Star Health and Allied Insurance (Star Health), a standalone health insurer, has entered into a strategic corporate alliance with Standard Chartered Bank (SCB).
Under this tie-up, SCB will offer Star Health’s insurance products through their extensive branch network across India. SCB currently has 100 branches spread across 42 cities.
With this branch network, SCB will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the bank’s distribution network.
This strategic alliance will enhance Star Health’s distribution network. As of June 30, 2023, the standalone health insurer had over 6.4 lakh agents and 38 bancassurance partners.
Anand Roy, MD and CEO, Star Health and Allied Insurance Co. Ltd., said, “Our health insurance policies are crafted to cater to the varied health insurance requirements of individuals, offering holistic protection for every customer.
By collaborating with Standard Chartered, we not only expand the reach but also deliver top-tier services that align with the needs of India’s affluent clientele.”
Saurabh Jain, MD & Head, Wealth Management India, Standard Chartered Bank, said, “Health and protection are key needs today for clients managing their wealth, with Standard Chartered’s Wealth Expectancy Report for 2022 revealing that over 54 per cent of respondents in India have prioritised health and wellness post-pandemic. We are pleased to partner with Star Health and bring their products and services to address the evolving health needs of our clients.”
The escalating healthcare costs in India have resulted in an unprecedented surge in the demand for health insurance. Customers now require comprehensive policies that cater to their medical requirements, encompassing benefits such as OPD Care, Hospi Cash, and Critical Illness Coverage.
Moreover, there is an increasing emphasis on health and fitness, leading to a growing interest in customized wellness programs. Recognizing this, Star Health provides personalised wellness programs that address the unique health and wellness needs of individuals.
This partnership will help increase insurance penetration in India and contribute to Star Health’s endeavor to make quality health insurance accessible to everyone in every part of the country.