Page 11 - Insurance Times October 2023

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which it seeks to grow at a CAGR of 20
Working towards 100% cashless settlement: IRDAI
per cent during this decade to deepen
IRDAI is working with players in the health insurance ecosystem to ensure its focus on Bharat (rural and semi-ur-
100 per cent cashless settlements for medical expense claims, which will elimi- ban locations) and strengthen schemes
nate the need for filing claims, said Chairman Debasish Panda. and coverage for out-patient depart-
"The councils - industry bodies Life Insurance Council and General Insurance ment expenses.
Council - are playing a very prominent and active role for enabling common The company expects to grow at a
empanelment and interoperability with hospitals. This will make claim pro- CAGR of 20 per cent during this decade.
cessing of health insurance seamless and frictionless for the policyholders," Star Health is the largest private health
said Panda at the Global Fintech Fest 2023. insurer in India, with a gross written
premium of Rs. 12,953 crore as of FY23.
IRDAI is also working closely with the National Health Authority to onboard
It had a market share of 34% in the
more hospitals onto the National Health Exchange, and with insurers to en- retail health segment and 49 per cent
sure better and more affordable products for senior citizens, as the current
among standalone health insurers.
pricing makes medical insurance inaccessible for most people in this segment.
"We are optimistic about our business
on account of a convergence of a num-
West Bengal CM an- "I urge people to use that money and ber of factors: a sustained increase in
work here instead of going to other the Indian population and an exten-
nounces insurance scheme states," she added. sively under-penetrated rural popula-
for migrant workers "While migrant workers travel to other tion now beginning to seek health in-
Chief Minister Mamata Banerjee urged states for marginally better pay, there is surance," Anand Roy, Managing Direc-
migrant workers from West Bengal no safety. The quality of life is poor as tor and CEO, said in the company's lat-
working in other states to return home people have to live in shared spaces est annual report.
and start their own businesses. away from their families. I urge the mi- Star Health sees the next big opportu-
grant workers to come back, and we will nity for growth in rural and semi-urban
Addressing a programme on MSMEs,
she said her government was working ensure livelihood for them," she said. customers. "During the last three
to prepare a list of migrant workers, years, marked by the pandemic, the
which would be done at the 'Duare Star Health gears up for Indian consumer has begun to
recognise the need to insure one's
Sarkar' (government at doorstep) 'Bharat' journey, to offer health; the fact that only 30 per cent
camps.
cover for outpatient ex- of our gross written premiums in FY23
Banerjee said her government has were derived from non-urban locations
launched a scheme in which Rs. 5 lakh penses indicates an extensive untapped op-
is offered as loans to entrepreneurs, Standalone health insurer Star Health portunity. The concept of health insur-
and the government is itself the guar- & Allied Insurance Company Ltd is de- ance has been indirectly 'marketed' by
antor. vising a new growth strategy under the pandemic," he added.

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