India-based medical health insurance firm Star Well being and Allied Insurance coverage have signed a bancassurance take care of Commonplace Chartered Financial institution to enhance its distribution community.
An trade submitting famous that the partnership is a part of Star Well being’s technique to supply its medical health insurance merchandise to purchasers by means of the extensive distribution community of Commonplace Chartered Financial institution, The Financial Instances reported.
The insurer will leverage the financial institution’s 100 branches in 42 Indian cities, which can operate as a ‘one-stop vacation spot’ for purchasers requiring full medical health insurance protection.
Star Well being intends to make medical health insurance accessible to individuals throughout the nation by means of the deal.
Allied Insurance coverage MD and CEO Anand Roy Star Well being stated: “By collaborating with Commonplace Chartered, a reputed worldwide financial institution with a powerful presence in key Indian markets, we not solely increase the attain of insurance coverage in these areas but in addition ship top-tier companies that align with the distinct wants of India’s prosperous clientele.”
Commenting on the brand new partnership, Commonplace Chartered Financial institution Wealth Administration India MD and head Saurabh Jain stated: “Well being and safety are key wants as we speak for purchasers managing their wealth, Commonplace Chartered’s Wealth Expectancy Report for 2022 reveals that over 54% of respondents in India have prioritised well being and wellness publish the pandemic.
“We’re happy to associate with Star Well being and convey their services and products to handle the evolving well being wants of our purchasers.”
In November 2021, Star Well being and Allied Insurance coverage raised almost $428m from anchor traders earlier than the preliminary public providing (IPO) of the corporate.
