Star Health & Allied Insurance Company executive president K. Sanath Kumar (right) at a press conference in Hyderabad on Thursday.
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Standalone health insurer Star Health & Allied Insurance Company is betting big on Andhra Pradesh and Telangana in terms of growing business, catering to more customers and expanding the network.
“Andhra Pradesh and Telangana are both critical to our business operations… the diverse population and advanced healthcare ecosystem provide an ideal platform for us to deliver comprehensive insurance solutions,” Executive President K. Sanath Kumar told mediapersons here on Thursday.
The company has close to 100 branches, network of over 76,000 agents covering over 8.17 lakh lives and more than 1,350 employees. It has paid out over ₹3,330 crore in claims in the last five years in the Telugu States. The company targets to double business in the next four years in the two States, he said.
The premium collected, from customers in the two States, totalled ₹1,406 crore in FY24. The number stands at ₹1,655 crore in FY25. The company has adopted Andhra Pradesh to drive insurance penetration and awareness, on the advice of insurance regulator IRDAI.
To queries, Mr. Sanath Kumar said: “There is huge room for more health insurers as the penetration [level of health covers in India] is low. Health insurance has already emerged as the largest component of general insurance.”
Published – November 29, 2024 08:49 am IST