Aims to raise contribution from rural India from 7 per cent to 30 per cent
Strengthens its commitment to Maharashtra with inclusive healthcare solutions
Health insurance company Star Health Insurance has set its eyes on India’s rural markets to expand its business and to extend the benefits of health insurance to the considerably underinsured population in these markets.
Himanshu Walia, Chief Marketing Officer of Star Health Insurance, told media in Pune that the people in rural India said the people in rural India are not adequately informed about how health insurance is important to them. “People in rural area have fairly good disposable incomes so there is no question about whether they can afford to pay the insurance premium. Rising sales of two wheelers is a testimony to the spending power of this population. There is a need to make them aware about the benefits of health insurance,” Walia said.
Walia said the current contribution of rural business to the company’s total business is 7 per cent and the target is to take this to 30 percent in the next 4 to 5 years. The companys’s awareness creation initiatives such as mobile vans with publicity material going round in villages, are fetching encouraging response, he said.
Star Health reported a gross written premium of Rs 15,254 Cr and a net worth of Rs 6,339 Cr. in financial year 2023-24. The company is targeting to double the premium collection and treble its profits in the next 5 years, Walia said.
Commenting on Maharashtra as an important market for the company, Walia said Star Health continues to deepen its presence in the state which has significant growth potential. With 107 of its 887 branches located in Maharashtra, the state is central to Star Health’s mission of delivering comprehensive and accessible healthcare solutions to its diverse population. This commitment is reflected in a robust network of over 1.15 lakh agents and more than 2,040 employees serving over 15 lakh policies across Maharashtra. We are committed to the state, have paid claims worth Rs 1900 cr in FY24, and in the last 5 years settled claims worth Rs 7000 cr.
