Galaxy Health & Allied Insurance Company, the latest entrant in the health insurance space, has appointed Gopalan Srinivasan, an industry veteran and former CMD of New India Assurance, as its managing director and CEO, sources familiar with the development said.
This appointment marks a significant step forward for Galaxy Health, which received its registration certificate from the Insurance Regulatory & Development Authority of India (Irdai) in March. While the company is yet to make an official announcement, sources said it is assembling the leadership team before unveiling its product offerings and go-to-market strategy. Prior to this, the company appointed Hari Krishnan Nagarajan, former chief risk officer of Agriculture Insurance Company of India, as its chief financial officer.
Srinivasan has over four decades of experience in the insurance industry, both in India and abroad. He served as the CMD of public sector general insurers – New India Assurance (2012 to 2018) and United India Insurance (2007 to 2012). Most recently, he was the director of the National Insurance Academy (NIA) from December 2018 to April 2023.
An insurance industry expert, who worked with Srinivasan, described him as a leader who “made things happen” through his persuasive skills and ability to bring people together. They said Srinivasan, as the director, ensured that the NIA becomes self-sufficient and optimises its programme offerings. Srinivasan also serves on the boards of PB Fintech, Navi General Insurance and MediAssist Healthcare to name a few.
Galaxy Health was founded by V Jagannathan, who previously established Star Health and Allied Insurance Company and grew it into India’s largest standalone health insurer with a gross direct premium income (GDPI) of ₹15,039 crore in FY24. Jagannathan stepped down as the chairman and CEO of Star Health in May 2023 to become its non-executive Chairman. He resigned from the board in June 2023 to launch Galaxy Health.
In March 2024, the Irdai granted Galaxy Health its registration, increasing the total number of standalone health insurers to seven. In January 2024, the regulator also approved Narayana Health Insurance Company, backed by Narayana Hospitals. Besides Galaxy Health and Narayana Health, the other players in the landscape are: Star Health, Niva Bupa, Aditya Birla Health, Care Health and ManipalCigna.
Narayana Health Insurance recently attracted attention for offering a Rs 1-crore health plan at a premium of Rs 10,000 per annum. However, Galaxy Health has kept its product and pricing strategy under wraps. It also remains unclear whether Galaxy Health, like Star Health Insurance, will focus on retail health insurance or the rapidly growing group health (employer-employee) segment.
The appointment of Srinivasan comes as a surprise, as it was earlier reported that former Star Health MD S Prakash had joined Galaxy Health as its MD and CEO. Prakash, who resigned from Star Health alongside Jagannathan in June 2023, is still listed as ‘MD/CEO (designate)’ of Galaxy Health on his LinkedIn profile.
Srinivasan could not be reached for comments, while Jagannathan and Prakash did not respond to FE’s request for comment on the leadership developments and the company’s future plans.
Galaxy Health’s board has three directors: Sai Satish, a renowned cardiologist and son of Jagannathan, TVS Motor MD Sudarshan Venu and Robin Jacob, according to filings with the Ministry of Corporate Affairs.