Star Health Insurance expands global footprint with new international office in GIFT City
Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s leading retail health insurance firm, has today announced a significant milestone in its strategic expansion efforts. The company has received approval from the International Financial Services Centres Authority (IFSCA) to establish an IFSC International Office (IIO) at the Gujarat International Finance Tec-City (GIFT City). Slated to begin operations by the end of March 2024, this strategic move is set to elevate Star Health Insurance’s presence in the international financial domain, particularly offering health insurance solutions in US dollars to Non-Resident Indians (NRIs) and the global Indian community.
Positioned within GIFT City’s International Financial Services Centre (IFSC), Star Health Insurance aims to significantly bolster its international outreach and business operations. The company’s entry into this vibrant financial hub enables it to cater specifically to the insurance needs of the global Indian diaspora, including NRIs. Additionally, Star Health Insurance anticipates attracting foreign inward business in its capacity as a reinsurer. The firm is poised to provide specialized insurance solutions for Indians traveling abroad and the increasing community of international students from India. The launch of its international insurance product suite is scheduled in a phased manner for the fiscal year 2025.
Anand Roy, MD & CEO of Star Health Insurance, expressed enthusiasm about the company’s latest achievement, stating, “We are excited to mark another milestone in our journey towards qualitative growth. This is a pivotal step in our expansion strategy, extending our reach beyond Indian borders and providing seamless access to our health insurance offerings for Non-Resident Indians (NRIs) and the global Indian diaspora.” He further emphasized the company’s commitment to leveraging its extensive network of healthcare partners to ensure exceptional service delivery to policyholders.
GIFT City represents a critical component of India’s growth narrative, reflecting the country’s aspirations in the international financial services sector. Star Health Insurance’s establishment of an IFSC International Office in GIFT City not only underscores its ambition to extend its market reach globally but also signifies its contribution to India’s expanding influence in the global financial landscape.
The establishment of Star Health Insurance’s International Office in GIFT City marks a transformative moment for the company and the broader insurance industry. This strategic expansion allows Star Health Insurance to cater to the health insurance needs of the global Indian community in US dollars, a significant convenience for NRIs and international Indians. Moreover, by tapping into GIFT City’s dynamic financial ecosystem, Star Health Insurance positions itself as a key player in the international market, promising enhanced service delivery and innovative insurance solutions. This move not only reflects Star Health Insurance’s growth ambitions but also contributes to the prominence of GIFT City as a global financial hub.