Star Health Aims To Double Its Biz In TG, AP To Rs 3,400-cr In Next 4 Years

Hyderabad: Chennai-based Star Health Insurance, a retail health insurance company on Thursday said it has set a target to double its business (total premium) to about Rs 3,400 crore over the next four years from Rs 1,406 crore premium collected under retail health insurance and about Rs 200 crore from corporate, (broker, group and digital) verticals in the financial year 2024, in Telangana and Andhra Pradesh.

Star Health Insurance has nearly 100 branches, 76,000 agents and 1,350 employees in both the Telugu States. The insurer has paid out Rs 3,330 crore in claims over the last five years, and Rs 920 crore in FY’24, in Telangana and Andhra Pradesh.

“We have collected a total retail health insurance premium (new and renewed) of Rs 931 crore in Telangana and Rs 475 crore in Andhra Pradesh in FY’24, besides Rs 200 crore from other verticals. We are looking to close FY’25 with a business of Rs 1,069 crore in Telangana and Rs 586 crore in AP, besides the Rs 300 crore from other verticals,” Executive President of Star Health and Allied Insurance, Sanath Kumar said. He further said that by delivering comprehensive insurance solutions, driving insurance awareness initiatives, growing footprint, and introducing innovative solutions, Star Health aims to double its revenue in these two States over the next four years. On penetration of health insurance in tier-2 and beyond cities of the Telugu States, KBB Srinivas, Senior vice president, Star Health and Allied Insurance told Bizz Buzz that Star Health has registered over 60 per cent policy holders from rural and tier-2, 3 cities while 38 per cent of the business comes from Hyderabad, despite the presence of Central government schemes.

He further added that the rate of renewing existing health insurance policies stands at 98 per cent (result of tailor-made products, wellness programmes and telemedicine facilities), while the claim clearance rate (due to AI/ML powered tools) is at 66 per cent, here.