Narayana Health Group Enters Health Insurance Sector, Seeks IRDAI Licence

Dr. Devi Shetty's Narayana Health Group has reportedly applied for a licence from the Insurance Regulatory and Development Authority of India (IRDAI) to establish a health insurance business.

Under the banner of Narayana One Health, the group has appointed insurance industry veteran Ravi Vishwanath to spearhead the venture.

Vishwanath, formerly responsible for overseeing health and accident segments at HDFC Ergo, brings substantial experience to this new endeavour.

At present, Narayana Health offers healthcare plans from a provider's perspective. However, this coverage is confined to the geographical reach of the healthcare provider. Introducing the new health insurance scheme would facilitate comprehensive coverage devoid of geographic constraints.

Health insurance in India mainly revolves around hospitalisation coverage, and the standalone sector is relatively nascent, spanning less than two decades. Currently, India hosts five key standalone health insurance companies, including Aditya Birla Health Insurance Co. Ltd., Care Health Insurance Ltd, Manipal Cigna Health Insurance Company Limited, Niva Bupa Health Insurance Co Ltd., among others.

These entities typically employ a hospital network model for seamless cashless claims services.

Dr. Shetty, recognised for India's first neonatal heart surgery and affiliation with Mother Teresa, established Narayana Hrudayalaya in Bengaluru in 2001. Honoured with the Padma Bhushan in 2012 for his accessible healthcare efforts, he advocates insurance coverage through collective contributions to treating those in need.

Previously in June 2023, Narayana Health and Volvo Group partnered to bring forth an innovative mobile community clinic dubbed '˜Wellness on Wheels'.This initiative aims to extend free community screenings and medical services to remote regions of Karnataka and other states.