Star Health and Allied Insurance Company Limited , India's leading retail health insurance provider, has introduced a groundbreaking in-app feature called 'Know Your Policy'. This innovative tool aims to simplify health insurance coverage understanding for its customers, aligning with regulatory requirements and enhancing consumer protection.

Key Features of 'Know Your Policy'

The new feature, accessible through the Star Health customer app, offers a concise summary of policy details, including:

• What's Included: A snapshot of key policy benefits such as hospitalization, emergency care, maternity and child coverage, and any additional features or add-ons.
• What's Not Included: Information on common exclusions and waiting periods for specific diseases and pre-existing conditions.

Impressive User Adoption

Since its launch, the 'Know Your Policy' feature has already benefited 300,000 customers. Users spend an average of 2 minutes exploring the tool, indicating its effectiveness in providing valuable information.

Impact on Customer Service

Star Health has observed a reduction in customer calls following the introduction of this feature, suggesting improved customer satisfaction and preparedness. The tool empowers customers with instant, structured information, promoting more informed and proactive engagement.

Digital Strategy Success

The launch of 'Know Your Policy' is part of Star Health's broader digital strategy, which has shown remarkable results:

• The Star Health app has surpassed 11 million downloads
• Over 1.2 million monthly active users
• 63% of renewals are now processed automatically
• More than 75% of new business comes through digital channels
• High user ratings: 4.6 on the App Store and 4.4 on Google Play

Executive Insight

Mr. Anand Roy, Managing Director & CEO of Star Health and Allied Insurance, commented on the initiative: "Star Health's 'Know Your Policy' initiative is our effort towards making insurance terms more consumer-friendly. By creating a simplified, accessible version of the Customer Information Sheet (CIS), we are going beyond mere regulatory compliance to genuinely help customers understand what they're purchasing."

Industry Impact

This initiative sets a positive precedent for the insurance industry, demonstrating a commitment to transparency and customer empowerment. By simplifying complex insurance terms and making critical information easily accessible, Star Health is taking a significant step towards improving customer experience in the health insurance sector.

As the insurance landscape continues to evolve, tools like 'Know Your Policy' are likely to become increasingly important in building trust and fostering better understanding between insurers and policyholders.

Star Health and Allied Insurance Company Limited is considering a strategic move into the general insurance sector as a potential solution to address Input Tax Credit (ITC) losses. This development comes as the company prepares to apply for a composite license, which would allow it to expand its insurance offerings.

Diversification Strategy

Star Health, primarily known for its health insurance products, is eyeing the general insurance market as a means to broaden its portfolio and potentially offset the impact of ITC losses. The company's exploration of this new avenue suggests a proactive approach to addressing financial challenges while simultaneously expanding its market presence.

Composite License Plans

The consideration of general insurance products is closely tied to Star Health's upcoming plans to obtain a composite license. This license would enable the company to offer a wider range of insurance products beyond its current health insurance focus. The move towards a composite license indicates Star Health's ambition to become a more comprehensive insurance provider in the Indian market.

Addressing ITC Losses

The primary driver behind this potential expansion appears to be the mitigation of Input Tax Credit losses. ITC allows businesses to claim credit for taxes paid on inputs used in the course of their business. By venturing into general insurance, Star Health may be looking to optimize its tax structure and improve its overall financial efficiency.

Market Implications

If Star Health proceeds with this strategy, it could signal a significant shift in the company's business model. The move may not only help in addressing immediate financial concerns but could also position the company as a more diversified player in the insurance sector, potentially opening up new revenue streams and market opportunities.

As Star Health continues to explore these possibilities, stakeholders will be keenly watching how this strategy unfolds and its potential impact on the company's financial health and market position. The insurance sector may see increased competition if Star Health successfully enters the general insurance space, potentially benefiting consumers with a wider range of insurance options from a single provider.