Star Health and Allied Insurance Co. Ltd., known for its health insurance services, plans to branch out into term (protection) and motor insurance. To do this, the company will apply for a composite insurance license once a proposed amendment to the Insurance Act is approved. This change will allow insurers to offer both life and non-life insurance products under one license.
The amendment is currently awaiting approval from Parliament and could be discussed soon. If approved, Star Health will use its existing direct-to-consumer channels and network of agents to market these new insurance products. The company aims to not only attract new motor insurance customers but also to focus on renewals, given the strong growth potential in the motor and health insurance sectors.
Star Health has set an ambitious goal to increase its total business from Rs 15,000 crore to Rs 30,000 crore by 2028. While 90% of its business currently comes from retail health insurance and 10% from group insurance, the company aims to boost its group insurance segment to 20% by 2028.
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