On November 6, 2023, Star Health and Allied Insurance unveiled a strategic alliance with Finconvenio Services (Finequs), a technology-driven financial services distribution firm, aimed at strengthening its footprint across India. This partnership will streamline the availability of health insurance in more than 2,500 postal codes across 28 states and three Union territories in India, which will go a long way in realizing IRDAI’s 2047 vision of “Insurance for All”. In addition, this collaboration will generate employment prospects for individuals in cities and small towns across Bharat.
This collaboration will give residents of smaller towns and cities convenient access to a wide range of Star Health products. It will enable over a million local kirana and neighborhood retail store owners to offer health insurance to their customers. In addition, it will create an additional source of income for women entrepreneurs and housewives and provide stable employment opportunities to individuals in rural India. In addition, this partnership will increase Health Insurance awareness across the entire country, as well as raising awareness about insurance in rural India.
Chitti Babu, Chief Innovation Officer, Star Health and Allied Insurance said, “We are delighted to announce our strategic partnership with Finequs, as it is another significant step towards providing easy access to insurance solutions, especially in rural India. We aim to ensure that everyone, regardless of location, has the opportunity to protect and secure their future. Our collaboration with Finequs, given its strong network and wide presence across the country, will play a vital role in furthering our mission of increasing insurance penetration and reaching the underserved populations in Bharat.”
Finequs will facilitate the distribution of the Star Health group’s main personal accident policy, together with Hospicash as a supplementary offering. These insurance products are tailored to address different individual needs and are designed to offer financial protection in unexpected circumstances.
This collaboration with Finequs offers new opportunities for innovation and strategic ventures, and creates part-time and full-time employment opportunities for individuals in smaller towns and cities. Additionally, this partnership will increase awareness of Star Health’s complementary telemedicine services, giving people virtual access to an extensive network of more than 550 experienced doctors through the Star Health app.
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Updated: 06 November 2023, 03:51 PM IST
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