Star Health receives nationwide recognition as one of the most innovative companies operating in India at the annual Confederation of Indian Industries Industrial Innovation Awards
Star Health was the only insurance company to be recognised at the CII Industrial Innovation Awards
Star Health is a leading provider of retail health insurance in India and has received an investment from Apis Growth Fund I, a Private Equity fund managed by Apis Partners LLP
DELHI, India – Nov 8, 2016: Star Health and Allied Insurance Company Limited (“Star Health”, the “Company”), one of India’s leading health insurance providers was recognized at the annual Confederation of Indian Industries (“CII”) Industrial Innovation Awards as one of the 25 Most Innovative Organizations in India. The Confederation of Indian Industries is the premier business association of modern India which was established in 1895 and has been associated with several great leaders including Dr. APJ. Abdul Kalam. The award was given to Star Health for the innovative services the Company has delivered in the highly competitive Health Insurance Industry, including amongst other the development of specialized insurance solutions for key patient groups. Star Health was the only insurance company to be recognized amongst the winners of the CII Industrial Innovation Awards.
The annual Industrial Innovation Awards have been instituted by the CII, a nationally accredited organization, since 2014. The selection process includes a three-day on-site assessment by a representative of the CII, where all aspects of the Company’s processes were assessed and scored. Companies who pass this initial hurdle were then scored by a Grand Jury comprising leading individuals in the field of innovation, including Professor Y S Rajan (Chairman of NIT Manipur), Professor H P Khincha (Advisor to IISC Bangalore), Dr. Prabhat Ranjan (ED of TIFAC), and Dr. Rishikesh Ranjan (Director of IIM Indore).
The accolade is an endorsement for the continued vision and determination of the Company’s management team and broader employees. The award is also key validation of the innovative core and continued potential of Star Health that Apis Partners recognised at the time of investment, which includes the depth and breadth of the Company’s product offering, accessibility of distribution channels, and efficiency of technology led-claims management processes.
On receiving the award, Mr. V. Jagannathan, Chairman and Managing Director of Star Health said “this award is continued recognition for Star Health’s strategy of putting our customers at the centre of all the decisions we make, personally I would like to congratulate each one of the Star family who has made this possible, and best wishes to out-performing ourselves in the future”.
About Star Health:
Founded in 2006, Chennai based Star Health (www.starhealth.in) is one of India’s leading health insurance providers and is India’s first and largest stand-alone business in the retail health insurance segment. Star Health provides over 3.7 million customers with health insurance, overseas medical cover and personal accident cover. The Company has a pan-India presence with more than 300 branch offices and a network of more than 7,000 hospitals. For the financial year ending March 2016, Gross Premium Income for the Company crossed INR 2,000 Cr (US$ 300 million). The Company is a pioneer of several innovations and industry firsts and has been consistently recognised as a leader in the health insurance market. The Company has a vast bouquet of products, including affordable products for the common man, contributing to all sections of society.