PayNearby & Star Health Join Forces to Offer Affordable Health Insurance Coverage

The collaboration offers a range of innovative health insurance options, including Group Personal Accident and HospiCash policies. PayNearby's partnered retailers are crucial in guiding customers through a seamless buying process, ensuring instant and hassle-free insurance issuance.

In a significant move towards bolstering health coverage in India, PayNearby, a prominent branchless banking and digital network, has collaborated with Star Health and Allied Insurance, a leading health insurance specialist. 

This strategic partnership aims to provide accessible and affordable health insurance to the semi-urban and rural population across the country.

Talking about the collaboration, Chitti Babu, CINO, Star Health, said, "Our collaboration with PayNearby is another step in this direction, enabling us to offer bite-sized health insurance covers to all. The aim is to address the specific needs of the under-served population in Bharat, leveraging PayNearby's strong presence in rural and non-metro regions.”

The alliance leverages PayNearby's extensive Distribution-as-a-Service (DaaS) network, spanning over 22,000 pin codes. Through this network, customers can now purchase tailored insurance products from Star Health at their local retail stores, facilitated by trusted retailers.

Additionally, the collaboration offers a range of innovative health insurance options, including Group Personal Accident and HospiCash policies. PayNearby's partnered retailers are crucial in guiding customers through a seamless buying process, ensuring instant and hassle-free insurance issuance.

Anand Kumar Bajaj, founder, MD & CEO, PayNearby, underscored the critical need to advance simplified health insurance services to foster true progress in India.

In reference to the recent PayNearby Bharat Health Index (BHI) 2023 report, Bajaj highlighted the alarmingly low level of insurance awareness among Bharat's last mile. He said, "Among Bharat's last mile, 55% have never been acquainted with the concept of insurance. Even among those who are aware, a mere 32% have availed some form of insurance in their lifetime." 

Further, Bajaj noted that a significant 38% identified affordability as a major obstacle, while 36% expressed uncertainty about where to procure insurance. The collaboration between PayNearby and Star Health aligns with recent initiatives in the healthcare and insurance sectors in India. 

In December’23, Indira IVF partnered with SafeTree to launch India’s first insurance supporting couples with infertility. This insurance offers proactive support for the first 24 months, including medical, dietary, and psychological consultations.

While in October, Plum, an insurtech platform in India, introduced 'e-imburse,' a digital-first solution for reimbursement claims. The platform aims to simplify and expedite the traditionally cumbersome reimbursement process, providing a user-friendly and efficient digital experience.