Partnership Strategy To Widen And Strengthen The Presence Of Health Insurance Providers

The adoption of health insurance policies is increasing day by day. This is due to rise in out-of-pockets costs in case of occurrence of unanticipated medical conditions, increase in number of accidents, and surge in various health conditions with changing lifestyle. Market players are offering their health insurance products and services to cover the costs and enabling them a relief from financial worries. They adopted the strategy of partnership to widen their customer base and strengthen their presence in various regions. In addition, this strategy helps them in fulfilling each other’s objectives. The awareness regarding health insurance is rising and it will lead to rise in demand in the coming years. According to the report published by Allied Market Research, the global health insurance market is estimated to reach $4.15 trillion by 2028. Following are some of the activities taking place across the world.

Partnership is one of the major strategies taking place across the world to expand the reach of health insurance services and solutions. Star Health and Allied Insurance Co. Ltd. partnered with Common Services Centers (CSC) for offering health insurance services to rural parts of India. Under this partnership, the Star Health insurance products will be distributed to nearly 500,000 CSCs across tier-II, tier-III, and rural areas of the country. Especially rural customers will be able to avail various features including e-services with the help of a single delivery platform and help-desk support. The partnership is aimed at ensuring the health insurance products are accessible at the last mile.

Anand Roy, the Managing Director at Star Health and Allied Insurance Co. Ltd., outlined that the partnership with CSCs is an endeavor to offer ease in access and wide choices to rural customers in India. The network of CSCs across the India will make them an ideal distributor in the country. Such initiatives also aim to raise the awareness regarding health insurance in rural areas. Moreover, Star Health will be able strengthen its presence across the country.

The trend of partnership continues as market players aim to expand and consolidate their presence across different regions. Volopay, one of the leading corporate card and payment management companies, joined hands with employee health benefit and insurance platform Plum. This partnership is estimated to help clients of Volopay in accessing the extensive health insurance services of Plum. Moreover, they can avail the benefits such as health check-ups and teleconsultations. The employee-first tools will be provided to the workforce.

Rajith Shaji, the Co-Founder and Chief Executive Officer at Volopay, highlighted that this partnership is projected to strengthen the customer relations. On the other hand, Plum aims to widen and speed up its adoption by making their products and services affordable, accessible, and usable for employees and their respective families. Through its platform, employee health insurance and associated benefits will be offered to more than 2,000 organizations. This will provide Plum with opportunities to expand its presence and consolidate its position. These initiatives are taken to avail various benefits for both companies involved.

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