Initiative to facilitate citizens at the last mile with affordable insurance options and increase insurance penetration in the country largely covering semi-urban and rural India
Mumbai, 04 January, 2024: PayNearby, India’s leading branchless banking and digital network and Star Health and Allied Insurance, one of India’s leading health insurance specialists, entered into a strategic partnership to make health insurance coverage more accessible and affordable across the country, especially among its semi-urban and rural population. The strategic alliance will be instrumental in insuring millions of uninsured across the country through PayNearby’s million+ active Distribution-as-a-Service (DaaS) network, by bringing Star Health’s curated insurance products to local retail stores.
For health insurance to reach Bharat, it requires an innovative approach that offers affordable coverage, is easily accessible and eliminates the need for excessive paperwork. With the Star Health-PayNearby partnership, customers will now be able to conveniently buy tailored insurance offerings at their nearest retail store, assisted by their trusted local retailers. Through PayNearby’s robust DaaS network across 22,000+ PIN Codes, customers will gain seamless access to a variety of innovative bite-sized health insurance products from Star Health, including Group Personal Accident and HospiCash policies. PayNearby partnered retailers will handhold customers throughout the buying journey, ensuring instant and hassle-free issuance. Star Health’s convenient claims process, valued added offerings like free telemedicine consultations with expert doctors, personalized wellness programs and free annual health checkups will enhance the insurance experience.
Commenting on the partnership, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “For India to be truly progressive, there is an urgent need to scale simplified health insurance services for the masses as it improves access to quality healthcare services for all. However, as per the recent PayNearby Bharat Health Index (BHI) 2023 report, the level of insurance awareness among Bharat’s last mile is abysmally low. 55% have never heard of insurance, and among those aware of insurance, only 32% had taken some form of insurance in their lifetime. Additionally, a substantial 38% cited affordability as a major hindrance, while 36% did not know where to buy insurance from. Regarding health coverage, 32% mentioned limited availability of health insurers and lack of information as the primary challenge, closely followed by high premiums and complex documentation processes. These numbers, while worrisome, present an opportunity too. An opportunity to use technology to find breakthroughs in product democratisation and distribution so that every citizen is safe from the uncertainties of life.
For insurance to gain inroads in Bharat, it needs to be easy to understand and easy to consume. Our partnership with Star Health solidifies our commitment to making quality health coverage more economical and available to everyone, everywhere. Together, we are taking the much-needed action required for better insurance penetration in the country and ensuring that people perceive insurance in the right light for a safer, better future for themselves and their families. Also, aiding this initiative will be our Health Correspondents, who will help spread health insurance awareness, ensure its last mile reach and help insure the uninsured. Zidd Aage Badhne Ki.”
Chitti Babu, Chief Innovation Officer, Star Health, said, “At Star Health, we believe that today, health insurance has become a basic necessity along with food, water and shelter. This belief drives our endeavor to insure every individual, regardless of their location, enabling them to gain access to quality healthcare irrespective of their societal strata. Our collaboration with PayNearby, given their strong presence and deep networks in rural and non-metro regions of India, is another step in this direction, enabling us to offer bite-sized health insurance covers to all. This partnership will play a crucial role in insuring the under-served population in Bharat.”
For more information, please visit www.paynearby.in
- Source – Press Release
- Published Date – January 4, 2024