Star Health - Ready To Be The Next-Gen Health Insurance Company: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.In its FY23 annual report, Star Health and Allied Insurance Company Ltd. outlined strong growth opportunities for health insurance in India. Since the Covid pandemic, there has been strong awareness in people about medical expenses, which has resulted in a rise in walk-in business from people looking for health insurance. With India ranking high in diabetes, obesity and cancer cases, in addition to an increasing share of older age population, the severity of hospitalisation cases will continue to rise.Star Health is focusing on deepening its presence in rural India with the creation of a dedicated vertical for addressing demand from these geographies. It is also working on enhancing its bancassurance channel.  While individual agents (82% share) would continue to be the bedrock for Star Health’s growth, distribution channels, such as banca (5%) and digital (9%), will grow at a faster pace, with their cumulative share likely to rise in the next few years. This multi-channel approach has enhanced customer access convenience, strengthening the recall that ‘Star Health is around the corner’. The company’s agent count increased by 14% to 626,000 in FY23. Star Health continued to enhance its reach in the hospital network with the addition of 2,042 hospitals in FY23. Additionally, the company entered into pre-agreed agreements with 1,996 hospitals. In FY23, it processed 1.08 million claims through agreed network hospitals, of which 73.3% were cashless claims. During FY23, the company addressed 95% of cashless claims within 90 minutes, with 90% of reimbursements settled within seven days. The company handles all claims in-house, along with assurance visits to hospitals to assist customer interests and free supplementary medical opinions. Star Health has enabled the use of technology in business strategy, data collection and analysis, talent management, risk understanding, market understanding, systems security and operational processes. In FY23, the company invested extensively in digital platforms, data platforms, automation and omni-channel accessibility..Click on the attachment to read the full report:.Dabur Eyes Rs 7,000 Crore Sales From Home, Personal Care Segment In Five Years.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Star Health - Ready To Be The Next-Gen Health Insurance Company: Motilal Oswal

In FY23, Star Health invested extensively in digital platforms, data platforms, automation and omni-channel accessibility.

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