Star Health soars on partnering with Common Services Centers

Star Health and Allied Insurance Company jumped 4.13% to Rs 575.20 after the company announced partnership with Common Services Centers (CSC), under Ministry of Electronics & Information Technology.

The Common Services Centers (CSC) is one of the mission mode projects under the Digital India Programme. CSCs offer assisted access to essential government and public utility services, social welfare schemes, financial services, and healthcare, education, and skill development courses, apart from a host of B2C services. There are over 5 lakh CSCs functioning across the country as delivery points of government and public services for the rural population in rural, semi-urban and urban areas.

The insurance company will provide over 5 lakh CSCs access to a select range of Star Health insurance products, specially designed to meet the needs of rural customers, across tier-II, tier-III cities and rural markets pan India.

The CSCs will provide a host of special features to the rural customers, including a large bouquet of e-services though a single delivery platform, localized help-desk support, and sustainability of VLEs through a maximum commission sharing model of operation.

A self-sustaining network of over 5 lakh CSCs in gram panchayats that are managed by village level entrepreneurs (VLEs) will enable easy access to health insurance products at the last mile.

Through its network, CSC will offer a series of beneficial products for the rural markets like family health optima insurance plan, accidental care individual policy, star micro rural and farmers care, and other such products to meet the health insurance needs in these regions.

Anand Roy, managing director at Star Health and Allied Insurance Co., said "As health insurance specialists, we've always been at the forefront in identifying opportunities and designing health insurance products that benefit the masses.

This tie - up with CSC is a huge step towards our endeavour of providing easy access and more choice of health insurance products that meet specific needs of the people in rural India. CSC's robust network and presence across India makes them an ideal distribution partner for this initiative.

This tie-up is a step towards increasing health insurance penetration in rural India. Concurrently, the added distribution network will help Star Health expand its market share and strengthen its presence across the country.

Star Health and Allied Insurance Company has business interests in health, personal accident and overseas travel insurance and provides health insurance products to individuals, families and corporates, directly and through various channels - agents, brokers, online and digital channels. It is also a prominent bancassurance player with long standing relationship with various banks.

The company had reported a net loss of Rs 82.04 crore as against a net loss of Rs 956.92 crore in Q4 FY22 over Q4 FY21. Total income grew 256.2% YoY to Rs 2802.18 crore during the quarter.

On the BSE, 78,562 shares were traded in the counter so far compared with average daily volumes of 52,641 shares in the past two weeks. The stock hit a high of Rs 578.65 and a low of Rs 555 so far during the day.

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