
  • Combined Ratio: 96.7%
  • Profit After Tax (PAT): INR 8.5 billion.

Channel-wise Mix:

  • The extensive branch network and digital channels ensure wide reach and accessibility. Digital channels have shown significant growth, with a 65% premium collection via online channels in FY24 .

Claims and Network:

  • Star Health has processed over 10.7 million claims and settled claims worth INR 468 billion since its inception. The company boasts a network of over 14,000 hospitals, with 74% of cashless claims processed in less than 2 hours.

Written By:Khush Kothari

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