PayNearby, the branchless banking and digital network, has teamed with Star Health and Allied Insurance to make health coverage more accessible and affordable across India.
The collaboration between PayNearby and Star Health will be crucial in insuring millions of uninsured across India by utilising PayNearby’s network, bringing insurance products to local retail stores.
Furthermore, with the Star Health-PayNearby partnership, customers can buy tailored insurance offerings at their nearest retail store, assisted by their trusted local retailers.
In addition, through PayNearby’s robust DaaS network across over 22,000 PIN Codes, customers will gain seamless access to a variety of innovative bite-sized health insurance products from Star Health, including Group Personal Accident and HospiCash policies.
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% have never heard of insurance, and among those aware of insurance, only 32% had taken some form of insurance in their lifetime. Additionally, a substantial 38% cited affordability as a major hindrance, while 36% did not know where to buy insurance from. Regarding health coverage, 32% 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.
“For insurance to gain inroads in Bharat, it needs to be easy to understand and easy to consume. Our partnership with Star Health solidifies our commitment to making quality health coverage more economical and available to everyone, everywhere. Together, we are taking the much-needed action required for better insurance penetration in the country and ensuring that people perceive insurance in the right light for a safer, better future for themselves and their families. Also, aiding this initiative will be our Health Correspondents, who will help spread health insurance awareness, ensure its last mile reach and help insure the uninsured. Zidd Aage Badhne Ki.”
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By GlobalDataChitti Babu, chief innovation officer at 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, 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 insuring the under-served population in Bharat.”
In November 2023, India-based PB Fintech reportedly invested Rs3.5bn ($41.96m) in its wholly owned subsidiary Policybazaar, an insurance aggregator.
The latest move is expected to help Policybazaar strengthen its overall financial health to further meet general operating expenses, the Hindu Businessline report said.
This investment will also allow Policybazaar to carry out its strategic initiatives and boost its brand awareness and office presence.
