Star health insurance business model | growth | IPO

Star health insurance business model
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We are unsure about the health issues that are waiting for us in the future. And uncertain medical treatments can lead to a burden on our pockets if we are not prepared for it. To cover the complete health risk expenses we can opt for health insurance from the insurance providers that are available online and offline.

Insurance brings in a sense of security and certainty for insurance takers. Now, people are also feeling a need for it as compared to the past when insurance agents use to run behind people for buying the policies.

Today, we will get an insight into one of the leading insurance companies by knowing about its services, features, network, reach, and work structure. Directly we will familiarize you with the Star health insurance business model and its journey towards success. Since it is all set to go public this year so, having clarity about the star health insurance business model would help the investors to make to call on whether to infuse the money in Star health insurance IPO or not. 

About: Star health insurance

Star health insurance is India's first company to provide varied insurance services in the domain of health, accident care, and travel insurance. These services are mended for catering to the needs of individuals, families, and corporate groups. Star health was introduced in the year 2006 with the objective of providing financial security for health care services. From initiating its services from Chennai, soon it builds its presence in various cities with 640 offices in India.

Today, Star health is one of the prominent brands in the insurance sector, especially known for health insurance plans and policies. Apart from this, it offers an array of specialized offers for corporate sectors and family policies.

Unlike the insurance aggregators, it is a group of companies responsible for settling the claims at a comparatively faster pace since they have collaborated with a large number of hospitals. That would ultimately free the insurance takers from asking for claims from the listed hospitals. Now, let us explore the 
Star health insurance business model in a defined manner.

Star health insurance business model

Initiating with the services offered by Star health, it has mainly spread its insurance facilities into health insurance, travel insurance, and accident care. And they are mainly positioning corporate groups and families as their main target customers. They are their prime clients who are deriving the sales growth and building better recognition among the large insurance players present in the market.

The Star health insurance business model gives us a glimpse of the key services offered and how it has reached to masses for building valuable growth. Talking about the offerings then it has diversified its insurance services into different plans that are suitable to an individual based on needs, age, return, and policy tenure. This health insurance provider also features its wellness and telemedicine services in which the customers can opt for various utilities at their comfort places.

The wellness and telemedicine facility works as another revenue generation source for the company and also derives ease to the users to avail various certified services. Some of the prime services in this category are online doctor consultation, online medicines delivery, and patient testing & diagnosis from their home.

The current scenario of covid19 and a shift of consumers towards buying health insurance has given the health insurance providers a boom in their sales volume. Star health came up with specialized customer support to fight this tough time and introduced a covid insurance plan for the good of people. Apart from this, customers can interact, ask for covid advisory, and take medical consultation. 

Star health showcases its online services through its website and application channel. Also, one can enquire about the plans and policies by calling them directly at their toll-free number. But logging on directly to their web portal is more convenient and visitors can explore the best policies as per suitability and eligibility.   

Star health insurance IPO

Star health is all set for its debut in the stock exchange and is expected to raise around 3000 crores through this fresh issue in the primary market. Star health insurance IPO would be an admission of a new entrant as the exchange does not have any health insurance players, though it includes various other insurance companies. 

The experts believe that IPO would bring great profitability for the investors since there is a surge in the sales of the company's products from the last year. Also, the surge was pumped because of people giving importance to insurance services and rising covid cases.

Star health insurance growth

Star health insurance commenced its business in the year 2006 by operating its services from Chennai, India. Initially, the growth was really a challenging part for the company since people were not much aware of the insurance and its benefits. Also, one of the facts is that people were usually fascinated by general insurance as it works as a savings scheme for them. But after a couple of years when they were burdened from the heavy hospital bills pushed them for buying health insurance policies. 

Star health being a dominant player in the sectors soon captured the masses by bringing attractive policies for a large number of people. It has now networked with more than 10,000 hospitals all over India and facilitates fast claim settlements in a cashless manner.

Take away

This article would help the readers in developing an insight into Star health insurance business model, services offered, growth, and Star health insurance IPO. Apart from this, we have drawn attention to how people drastically shift their perception about health insurance. 

As earlier selling insurance was known as a game of earning a commission by the sales agents but now the companies have positioned themself under a pull strategy. Now, people are also developing a need for insurance plans as now they consider it as a necessity.