Star Health and Allied Insurance Company is aiming at doubling its gross written premium (GWP) to more than ₹30,000 crore in the next three years by expanding into new markets and launching products suitable for different age groups.
“In the first 18 years, we achieved ₹15,254 crore in GWP. With our current growth strategy, we are confident of reaching ₹30,000 crore by FY28,” said Anand Roy, MD & CEO of Star Health Insurance.
On Wednesday, Star Health launched home health care services to policyholders in 50 cities and towns. Speaking on the sidelines, Roy said most of the GWP growth will come through penetration into rural markets and by growing its market share in urban cities.
Founded in 2006, Chennai-based Star Health is India’s first standalone health insurance company and the largest in the retail health insurance market based on GWP. The company has settled more than 10 million claims worth ₹44,000 crore since inception.
Distribution of products is driven by its 880-plus branch network and the 700,000-strong agent force. In addition, Star Health also has partnerships with 572 brokers, 44 banks, 58 corporate agencies and 14 NBFCs and HFCs for distribution.
Roy said the company has products to suit various age groups, including senior citizens, rural-focused products, women’s care and young adults. There are specialised products as well focused on diabetes, cancer, cardiac conditions and autism.
Currently, retail health accounts for 92% of the total business. Roy said the company would like to have an 80:20 split between retail and group health insurance businesses by FY28.
“On the group side, we are looking more at the SME/MSME space, and not large corporates,” Roy said, adding that the company will continue to be a retail-focused insurer as it helps to innovate with new products. Corporate products, on the other hand, are more standardised.
On home health care services, Roy said Star has partnered with players like Care24, Portea, CallHealth and Athulya Homecare to offer at-home medical care for a range of ailments, including fever, acute gastroenteritis and urinary tract infections.
With healthcare costs escalating, home services will be convenient and cost-effective compared to traditional hospital care, Roy said.