PayNearby, the branchless banking and digital community, has teamed with Star Well being and Allied Insurance coverage to make well being protection extra accessible and inexpensive throughout India.
The collaboration between PayNearby and Star Well being might be essential in insuring hundreds of thousands of uninsured throughout India by utilising PayNearby’s community, bringing insurance coverage merchandise to native retail shops.
Moreover, with the Star Well being-PayNearby partnership, prospects can purchase tailor-made insurance coverage choices at their nearest retail retailer, assisted by their trusted native retailers.
As well as, by way of PayNearby’s sturdy DaaS community throughout over 22,000 PIN Codes, prospects will achieve seamless entry to a wide range of revolutionary bite-sized medical health insurance merchandise from Star Well being, together with Group Private Accident and HospiCash insurance policies.
Anand Kumar Bajaj, founder, MD & CEO, PayNearby stated: “For India to be really progressive, there may be an pressing have to scale simplified medical health insurance providers for the plenty because it improves entry to high quality healthcare providers for all. Nevertheless, as per the latest PayNearby Bharat Well being Index (BHI) 2023 report, the extent of insurance coverage consciousness amongst Bharat’s final mile is abysmally low. 55% have by no means heard of insurance coverage, and amongst these conscious of insurance coverage, solely 32% had taken some type of insurance coverage of their lifetime. Moreover, a considerable 38% cited affordability as a serious hindrance, whereas 36% didn’t know the place to purchase insurance coverage from. Relating to well being protection, 32% talked about restricted availability of well being insurers and lack of understanding as the first problem, carefully adopted by excessive premiums and sophisticated documentation processes. These numbers, whereas worrisome, current a possibility too. A chance to make use of know-how to seek out breakthroughs in product democratisation and distribution so that each citizen is protected from the uncertainties of life.
“For insurance coverage to realize inroads in Bharat, it must be straightforward to know and simple to devour. Our partnership with Star Well being solidifies our dedication to creating high quality well being protection extra economical and accessible to everybody, in every single place. Collectively, we’re taking the much-needed motion required for higher insurance coverage penetration within the nation and guaranteeing that folks understand insurance coverage in the best mild for a safer, higher future for themselves and their households. Additionally, aiding this initiative might be our Well being Correspondents, who will assist unfold medical health insurance consciousness, guarantee its final mile attain and assist insure the uninsured. Zidd Aage Badhne Ki.”
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Chitti Babu, chief innovation officer at Star Well being, added: “At Star Well being, we imagine that right this moment, medical health insurance has change into a fundamental necessity together with meals, water and shelter. This perception drives our endeavour to insure each particular person, no matter their location, enabling them to realize entry to high quality healthcare regardless of their societal strata. Our collaboration with PayNearby, given their sturdy presence and deep networks in rural and non-metro areas of India, is one other step on this route, enabling us to supply bite-sized medical health insurance covers to all. This partnership will play a vital function in insuring the under-served inhabitants in Bharat.”
In November 2023, India-based PB Fintech reportedly invested Rs3.5bn ($41.96m) in its wholly owned subsidiary Policybazaar, an insurance coverage aggregator.
The newest transfer is anticipated to assist Policybazaar strengthen its general monetary well being to additional meet common working bills, the Hindu Businessline report stated.
This funding may also permit Policybazaar to hold out its strategic initiatives and enhance its model consciousness and workplace presence.