The insurer has signed a corporate agency agreement with IDFC FIRST Bank for distribution of its health insurance solutions.
Under this strategic agreement, Star Health and Allied Insurance Company will offer its best in class health insurance products to the Bank's customers using IDFC FIRST Bank's state of the art digital platform and its wide distribution network.IDFC FIRST Bank has a digital first approach and serves customers through its net banking platform and mobile app, which complement its nationwide branches, ATMs and loan centres.
Anand Roy, managing director, Star Health and Allied Insurance Co., said, "We, at Star Health, believe that health insurance is essential for every citizen. Our strategic tie-up with IDFC First Bank is a step further in making health insurance accessible to all. This tie-up will help us reach out to IDFC First's customers and enable them to financially safeguard themselves from rising healthcare costs. Both IDFC First Bank & Star Health Insurance are highly innovative and customer focused companies. We expect this partnership will be mutually beneficial to both organisations."
Vikas Sharma, Head - wealth management & private banking, IDFC FIRST Bank, said, "We are pleased to associate with Star Health and Allied Insurance to bring more value-added products and services to our customers. We are truly a customer first bank and therefore our endeavor always is to offer products with low cost and high value for our customers. This partnership has come at a right time when awareness about the importance of health insurance is on the rise in the post pandemic world."
Star Health and Allied Insurance Company commenced its operations in 2006 as India's first standalone health insurance company with business interests in health, personal accident and overseas travel insurance.
Shares of Star Health fell 3.49% to Rs 514.80 on Monday, 27 June 2022.
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