Star Health Insurance and Finequs Partner to Boost Health Insurance Accessibility across Bharat
- Finequs and Star Health to increase Health Insurance penetration in Bharat
- Over one million touch points across Bharat shall have access to Star Health’s Group range of products and services via Finequs
- This partnership enhances Star Health’s reach to over 2500+ pin codes across India
- The collaboration aims to reach unserved and underserved populations and provide access to Star Health’s innovate product suite and superior customer service.
India, 06 November 2023: Star Health and Allied Insurance, one of India’s leading health insurance specialist, today announced a strategic partnership with Finconvenio Services Private Limited, (Finequs) a technology-powered financial services distribution company, to enhance its presence across India. This tie-up will provide easy access to Health Insurance in over 2500+ pin codes across 28 States and 3 Union territories in India, significantly contributing to IRDAI’s vision 2047 of “Insurance for All”. The tie-up will also provide employment opportunities for many people in small cities and towns across Bharat.
This partnership will provide easy access to Star Health’s wide range of products to people living in small towns and cities, empower over a million local kirana and neighbourhood retail stores owners to provide Health Insurance to their customers, provide an alternate stream income to women entrepreneurs and homemakers while also provide permanent employment opportunities to people in rural India. This tie-up will increase Health Insurance awareness across India and also enhance awareness to insurance in rural India.
Finequs is a technology enabled Start-up, with a mission to deliver credit and financial services, especially to the underserved and unserved at the neighbourhood stores, effectively making the “Credit Invisible being Visible”. The company aims to provide easy access to financial services to every credit worthy Indian across tier 2, tier 3 and rural villages in India.
Through Finequs, Star Health will provide its leading Group Personal Accident policies, supplemented by Hospicash. These insurance products are designed to meet the varied needs of the people and aim to provide financial security in an unforeseen event.
Mr. Chitti Babu, Chief Innovation Officer of Star Health and Allied Insurance said, “We are delighted to announce our strategic partnership with Finequs, as it represents another significant step towards providing easy access to insurance solutions, especially in rural India. Our aim is to ensure that every individual, regardless of their location, has the opportunity to protect and secure their future. Our collaboration with Finequs, given their strong network and wide presence across the country, will play a crucial role in furthering our mission of expanding insurance penetration and reaching the underserved populations in Bharat”
Mr. Krishnan Vaidyanathan, Founder & CEO of Finequs said, “I thank Star Health and Allied Insurance for the trust reposed in us. We are excited to partner with Star Health and Allied Insurance and this represents a significant new addition to our business. This gels with our vision of “Credit invisible being Visible” and this partnership shall strive to make the “Uninsured”; “Sufficiently Insured”.
Finequs will play a crucial role in policy sales through our extensive network of local Kirana stores, neighbourhood retail stores and individual agents. To ensure efficient distribution and seamless customer service, Star Health will conduct insurance training programs for Finequs partners at various locations. The company will also organize events for the retailers and agent network, focusing on relevant insurance products that will be distributed in the region.
“In addition to our previous successful collaborations, including those with small regional banks and organizations, our collaboration with Finequs will greatly enhance our reach and customer service capabilities. Insurance has now become a basic need and we remain committed to our goal of ensuring easy accessibility to insurance for everyone.” added Chitti Babu.
The partnership with Finequs opens up new avenues for innovation and strategic initiatives while also providing part-time and full-time employment options to people in smaller towns and cities. The tie-up will also increase awareness on Star Health’s free telemedicine services that will give people virtual access to an extensive network of over 550 experienced doctors via the STAR HEALTH app.
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)
For more information, please visit www.starhealth.in
About Finequs:
Finequs is a technology-powered Financial Services distribution company, with a presence across India. Founded and managed by senior ex-Bankers, Finequs’s ambition is to transform the way in which financial services and products are distributed in India. Limitations in existing models of financial services distribution create a situation wherein 90% of India does not have or get access to financial services. Finequs is poised to change that paradigm by taking financial services to every neighbourhood, through every existing neighbourhood store. Finequs ambition is to make financial services easily and conveniently accessible to all. Finequs’s core business is the technology platform which enables the local Kirana and neighbourhood retail stores to originate and qualify loans and other credit products. Finequs is focused on enabling easy and convenient access to credit products, for diverse credit segments, which are fulfilled by multiple lending partners across India.
