India-based health insurance company Star Health and Allied Insurance have signed a bancassurance deal with Standard Chartered Bank to improve its distribution network.
An exchange filing noted that the partnership is part of Star Health’s strategy to offer its health insurance products to clients through the wide distribution network of Standard Chartered Bank, The Economic Times reported.
The insurer will leverage the bank’s 100 branches in 42 Indian cities, which will function as a ‘one-stop destination’ for clients requiring complete health insurance coverage.
Star Health intends to make health insurance accessible to people across the country through the deal.
Allied Insurance MD and CEO Anand Roy Star Health said: “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.”
Commenting on the new partnership, Standard Chartered Bank Wealth Management India MD and head Saurabh Jain said: “Health and protection are key needs today for clients managing their wealth, Standard Chartered’s Wealth Expectancy Report for 2022 reveals that over 54% of respondents in India have prioritised health and wellness post the pandemic.
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“We are pleased to partner with Star Health and bring their products and services to address the evolving health needs of our clients.”
In November 2021, Star Health and Allied Insurance raised nearly $428m from anchor investors before the initial public offering (IPO) of the company.