Star Health and Allied Insurance is a private health insurer company based in Chennai , India . The Target segment of the company included individuals, families , students, senior citizens , as wells as persons with pre - existing medical condition . Star health's comprehensive health insurance product suite insured 20.5 million lives in fiscal 2021 in retail health and group health . Overall , the company had gross written premium (GMP) of Rs. 9348.95 crores in fiscal 2021 . Commencing operations in 2006 as india's first Standalone health insurance provider , Star health and allied insurance Co limited is providing sterling services in health , personel Accident and overseas Travel Insurance etc. Company efforts have always been on service excellence and products innovation with a focous on delievering the best to our customer .
Star Health has underwritten a gross written premium of Rs. 6865 cr. During the FY 2019-20 and net worth of Rs. 1889 Cr. As on 31st March 2020
Currently star healtj has 12800+ employees and 640+ branches offices all over india .
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| Image curtesy - star health website |
Highlights about company
+ wide range of health imsurance and specialty products to cater to every segment .
+ Pan India presence around 650+ branches .
+ Cashless treatment at 11000+ hospitals across india
+ Hassle free in house claim settlement without intervention of TPA .
+ Personlised doctor visit for customer getting hospitalised .
+ Free second Medical opinion .
+ Health Insurance provider of the year 2018 - Outlook money awards
+ Best Health insurance provider of the year - Business Today
+ India's leading insurance company of the year - Dun & Bradstreet BFSI summit & award 2019
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Board of Directors :-
1. Mr. V. Jagannathan - Chairman & CEO
About -
A doyen of the insurance industry with 50+ years of experience in the insurance sector . He has held various positions of authority , including that of the chairman cum Managing director of one of india's Largest public sector insurance companies.
2. Dr. S. Prakash - Managing Director
About -
Dr. Prakash Subrayan , a passionnate medical doctor who became a managing director of leading Health Insurance company for the first time in india . He is the first of its kind to have 2 decades of clinical experience from india & overseas and having more than a decade of experience in health insurance .
3. Mr. Anand Roy - Managing Director
About -
Anand roy holds multi - dimensional reponsibilities being the managing director of star health . He overseas important functions like business , development marketing , it , products , publicity , actuarial, HR and investment .
4. Mr. Berjis Desai - Independent director
About -
Mr. Berjis desai is a master of law from University of cambridge ,UK . He is an eminent profestional law pratitioner with nearly 40+ years experience in transactional and dispute resolution lawas.
5. Ms. Anisha Motwani - independent director
About -
Ms. Anish motwani is consultant with the world bank having worked on prestigious 'swachh bharat programme' , 'adoption of solar Rooftops' , and ' 'National mission of Clean Ganga '. She is Author of storm the Norm- first of its -kind collection of 20 contemporary stories of truly inspiring businesses and brands from india the either wrote or rewrote the norms of their respective industries and brought in unprecedemted change and vaccancy .
5. Mr. Rohit Bhasin - independent diector .
About - Mr. Rohit bhasin is a chartered accoutant with over three and half decades of post qualification experience in leading organisation such as PwC , AIG ,and standard chartered Bank . He second experience in leading organisation in the areas of business , stradegy, investment advisory , business planning , Restructuring , and corporate finance , including M&As and valuations , across sectors .
6. PadamshreeDR Karthikeyan - independent director
About -
He started his career as a lawyer and later entered in india police service . He also Author of best selling book ' Triumph of truth - Rajiv Gandhi Assassination ' .
7. Mrs. Rajni sekhri sibal - independent director
About -
Rajni sekhri is a IAS officer of haryana Cadre . She has recently superannuated as a secretary to the govt. of india . At present , rajni is the independent External monitor of SEBI ,the security board of india.
8. Mr. Rajiv agarwal - indpendent director .
About -
Mr. Rajiv is iit graduate from Rorkee , belongs to 1983 batch of indian Revenue Service and has got wide experience of securities markets , commodity markets commission , taxation etc .
9. Mr. Sumir chadha - Director
About-
Mr. Chadha is a co - founder and Managing Director of WestBridge Capital and has been investing in india for the past two decades , in both public and private businesses . Sumir also co- founded and was Managing Director of Sequoia Capital India .Sumir received an MBA from Harvard business school with distinction and bse in computer science from princeton university .
10. Mr. Deepak Ramineedi - Director
About -
Mr. Ramineedi is principal at westbridge capital and has been with westbridge for over eight years .
11. Mr. Utpal seth - Director
About -
Mr. Utpal seth is chief executive officer at rare enterprise . He is commerce graduate , cost accountant and chartered financial analyst from ICFAI .
Registred Office -
Registred office no. 1 new tank , valluvarkottam high road , nungambakkam, Chennai 600034 India
IRDAI Registration no. 129|CIN :U66010TN2005PLCO56649 | PH. 044-28288800 | FAX - 044- 28260062
Address of IRDAI -
Insurance Regulatory and development Authority of India
Competitors of Star Health Insurance -
1. Oriental insurance company .
2. Bajaj allianz general insurance .
3. United india insurance company .
4. Life insurance company .
5. Care health insurance .
6. Hdfc ergo health insurance .
7. ICICI Lombard
8. Aditya birla health insurance co. Ltd.
9. Kotak mahindra general insurance.
10. Sun life financial
Competitive Strengths
+ Large private health insurance company of india .
+ Diversified products suite with a focus on innovative and specialized product .
+ One of the largest and well spread distribution network in the health insurance industry , according to CRISIL Research .
+ As of March 31 2019, 2020, 2021 , the company issued 4.3 million , 5.1 million , 7.0 million health insurance policies - the highest among the all health insurance providers .
+ Retail health GWP was over three times the GWP of the next highest retail health market participant in each of fiscal 2019, 2020, 2021 .
+ Total number of individual agents grrw at CAGR of 27.3% from 0.2. Million in fiscal2019 to 0.46 million in fiscal 2021 .
+ From Fiscal 2019 to fiscal 2021 , the company's retail health grewat a CAGR of 32.5% .
+ Approximately 97.9% renewals by GWP value for retail health business in fiscal 2021 .
Risks :-
- Covid 19 outbreak has significantly affected business and operations .
- Any negative publicity could have a material adverse effect on the business , financial conditions and result of operations
- The unavailabilty or inaccuracy of data provided by customer could limit the functionality of the product and disrupt the business .
- The company could be subject to claims by the customers amd / or regulators for alleged mis- selling
- The change in method of Accounting UPR .
- Failure to adapt new technology change could adversely affect the business .
- Rs. 2.50 billion of outstanding debt liabilities as of march 31 ,2021 .
- Company has incurred losses in fiscal 2021 and may incur losses in the future.
- There is an ongoing criminal proceding involving the independent director Rajiv agarwal.
- Failure to distribution intermidiaries obtain the requisite qualification , licencrs , or registration the failure may result in penalties being imposed on the company .
- Certain outstanding legal proceedings .
- Susceptibilty to any adverse trends and other developments that may affect the sale of retail health insurance products.
- Failure to accurately estimate the incurred medical expenses could affec4th the business .
- The discontinuance of th voluntary quota share treaty (VQST) reinsurance treaty.
Financial of the Company :-
Ipo Details :-
Bidding dates - 30 Nov - 2 Dec 2021
Face value - 10 Rs.
Price bands - Rs. 870 - 900
Min. Share - 16
Lot size - 16
Fresh issue - 60,104,677
Issue size - 7249 cr.
Pre- apply - 28 novemver 2021
Allotment date - 7 december
Listing price - 845 (-55 loss )
Subscription Status -
1. Retail individual investor - 1.07x
2. Non-institutional investor - 0.16x
3. Qualified institution buyers - 0.90x
4. Employees - 0.7x
Market Preview -
Health insurance india
Health insurance in India is a growing segment of India's economy. The Indian health system is one of the largest in the world, with the number of people it concerns: nearly 1.3 billion potential beneficiaries. The health industry in India has rapidly become one of the most important sectors in the country in terms of income and job creation. In 2018, one hundred million Indian households do not benefit from health coverage. In 2011, 3.9% of India's gross domestic product was spent in the health sector. According to the World Health Organization, this is among the lowest of the BRICS economies.
Registrar of the Company -
Kfin technologies private limited
(formaly know as karvy technologies private limited )
Contact Details -
Selenium ,tower B , plot No. 31 or 32 , financial district , nanakramkuda , serilingampally , Hyderabad
Website - www.kfintech.com
Corporate Registry - einward.ris@kfintech.com