PayNearby and Star Health unite to offer health cover to uninsured and under-served across India. Details here
PayNearby and Star Health and Allied Insurance have recently formed a strategic collaboration aimed at enhancing the accessibility and affordability of health insurance coverage throughout the country, with a particular focus on the semi-urban and rural population.
This partnership is poised to play a pivotal role in providing insurance to millions of currently uninsured individuals nationwide, leveraging PayNearby’s extensive Distribution-as-a-Service (DaaS) network, which boasts over a million active outlets. Through this collaboration, Star Health’s carefully crafted insurance products will be made available at local retail stores.
To extend health insurance to rural areas in India (Bharat), an inventive approach is needed—one that provides affordable coverage, easy accessibility, and eliminates the burden of excessive paperwork. The collaboration between Star Health and PayNearby addresses this need, enabling customers to conveniently purchase customized insurance plans at their local retail stores with the assistance of trusted retailers.
Leveraging PayNearby’s extensive Distribution-as-a-Service (DaaS) network spanning over 22,000 PIN codes, customers can seamlessly access a range of innovative and concise health insurance products from Star Health, including Group Personal Accident and HospiCash policies. PayNearby’s partnered retailers will guide customers through the entire purchasing process, ensuring quick and hassle-free policy issuance.
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 per cent have never heard of insurance, and among those aware of insurance, only 32 per cent had taken some form of insurance in their lifetime.”
“A substantial 38 per cent cited affordability as a major hindrance, while 36 per cent did not know where to buy insurance from. Regarding health coverage, 32 per cent 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,” he added.
Chitti Babu, Chief Innovation Officer, Star Health, added, “At Star Health, we believe that today, health insurance has become a basic necessity along with food, water, and shelter. This belief drives our endeavour to insure every individual, regardless of their location while 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 ensuring the under-served population in Bharat.”
The insurance experience is further enhanced by Star Health’s claims process and additional offerings such as complimentary telemedicine consultations with expert doctors, personalized wellness programs, and free annual health checkups.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 04 Jan 2024, 04:45 PM IST
Leave a Reply