Page 13 - The Insurance Times June 2025

GIMSR Achieves NABH Ac- noted the accreditation will benefit “I rang up Vedanta, and they gave Rs.
patients, students, healthcare profes- 5 crores. I called my dear friend Anil
creditation, a First in Vizag sionals, and insurers by reinforcing in- Ambani — he couldn’t say no. Adani, I

Gitam Institute of Medical Sciences stitutional trust and standards. told him he’s the emperor of India now,
and Research (GIMSR) Hospital has and he gave Rs. 5 crores. Birla and
secured full accreditation from the Top industrialists unite to Mittal came forward with Rs. 5 crores
National Accreditation Board for Hos- each. I asked the Ambani family to give
pitals and Healthcare Providers fund Rs. 50 crore health Rs. 10 crores—and they did. Torrent

(NABH), becoming the third teaching cover for SC lawyers Group too joined in with Rs. 5 crores,”
hospital in Andhra Pradesh to earn the said Sibal, receiving loud applause.
distinction. Pro Vice-Chancellor Dr. In a unique initiative, leading Indian
industrialists have contributed ?50
Gitanjali Batmanabane stated the hos- LIC nears stake acquisition
crore towards a group health insur-
pital upgraded its systems, ethical
practices, and clinical infrastructure to ance scheme for members of the Su- in health insurance firm,
preme Court Bar Association (SCBA),
meet the NABH's 6th edition stan- eyes higher AAA bond in-
dards. according to a report by Bar and
Bench. vestments in FY26
The improvements include 750 beds, The Life Insurance Corporation of India
16 modular OTs, a Cath lab, an ad- The initiative was announced by SCBA (LIC) is in the final stages of acquiring
vanced dialysis unit, and enhanced President Kapil Sibal during the Su- a stake in a health insurance company,
emergency care services. NABH coor- preme Court's 75th anniversary cel- with formalities nearly complete and a
dinator Dr. Prabhavathi emphasized ebrations on May 21, 2025. This marks board decision expected within two to
that the accreditation reflects GIMSR's the first time that corporate India has three months, CEO Sidhartha Mohanty,
dedication to quality care, education, come together for a welfare project of said at the insurer’s post-results press
and transparency. this scale for legal professionals. briefing.
Hospital Superintendent Dr. VV Prominent contributors include the “There is no change in our stance,” an
Narasimham Rao highlighted that Vedanta Group, Anil Ambani, Gautam LIC official said, reaffirming the
GIMSR is empanelled with major health Adani, Kumar Mangalam Birla, insurer’s decision to entering the
schemes such as NTR Vaidya Seva, Lakshmi Mittal, the Dhirubhai Ambani health insurance space.
BSKY, EHS, and ESI, ensuring broad in- family, and Torrent Group. Each has
surance accessibility. Dr. Krishna donated between Rs. 5 and Rs. 10 Unlike typical acquisitions where a
Karthik Bhogavalli, head of operations, crore. committee might determine stake
size, LIC has opted for internal delib-
erations to decide the quantum of in-
ICICI Lombard to Expand Health Portfolio, Eyes Stra- vestment. “There is no committee,
and our internal team is handling it,”
tegic Acquisitions the Mohanty added.
ICICI Lombard General Insurance plans to ramp up investment in its health Additionally, LIC has invested Rs 80,000
insurance business to close the gap between its current 3% market share in crore in corporate bonds in FY25 and
retail health and its 9% share in the broader non-life segment. CFO Gopal plans to increase this, depending on
Balachandran said that earlier underinvestment in product offerings and dis- market conditions and paper quality.
tribution hindered the firm's market presence. The company will focus primarily on

The company has since launched new health products and expanded its dedi- AAA-rated instruments.
cated health sales force. While ICICI Lombard holds surplus capital, it pre- “We are quality conscious and will sub-
fers acquisitions that align with existing organic investments, particularly in scribe mostly to AAA papers,”
retail health. "If there are opportunities in the space of similar kind, we are Mohanty said.
willing to look at it," Balachandran added. The move comes as growth in Mohanty also disclosed that discussions
the motor insurance segment, historically a core area for the firm, shows are underway to operationalise For-
signs of slowing. The insurer's strategic focus now lies in strengthening its ward Rate Agreements (FRAs). “We’re
health portfolio both organically and through selective buyouts, where syn- finalising approvals and logistics,” he
ergies exist. said. T

The Insurance Times June 2025 13