Star Health Insurance joins hand with ICICI Securities to sell insurance products

CHENNAI: Insurance player Star Health and ICICI Securities have announced partnership where I-Sec would leverage its strong online and offline presence to distribute insurance products nationwide.

Health insurance penetration in India is in low single digits even as the industry size is pegged at about Rs 50,000 crore per annum. However, owing to various factors like rising awareness and entry of specialised health insurers, the sector has been growing at a CAGR of 20% over the past 10 years.

Anand Roy, joint managing director, Star Health and Allied Insurance Co Ltd, said, “ICICI Securities Ltd is well recognised by various potential customers in India for its outstanding products and services and we are delighted to announce our association with such a big and reputed brand. We would like to strengthen this relationship in the years to come.”

Hariharan M, Sr VP, Products Advisory Group, ICICI Securities, said, “In our continuous effort to bring a wider array of equity, investment, protection, and asset products for our 4.5 million strong customers, we are happy to partner with Star Health, who are known for their one-of-a-kind need-based insurance products. I am confident that this partnership will provide a lot of value to our customers who look at icicidirect.com as a one stop financial supermarket.”

“Sticking to our philosophy of providing seamless transacting experience, this tie-up shall offer a wide array of healthcare solutions that would be digitally powered. Leveraging our analytics, customised health solutions would be offered. In addition to our on-ground sales teams, we would have a team of Authorised Verifiers reaching out to customers helping them to transact digitally for which we have recently received IRDAI approval under Distance Marketing.”

Source: The Times of India