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Star Health and Allied Insurance will have a strategic alliance with Standard Chartered Bank to offer products through the lender’s branches in India, said the health insurer on Tuesday.
The collaboration shows Star Health's commitment to customer service and its reputation of success, it said. With 100 branches in 42 cities, Standard Chartered Bank will serve as a one-stop destination for customers seeking comprehensive health insurance coverage.
The alliance will expand Star Health’s distribution network. As of June 2023, the company had more than 640,000 agents and 38 bancassurance partners for offering insurance products to bank customers.
"At Star Health, our commitment lies in tailoring health insurance to cater to a wide spectrum of customers, encompassing even those with substantial financial portfolios. Our health insurance policies are meticulously crafted to cater to the varied health insurance requirements of individuals, offering holistic protection for every customer,” Anand Roy, managing director and chief executive officer, Star Health and Allied Insurance.
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"By collaborating with Standard Chartered, a reputed international bank with a strong presence in key Indian markets, we not only expand the reach of insurance in these areas but also deliver top-tier services that align with the distinct needs of India's affluent clientele," said Roy.
“Health and protection are key needs today for clients managing their wealth, with Standard Chartered’s 'Wealth Expectancy Report' for 2022 revealing that over 54 per cent of respondents in India have prioritised health and wellness post the pandemic. We are pleased to partner with Star Health and bring their products and services to address the evolving health needs of our clients,” said Saurabh Jain, managing director and head, Wealth Management India, Standard Chartered Bank.
The partnership will help expand insurance penetration in India and contribute to Star Health’s efforts to make quality health insurance accessible to everyone, said the company.
Also Read: General insurers' premium grew by18.3% in July to Rs 23,259 crore
Also Read: General insurers' premium grew by18.3% in July to Rs 23,259 crore
