Star Health and Allied Insurance plans to add 29 to 30 bancassurance partners by the first half of the next financial year, 2026, while doubling its bancassurance revenue to Rs 2,000 crore (US$231.4 million) in the next three years.
Biju Menon, Executive Director & Chief Business Officer of Star Health Insurance, told the Business Standard that the company is on track to close around Rs 1,000 crore in bancassurance revenue this financial year and said the business “will be looking to double this in the next three years, leveraging on the innovative products and rural-focused partnerships.”
“The rural sector is what we are mainly targeting, largely concentrating on Grameen and Co-operative banks, in addition to regional rural banks (RRBs), Menon added. “This channel is going to contribute to both retail and corporate growth for us. Partnerships with banks are looking at mutual growth.”
The company’s bancassurance share of revenue is over 14-15% of the fresh business and around 8% of the overall business.
According to Moneycontrol, the company has over 71 bancassurance partners, consisting of state-owned banks, private banks and non-banking finance companies (NBFC). Several active partners include Bank of Baroda, Punjab National Bank, IDFC First Bank, L&T Finance, Tata Capital Housing Finance and Samaan Housing Finance (India Bulls).
Menon said that the company is also taking all necessary steps following the data breach last year in which data from 31m customers was reportedly leaked on Telegram. “We have put in place strong measures to prevent similar incidents in the future. Protecting customer data and privacy is our top priority.”
