Star Health Insurance and Finequs Partner to Expand Access to Health Insurance Throughout Bharat
On November 6, 2023, Star Health and Allied Insurance announced a strategic partnership with Finconvenio Services (Finequs), a technology-driven financial services distribution company that aims to strengthen Star Health’s footprint throughout India. This partnership will streamline the availability of health insurance in more than 2,500 postal codes spanning 28 states and three Union territories in India, taking a significant step towards the realization of the Insurance Regulatory and Development Authority of India’s (IRDAI) 2047 vision of “Insurance for All.” The collaboration will also create employment opportunities for individuals in smaller cities and towns throughout Bharat.
Enhanced Accessibility to Health Insurance for Smaller Towns and Cities
With this partnership, residents of smaller towns and cities will have convenient access to Star Health’s extensive range of health insurance products. The collaboration will empower more than a million local kirana and neighbourhood retail store owners to offer health insurance to their customers. With this decentralized method, the health insurance penetration quotient is expected to increase, thereby raising product knowledge and acknowledging the importance of adopting insurance policies among Indians.
Additionally, this collaboration will create an additional income source for women entrepreneurs and homemakers as part-time agents of the company, making financial protection accessible to all. Moreover, this partnership will contribute to heightened health insurance awareness across the country, as well as increase awareness of insurance in rural areas.
Comments of the Key Officer
In a statement by Chitti Babu, the Chief Innovation Officer of Star Health and Allied Insurance, he expressed delight in the partnership with Finequs, stating that the collaboration is a significant step towards providing easy access to insurance solutions, especially in rural India. Babu further stated that the aim is to make sure every individual across India has the opportunity to protect and secure their future, regardless of their location. He added that the company’s partnership with Finequs would play a crucial part in advancing their vision of expanding insurance penetration and reaching out to underserved populations across India.
Insurance Products Tailored to Individual Needs
Finequs will facilitate the distribution of Star Health’s premier group personal accident policies, along with Hospicash as a supplementary product. These insurance products are tailored to suit diverse individual needs and interests and designed to offer financial protection in unexpected circumstances.
Fresh Opportunities for Innovation and Employment
This partnership with Finequs presents opportunities for innovation and strategic ventures, all while creating part-time and full-time employment prospects for individuals in small towns and cities. Furthermore, this partnership will increase awareness of Star Health’s complimentary telemedicine services, granting Indians virtual access to an extensive network of over 550 experienced doctors through the Star Health app.
In Conclusion
By joining forces, Star Health Insurance and Finequs are poised to enhance health insurance accessibility throughout Bharat, making financial protection accessible to all Indians. Through this partnership, residents of smaller towns and cities that don’t yet have easy access to health insurance can now obtain coverage. The alliance will provide access to tailored health insurance products designed to offer financial protection to policyholders, giving Indians greater peace of mind.
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