Star Health eyeing Rs 3,500 cr total premium by 2017-18

Private health insurer Star Health and Allied Insurance is eyeing total premium of Rs 3,500 crore by 2017-18, and is planning to raise Rs 325 crore by the end of this financial year.
"We are targeting Rs 2,000 crore total premium during this financial year and till November 30, we have already reached Rs 1,100 crore. We have set Rs 2,750 crore target for the next financial year," Star Health and Allied Insurance Chairman and Managing Director Jagannathan told PTI.
In the long run, the company is looking at a target of Rs 3,500 crore total premium by 2017-18, he added.

The company is also planning to expand its presence.
"Even as we are present across the country, there are certain pockets where we need to strengthen our presence further to tap the growth potential. We are are doing a study in this regard and will make a decision on this next year," he said.
The private health insurer has 910 branches spread across the country.

To fund expansion, the company is planning to raise 325 crore by placing fresh share with a private equity investor.
"We are in talks with integrated financial services group JM Financial on this issue. We are expecting the fund raising to be completed by FY16," he added.

The company, which has more than 38 products, is planning to relaunch a few of its products with some alterations, Jagannathan said.
Talking about its distribution channel, he said, the company will always remain focused on agency model as customers still value agents advice when buying health insurance products.
"Even as we are looking at the online distribution channel for we are and always will remain focused on agency model of distribution. We feel that agents do a better job while selling our products with their personalised touch," he added.
The company, which is India's first stand-alone health insurance company, dealing in personal accident, medi-claim and overseas travel insurance, commenced its operations in 2006.