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Star Health and Allied Insurance Company is looking to double its business to ₹30,000 crore in the next four years in terms of gross written premium by ensuring further penetration of health insurance in semi-urban and rural areas (SURU), said Anand Roy MD & CEO. In a first in the industry, the Company has launched one of its policies in Braille.
To reach the target, India’s largest standalone health insurer will have to clock 19-20 per cent CAGR (compounded annual growth rate) in gross written premium (GWP) in the FY25 to FY28 period, he added. The company recorded a GWP of ₹15,251 crore in FY24.
Roy underscored the importance of innovation and inclusivity to expand the horizon of insurance and aligning with IRDAI’s (Insurance Regulatory and Development Authority of India) ‘Insurance for All’ vision.
Innovative products, including providing health cover to cancer survivors (considered “declined risk”), those with diabetes and cardiac conditions, among others, currently account for about 15 per cent of the company’s topline, the Star Health and Allied Insurance (SHAI) chief said.
Policy in Braille
Meanwhile, SHAI has launched an industry-first Braille version of its ’Special Care Gold’ policy, offering cover tailored to the needs of individuals with 40 per cent or more disability. This will ensure that visually-impaired individuals can access information and make independent decisions on matters related to their health and finance, it added.
The Special Care Gold policy specifically caters to individuals with disabilities and those with HIV/AIDS.
Further, the health insurer said it will train and upskill visually-impaired individuals and absorb them as health insurance agents. These agents can work at their own pace, in their familiar surroundings and take charge of their own lives.
Speaking at the launch of the Braille version of the aforesaid policy, Srikanth Bolla, CEO of Bollant Industries, said, “This policy is a message of empowerment and equal opportunity. It acknowledges that people with special abilities have the same right to health protection as anyone else, and that’s a significant stride towards true inclusivity in our society.”
“As someone who has experienced the challenges faced by individuals with special abilities...I am delighted to now become a licensed health insurance agent with Star Health and to further evangelise this to reach those that need this crucial support to help them create their own destiny,” he added.
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