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Business EconomyPosted at: Mar 5 2024 3:41PM


Star Health Insurance disburses claims worth about Rs 44k cr

Hyderabad, Mar 5 (UNI) Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India's largest retail health insurance company, on Tuesday claimed it has become the first standalone health insurance company to achieve the milestone of settling over 1 crore claims since its inception in 2006.
During this period, the company disbursed over Rs 44,000 crore in claim payments, covering both cashless and reimbursement claims across the country.

With a pan-India presence across 877 branches, the majority of the claims pertain to Maharashtra, followed by Tamil Nadu, Kerala, Karnataka, and Delhi, the insurance company said in a release.

During this period, 14 percent of claims were paid to senior citizens, 61 percent to other adults, and 25 percent of the total claims outgo were towards children.

Fever and infectious diseases were the most prominent reasons for claims, amounting to 20 percent of the total number of claims paid.

Claims arising for general medicine, gastroenterology, and orthopaedics were also sizeable.

With rapid medical advancements, patients have seen a reduction in the average length of stay in hospitals by up to 20 percent since 2008. However, the average claim size has seen a four-fold jump, indicating significant medical inflation and the increasing cost of sophisticated equipment and treatment.

As of January 2024, the company held the largest market share in the retail health insurance business in India, accounting for 33 percent.

The insurer has a strong distribution network of 6.84 lakh agents, which is among the largest in the insurance sector.

Commenting on this achievement, Anand Roy, MD and CEO of Star Health Insurance, said, “This landmark accomplishment underscores our unwavering commitment towards our valued customers and bolsters our position as their preferred health insurance partner.”

“We are focused on providing better health to our customers through our preventive health care and wellness services. Leveraging our strong data analytics, we can anticipate and respond with agility to the evolving needs of our customers.” Roy added.

The company has a 24x7 customer contact centre, which helps customers talk to us about policy and claims-related services.

The company has adopted an AI-assisted process to mitigate fraudulent claims.

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