CHENNAI, Mar 19: Private sector insurer Star
Health and Allied Insurance Company Ltd was in the final stage
of completion of sale process and the transition was likely to
happen in first quarter of the next financial year, a top
official said.
“A consortium has won the sale process and in
April-May-June we look forward to transition happening,”
company Chief Operating Officer, Dr S Prakash said here.
A consortium of WestBridge AIF, investor Rakesh
Jhunjhunwala and Madison Capital signed definitive agreements
with the shareholders of Star Health to purchase the shares of
the insurer last year.
In October 2018, the Competition Commission of India
(CCI) approved 100 per cent acquisition of Star Health and
Allied Insurance Company Ltd by Safecrop Holdings Pvt Ltd and
others.
In a brief interaction with PTI, here, recently,
Prakash said, with the newer consortium coming on board the
company was expecting to move from “good” to “great” in terms
of business.
“We are number one in retail market with 24 per cent
of the share in retail health insurance sector. With focus on
technology and positive drives that are happening in the
organisation, we are confident at this phase we are moving
from good to great,” he said.
Noting that the company has been aggressively growing
over the last few years, he said, “we are adequately solvent
and our focus can be more into one hundred per cent of the
business and the branches that we (have) established.”
“We have laid our foundation strong. So, now it is
duty to build further,” he said.
Asked about company financials, he said, “the company
was looking at posting Rs 5,450 crore (as Gross Written
Premium in 2018-19) and next (financial) year the aim is to
reach around Rs 7,000 crore (GWP).”
To a query on future plans, he said, the company
intends to focus more on customer service.
“From the level of networking with a hospital, the
type of services that we can gain from a hospital, the
technology platform that we putforth….these are all going to
be focus areas in the years to come,” the Star Health COO
said.
On whether the company would strengthen presence in
rural areas, he said, “we have penetrated into all areas.
Although tier-II and III cities is our focus. These are the
areas where insurance is not well penetrated. So, we will have
to grow.”
The company was in the process on how can they serve
tier II and III cities, he added.
Star Health set up in 2006 provides health insurance,
overseas mediclaim and personal accident policies. The company
has a network of 461 branches, over 2.4 lakh agents and tie-up
with 8,500 network hospitals. (PTI)
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