Star Health and Allied Insurance Company Limited, India’s largest retail health insurance company, has announced a strategic corporate agency agreement with the Himachal Pradesh State Cooperative Bank (HPSCB). The partnership aims to increase access to health insurance in rural areas of Himachal Pradesh, where the bank has a significant presence. Anand Roy, MD & CEO of Star Health Insurance, said that the partnership with HPSCB shows their commitment to enhancing insurance penetration in rural regions and providing quality health insurance to rural areas. The bank’s extensive branch network will allow Star Health Insurance to offer its range of health insurance products to its customers, providing convenience and accessibility.
Sharwan Manta, Managing Director of HPSCB, highlighted the convenience factor, stating that the partnership will enable customers to access insurance products within their familiar banking environment. The partnership will also enable customers to access healthcare services through Star Health Insurance’s extensive hospital network and agent network.
The agreement is expected to increase insurance penetration in Himachal Pradesh, promoting financial inclusion and access to vital health insurance coverage. Star Health Insurance plans to add 10 more locations in FY25, with a focus on increasing penetration in rural and Tier 3 regions, aligning with the Indian government’s commitment to “Insurance for all by 2047”.
The top five health issues faced by people in Himachal Pradesh, based on claims, are gastroenterology, orthopedics, obstetrics, urology, and ophthalmology. The most popular health insurance products among customers are Family Health Optima, Star Health Assure Insurance Policy, and Accident Care. This partnership is a significant step towards increasing insurance penetration in Himachal Pradesh and promoting financial inclusion, ensuring that people have access to vital health insurance coverage.