National, 08 September 2023: AU Small Finance Bank (AU SFB), India’s leading small finance bank, and Star Health and Allied Insurance, India’s leading health insurance company, today entered into a bancassurance tie-up. This partnership would enable diverse customers of AU SFB to access the entire range of health insurance products offered by Star Health and Allied Insurance, thus fulfilling the need of health insurance for all.
With its legacy of 28 years of building trust, AU Small Finance Bank (AU SFB) has built nuanced understanding of customers in the rural and semi-urban markets and has built products and services tailored to the needs of these segments. Aided by its digital outlook and innovative products and services, AU SFB is rapidly expanding its customer base adding one million customers every year supported by a growing distribution footprint of 1,040 touch points spread across 21 states & 3 Union territories.
Under this strategic agreement, a wide variety of health insurance solutions offered by Star Health will be distributed through different strategic business units of AU SFB in the country, providing their customers in both urban and core regions with transparent and affordable solutions for all their health insurance needs.
Star Health has a network of 44 bancassurance partnerships across the country. With this new association, the insurer’s robust distribution will be strengthened manifold especially in core pockets of Bharat.
Anand Roy, MD & CEO, Star Health and Allied Insurance said, “We, at Star Health, believe that health insurance is a basic essential need for every citizen. Our strategic tie-up with AU Small Finance Bank is a step further in making health insurance accessible to all. AU Small Finance Bank’s extensive presence in small towns and rural markets across the country will enhance Star Health’s reach. Our range of comprehensive and specialized insurance products will be a perfect match for any health insurance needs of AU Small Finance Bank’s customers. Both AU Small Finance Bank & Star Health Insurance are highly innovative and customer focused companies. We expect this partnership will be mutually beneficial to both organisations”.
Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “AU Bank has consistently championed the provision of technology-enabled insurance solutions to its diverse customer base, encompassing both Urban and Core segments of Bharat. Our partnership with Star Health and Allied Insurance is poised to usher in a new era of growth by offering a wide array of insurance products, reinforcing the government’s vision of ‘Vanchit ko Variyata.’ This collaboration aligns seamlessly with AU Small Finance Bank’s core principle of crafting customer-centric solutions that are marked by transparency, affordability, and widespread accessibility through all our distribution channels.”
This partnership not only increases insurance penetration in India and but will also provide the people with Star Health’s personalized health insurance solutions, access to its wide hospital network and wellness programs.
About AU Small Finance Bank
AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and a Fortune India 500 Company. Starting its journey from the hinterlands of Rajasthan, today AU SFB is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth.
With 28 years legacy of being a retail focused and customer-centric institution, AU started its banking operations in April 2017 and as on 30th June 2023, it has established operations across 1,040 banking touchpoints while serving 41.3 Lac+ customers in 21 States & 3 Union Territories with an employee base of 28,446 employees.
The Bank has a net worth of ₹ 11,379 Crore, deposit base of ₹ 69,315 Crore, Gross Advance of ₹ 63,635 Crore and a Balance sheet size of ₹ 91,583 Crore. AU Bank enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained high external credit Rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings.
About Star Health Insurance:
Star Health and Allied Insurance Co Ltd (BSE:543412 | NSE:STARHEALTH) commenced its operations in 2006 as India’s first Standalone Health Insurance Company with business interests in Health, Personal Accident and Overseas Travel Insurance. The company uses its vast resources to focus on service excellence and product innovation to deliver the best to its customers. Star Health has been providing innovative health insurance products to individuals, families and corporates, directly and through various channels – agents, brokers, online and digital channels like web aggregators, fintech, etc. Star Health is also a prominent Bancassurance player with long standing relationship with various banks.
Star Health currently has 835 branch offices spread across 25 states and 5 union territories in India. These existing branches are also supplemented by an extensive network of over 369 Sales Managers Stations (“SMS”), which are small individual service centres, located across India. As of 31st March 2023, the company has 14,203 network hospitals pan India. In FY23, Star Health had a gross written premium of Rs. 12,952 crore and a net worth of Rs. 5,430 crore.
Star Health and Allied Insurance Company Limited is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE)