Star Health announces Bancassurance tie-up with IDFC First Bank; stock adds ~1%

28 Jun 2022 , 10:06 AM

Star Health & Allied Insurance have signed a Corporate Agency agreement with IDFC First Bank for the distribution of its health insurance solutions.

Star Health and Allied Insurance will offer its best-in-class health insurance products to the Bank’s customers through IDFC FIRST Bank’s cutting-edge digital platform and extensive distribution network under this strategic agreement.

“We, at Star Health, believe that health insurance is essential for every citizen,” commented Anand Roy, Managing Director of Star Health and Allied Insurance Co. Ltd.

He further added, “Our strategic partnership with IDFC First Bank takes us forward to making health insurance available to all. This collaboration will allow us to reach out to IDFC First customers and help them financially protect themselves from rising healthcare costs. IDFC First Bank and Star Health Insurance are both highly innovative and customer-focused organizations. We anticipate that this collaboration will benefit both organizations.”

IDFC FIRST Bank takes a digital-first approach, serving customers through its cutting-edge net banking platform and an intuitive, user-friendly award-winning mobile app, in addition to its nationwide branches, ATMs, and loan centres.

Star Health & Allied Insurance is currently trading at Rs518.90 up by Rs4.1 or 0.8% from its previous closing of Rs514.80 on the BSE. The scrip opened at Rs521 and has touched intraday high and low of Rs528.95 and Rs515.50 respectively.