Anand Roy, MD and CEO, Star Health Insurance
With rapid medical advancements, patients have seen a reduction in the average length of stay in hospitals by up to 20% since 2008. However, the average claim size has seen a four-fold jump, indicating significant medical inflation and the increasing cost of sophisticated equipment and treatment
Chennai:
Star Health and Allied Insurance Company (Star Health Insurance), India’s largest stand alone health insurance company, has settled over 1 crore claims, since its inception in 2006. During this period, the company disbursed over Rs 44,000 crores in claim payments, covering both cashless and reimbursement claims across the country.
According to the company, 14% of the claims during this period were paid to senior citizens, 61% to other adults, and 25% of the total claims outgo were towards children.
Fever and infectious diseases were the prominent reasons for claims, amounting to 20% of the total number of claims paid. Claims arising for General Medicine, Gastroenterology, and Orthopaedics were also sizeable.
With rapid medical advancements, patients have seen a reduction in the average length of stay in hospitals by up to 20% since 2008. However, the average claim size has seen a four-fold jump, indicating significant medical inflation and the increasing cost of sophisticated equipment and treatment.
As of January 2024, Star Health Insurance holds the largest market share in the retail health insurance business in India, accounting for 33 percent.
The company is a pan-India player with a presence across 877 branches, and the majority of the claims pertain to Maharashtra, followed by Tamil Nadu, Kerala, Karnataka, and Delhi. It has a strong distribution network of 6.84 lakh agents
Anand Roy, MD and CEO, Star Health Insurance, said, “At Star Health, we have been directing our endeavors towards the middle-income groups’ Pan India, as this segment requires health insurance the most. We are focused on providing better health to our customers through our preventive health care and wellness services. Leveraging our strong data analytics, we can anticipate and respond with agility to the evolving needs of our customers.”
More than 70% of our customer claims were settled through the company’s robust network of 14200+ empanelled hospitals. The company has a claim settlement team of 580+ medical experts from across specializations. Keeping its commitment to customers, the company settled the majority of cashless claims within 2-3 hours.
In its endeavor for inclusivity and diversity, Star Health employs over 58% women in its claims team. It has adopted an AI-assisted process to mitigate fraudulent claims.