India’s Leading BFSI and FinTech Companies 2021

60 India’s Leading BFSI and FinTech Companies 2021 Experts’ Views Star Health and Allied Insurance Company Limited Dr. S Prakash Managing Director Anand Roy Managing Director Tell us about the journey of Star Health and Allied Insurance Company since inception. Anand Roy: Star Health commenced operations in 2006 as India’s first standalone health insurance company, competing with mammoth public sector organizations and multiline general insurance companies. With a focus on providing excellence, we embarked on our journey in the Health Insurance space by offering innovative products in Health, Accident and Travel Insurance. Realizing that the strength of a standalone health insurance company lies in retail business, we established a robust physical and digital infrastructure for distribution of our products. Today, we have a well-entrenched presence across the country, with 1000+ offices and physical touchpoints. Our well trained front-line sales and service team, comprising of over 15,000 on-roll employees and a large team of certified Insurance Agents contributes to a majority of our business. Our wide range of products for individuals, families, elders and even for people with pre-existing diseases has been well received and the stack is increasing with newer products in the pipeline. Simplification of the underwriting processes, no mandatory pre-policy medical checks, introduction of digitization and refinement of service deliverables have been the mainstay of the organisation. Driven by passion, the leadership team is committed to building a “family culture” and ensuring that the entire organisation breathes the company’s motto of being “Personal and Caring” while dealing with customers. We have a large in-house claims processing facility with well trained on-rolls medical professionals to process claims. We have a network of 10,000+ hospitals across the country offering cashless treatment to Star Health customers. A dedicated Claims Relationship cell assists customers during the entire journey, right from the time of admission until discharge, and also while the patient is recuperating at home. Our value added services includes a fully functional home-grown telehealth facility with doctors from across specialties to offer medical advice. Special cells for Covid Care and for assisting senior citizens have been highly appreciated by the users. Utmost customer satisfaction through new technology, new products, expansion into rural markets, new channel partners and refined processes will be the way forward for us. What are some of the key milestones the company has achieved in recent years? Anand Roy: Customer-centricity has been the focus area in all our initiatives. Our trend-setting initiatives such as auto underwriting, automated claims processes and ease of purchase, whether the customer desires to buy offline or online have been our key differentiators. At Star Health, a unique concept of “One Man Offices”, deep diving into the rural markets and establishing a large network physical touch points spread across the entire country has enabled us to reach out to the masses over the years. All these are fully digitally- equipped to issue policies across the counter, thereby giving immense comfort to the distributor as well as the customer. This is evidenced by our retail health market share of almost 68% in the SAHI category and around 31% across the general insurance industry growing at the rate of around 39% during this fiscal. A large distribution team of over 4.5 lakh certified agents and other channel partners are delighted to be associated Dun & Bradstreet