Star Health and Allied Insurance enters into bancassurance tie-up with Standard Chartered Bank

Star Health and Allied Insurance on Monday established a strategic corporate alliance with Standard Chartered Bank. Under this collaboration, Standard Chartered Bank will offer Star Health's insurance products through their branch network across India.

Through this strategic agreement, Star Health will make its health insurance products readily accessible to customers via Standard Chartered Bank's extensive distribution network. This strategic alliance will enhance Star Health distribution network. As of June 30, 2023, the company has over 6.4 lakh agents and 38 bancassurance partners, the insurer said.

The escalating healthcare costs in India have resulted in an unprecedented surge in the demand for health insurance. Customers now require comprehensive policies that cater to their medical requirements, encompassing benefits such as OPD Care, Hospi Cash, and Critical Illness covers. Moreover, there is an increasing emphasis on health and fitness, leading to a growing interest in customized wellness programs.

Anand Roy, MD and CEO, Star Health and Allied Insurance said, "By collaborating with Standard Chartered, we not only expand the reach of insurance in these areas but also deliver top-tier services that align with the distinct needs of India's affluent clientele."

Saurabh Jain, MD & Head, Wealth Management India, Standard Chartered Bank said “Health and protection are key needs today for clients managing their wealth, with Standard Chartered’s Wealth Expectancy Report for 2022 revealing that over 54 percent of respondents in India have prioritised health and wellness post the pandemic."