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We are Star Health & Allied Insurance Co. Ltd., India’s leading private Health Insurance company. Headquartered in Chennai, we began our operations in 2006 as India's first standalone Health Insurance provider. Today, with over 14,000 Network Hospitals , 850+ branch offices spread across the country, over 6.40 lakh agents and over Rs. 30,300 crore in paid claims, we are truly the health insurers to the nation.
With over 15,000 employees, we offer innovative services and products in health, personal accident and overseas & domestic travel insurance aligned with the needs of the Indian Market. With meticulously crafted insurance policies, we continue to address the unique health needs of people. Having covered more than 17 crore lives since inception, we are scaling up our services to ensure that more lives are covered under Health Insurance.
Being the Health Insurance Specialist, we ensure that timely assistance is provided during health emergencies. Our dedicated in-house claim settlement team has an excellent track record of settling more than Rs. Four crores as claim amount every hour.
We offer products for every market sector, from individuals to families and corporates. As a new age company, we operate directly through various channels, including digital, aggregators, brokers, etc., to cater to the needs of all sections of society. We are also a leader in the field of bancassurance and have long-standing partnerships with several banks.
Along with offering a broad selection of specialist products and Health Insurance, we also offer free Telehealth consultations with our expert team of in-house doctors, along with a free second medical opinion if necessary. We have completed over 8 lakh consultations which focus on primary care, specialist’s referral, secondary opinions and decision support.
Our most significant element is our customer service and the experience we provide. We have a 24x7 multilingual call centre, which is dedicated to claims assistance. Additionally, customers can benefit from hassle-free internal claim resolution without any TPA (third party administrator).
In this digitally driven world, we have adapted to the current trends by digitally transforming ourselves with innovative technologies to guarantee the quality of service, ease of access and seamless user experience for all our customers.
Star Health Insurance
- Region: Asia and EM
- Sector: Financials
- Stage: Small/mid buyout
- Type: Co-investment
Private Equity Manager (GP)
About the company
Star Health Insurance (“Star”) provides affordable medical insurance, accident insurance and travel insurance plans in India. Star is the largest private sector standalone health insurer in India, the largest in retail health insurance and the fifth largest health insurer overall. It operates with a network of c.11,000 hospitals across India. The company was a pioneer of in-house claims processing in India and employs a large team of in-house doctors to provide a seamless claims processing experience to its customers.
- Health insurance is an underpenetrated and high-growth segment in India.
- Star has a c.55% market share amongst standalone health insurers in India and is a leader in the retail segment where it is harder to build scale compared with the corporate and government segments of the market.
- Star is one of the few general insurance players in this emerging industry in India and has been profitable since 2016.
Investment ESG credentials
- Star introduced a Coronavirus policy to cover Indian residents who test positive for COVID-19, offering a quick solution for people who have no health insurance cover but need protection against COVID-19.
- A dedicated employee COVID-19 helpline was set up offering COVID-19 advice to employees and for cases of hospitalisation or death from COVID-19.
- The company provided financial assistance for hospitalisation costs, funeral expenses, priority release of terminal benefits and hospital support.
- The company had a Corporate Social Responsibility budget of approximately $750k in FY 2021, which was spent on several activities such as maintaining public toilets, food distribution, a dialysis centre and support for sufferers of non-communicable diseases.
Active management and value creation
- Madison India Capital (“Madison”) was an existing investor in Star, and was part of the consortium to complete the buyout under the new lead shareholders.
- Madison worked with the management team and other shareholders to help Star navigate the COVID-19 crisis in India.
- Madison developed an ESG management system that integrates consideration of ESG risks into their investment processes. According to Madison’s annual ESG report, Star Health is one of the best-performing companies in their portfolio from an ESG perspective.
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By clicking on the “Agree” button below, you confirm, represent and warrant to the Company and to the Investment Manager that you are a professional investor located in Denmark, Finland, Germany, The Netherlands, Spain or Sweden and you agree that you will not forward, distribute or send any materials contained in this website to any person outside the United Kingdom, Denmark, Finland, Germany, The Netherlands, Spain or Sweden or to any person in Denmark, Finland, Germany, The Netherlands, Spain or Sweden who is not a professional investor. For this purpose, a “professional investor” is an investor who is a professional client or who may, on request, be treated as a professional client, within the meaning of Section I of Annex II to the EU Markets in Financial Instruments Directive (Directive 2014/65/EU).
I have read and understood the terms set out above and in the Company’s legal and risk notice, which I understand may affect my rights and I agree to be bound by those terms. By clicking on the “Agree” button below, I confirm that I am permitted to access the website.
The information contained on this website is communicated by Pantheon Ventures (UK) LLP, a limited liability partnership incorporated in England and Wales, authorised and regulated by the Financial Conduct Authority in the United Kingdom under laws that differ from Australian laws. The Company does not hold an Australian financial services license that authorises it to provide advice in relation to the acquisition of securities in the Company. Pantheon Ventures (UK) LLP is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (“Corporations Act”) in respect of the provision of financial services to wholesale clients in Australia. Pantheon Ventures (UK) LLP relies on the Corporations (Repeal and Transitional) Instrument 2016/396, which grants transitional continuance relief to foreign financial services providers relying on Australian Securities and Investments Commission Class Order 03/1099 in order to provide financial services to wholesale clients in Australia. This website and the information contained on it is intended only for persons in Australia who are both wholesale clients under section 761G of the Corporations Act 2001 (Cth) and professional investors or sophisticated investors for the purposes of section 708 of the Corporations Act.
Before acting on the information contained on this website, you should consider the appropriateness of the information and obtain specific advice from a professional adviser. No cooling-off regime applies to an acquisition of securities in the Company.
Any information provided in respect of the Company is not a prospectus, product disclosure statement or any other form of disclosure document for the purposes of Chapter 6D or Part 7.9 of the Corporations Act and does not purport to include the information required of a prospectus, product disclosure statement or any other form of disclosure document required under the Corporations Act.
I am both a wholesale client under section 761G of the Corporations Act 2001 (Cth) and a professional investor or sophisticated investor for the purposes of section 708 of the Corporations Act:
By clicking on the “Agree” button below, you confirm, represent and warrant to the Company and to the Investment Manager that you are a person in Australia who is both a wholesale client under section 761G of the Corporations Act 2001 (Cth) and a professional investor or sophisticated investor for the purposes of section 708 of the Corporations Act and you agree that you will not forward, distribute or send any materials contained in this website to any person other than persons who are both wholesale clients and professional investors or sophisticated investors in Australia.
I have read and understood the terms set out above and in the Company’s legal and risk notice, which I understand may affect my rights and I agree to be bound by those terms. By clicking on the “Agree” button below, I confirm that I am permitted to access the website.
By clicking on the “Agree” button below, you confirm, represent and warrant to the Company and to the Investment Manager that you are located in a jurisdiction in which the information on this website can be lawfully communicated to you without any approval being obtained or any other action being taken by the Company or the Investment Manager to permit such communication or the accessing by you of such information and the accessing by you of such information in the jurisdiction in which you are located is lawful and you agree that you will not forward, distribute or send any materials contained in this website to any other person. In addition, you confirm, represent and warrant to the Company and to the Investment Manager that if you are located in any Member State of the EEA, you are a professional investor (i.e. an investor who is a professional client or who may, on request, be treated as a professional client, within the meaning of Section I of Annex II to the EU Markets in Financial Instruments Directive (Directive 2014/65/EU)).
Star Health and Allied Insurance streamlines reporting across business units
Star Health and Allied Insurance Co Ltd. is India's first standalone health insurance company. The company is a joint venture between Oman Insurance Company, leading NRIs and several Indian business houses. Its subsequent investors include ICICI Ventures, Sequoia Capital and Tata Capital. Star Health was using a business intelligence (BI) platform that was extremely vendor-dependent, making the analytics and reporting process slower and costlier. The company chose Tableau because it could provide multiple source connectivity, in-memory technology, and most importantly, the ability to generate reports internally without vendor dependency. Today, roughly 400 employees interact and view Tableau visualizations built on up to 70 million rows of data (800GB).
Reducing vendor dependency
Star Health has a pan-India presence with a network base of about 300 offices and 600 one man offices across the country servicing its 1.5 million customers through 6000+ hospitals, providing cashless hospitalization. “As an insurance company, our entire business hinges on the availability of reliable data. Our pricing and modelling depends on analysis of data, not only from our products but also from external sources in the industry,” said Mr. Sethuraman Kannan, CIO and Vice President of Information Technology Star Health Insurance. Beyond pricing and modelling, the company relies on data analysis to inform everything from provider performance to new product development and regulation compliance. Initially, the company used Microsoft Excel to maintain reports and databases. But working with such large amounts of data—Star Health has more than 1.5 million customers and policies in India—in Excel made it vulnerable and unstable. Managing this data was a challenge.
As an insurance company, our entire business hinges on the availability of reliable data. Our pricing and modelling depends on analysis of data, not only from our products but also from external sources in the industry.
Sethuraman Kannan , Vice President of Information Technology
Star Health decided to invest in a Business Intelligence platform in the year 2010. Despite switching to the new platform, several challenges remained. Since it was a customized tool rather than an off-the-shelf product, the company needed to work with the vendor to generate each report. As a result, the internal team was not in a position to produce ad-hoc reports in a timely or cost-efficient manner. The Claims department needs to analyze factors such as the incurred claims ratio against the premium procured and performance of network hospitals with respect to turnaround times, costs, etc. The Product Development team needs to conceptualize and design new products. When a new insurance product is developed, data on existing products is analyzed vis-à-vis external information. This helps the actuarial team model new prototypes based on market requirements. Before launching the product, the company needs to submit detailed reports with the Indian Government’s Insurance Regulatory and Development Authority (IRDA), which can be done using Tableau. For instance, if the company were to float an insurance product for diabetes, it would need to analyze a variety of data to arrive at the optimum pricing model. In addition to internal data, Star Health might look at the incidence of diabetes in the country, age groups, or geographies that are most affected, or causes of the disease, for example. Even from a regulatory standpoint, insurance companies need to submit several reports on internal data to authorities. With the earlier tool, it was tough for the company to accurately estimate timelines for the generation of each report and anticipate the impact on other reports in the pipeline. Dependency on the vendor slowed down processes and drove up costs. Star Health was looking for an alternate tool with multiple source connectivity, in-memory technology and more importantly, the ability to generate reports internally without vendor dependency. Star Health identified Tableau as the tool that would meet its requirements, based on Tableau's performance on the Gartner Magic Quadrant. They selected Bodhtree Consultancy Ltd., as an implementation partner.
Tableau has minimized report generation time to one tenth of the original. And the best part is that users can generate reports on their own, without having to rely on the vendor, which significantly cuts costs.
Better business insights across departments
The implementation was carried out by a joint team of eight from Bodhtree Consulting and Star Health. Implementation took 4 months, from the selection of the tool to going live. This was possible on account of the fact that Star Health could lean on experience gained from implementing the earlier solution, as well as the cooperation from Bodh Tree consulting. Today, a five member team at Star Health takes care of all data requirements and builds data visualizations in Tableau Desktop. These analysts access up to 800GB of data stored in Oracle and Microsoft Excel platforms for their analysis. They publish visualizations in Tableau Server, where 300 to 400 employees across departments log in to view and interact with the data. The company uses local authorization to secure data access. Tableau use is expanding quickly at Star Health; the company has rolled out Tableau to all its branches and plans to make it available to its sales force in the future. Mr. S. Kannan said, “Statistics are very important when it comes to the insurance industry. For example, our reports need to justify pricing and authenticity to the IRDA for us to launch new products. Tableau helps us to seamlessly generate all the reports that we need.”
Tableau has been worth the investment. Combined with our expertise, it is a huge success at Star Health. All the users are quite happy.
Lower cost and faster insights
Tableau’s user-friendly interface and analysis speed has had a significant impact on all teams that are using the software. Reports are generated quickly, so the time lag between report request and generation is reduced considerably. Since the tool is user friendly, it is possible to filter and choose the exact report required. “Tableau has minimized report generation time to one tenth of the original. And the best part is that users can generate reports on their own, without having to rely on the vendor, which significantly cuts cost,” said Mr. S. Kannan. He added, “Tableau has been worth the investment. Combined with our expertise, it is a huge success at Star Health. All the users are quite happy.” Star Health is growing steadily. The adoption of Tableau Server has suited the organization because customer data can be regularly updated. The ability to maintain the software in-house, instead of relying on the vendor, has been a big plus for Star Health. Above all, the company feels self-sufficient with the ease of use and customization that Tableau has to offer.
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Star Health & Allied Insurance Research Report
“On the growth side, the company has been beating the industry as far as our retail growth is concerned. We believe that we will continue to grow faster than the industry’s growth on the retail side. And as I have already disclosed our April performance, seems to be very promising and we expect to maintain the momentum though we are not giving any particular guidance, but we will grow faster than the industry’s growth. As far as the combined is concerned, definitely as you mentioned along with the price hike and all the efficiencies that we are building and through technology and other initiatives that we are taking, the combined operating ratio will definitely be lesser than what we have achieved last financial year, and we hope to achieve that through all the initiatives that we are driving.” – Mr. Anand Roy, Managing Director in Q4FY23 Concall
*As of 06.06.2023
The business model of Star Health and Allied Insurance Company Ltd. revolves around providing health and allied insurance products and services to individuals, families, and groups. The company operates on a B2C (Business-to-Consumer) model, directly offering insurance policies to customers.
Key components of Star Health and Allied Insurance Company Ltd.’s business model include:
- Product Portfolio: Star Health offers a wide range of insurance products catering to different customer segments. Their primary focus is on health insurance, including individual health insurance, family health insurance, senior citizen health insurance, disease-specific insurance (such as diabetes, cancer, and heart insurance), and group health insurance. Additionally, they provide other insurance products like personal accident insurance, travel insurance, and critical illness insurance.
- Customer Acquisition: The company acquires customers through various channels, including a direct sales team, agents, brokers, bancassurance tie-ups, online platforms, and strategic partnerships. They employ a multi-channel approach to reach a broader customer base.
- Claims Management: In the event of a covered medical event or claim, Star Health provides a streamlined claims management process. They aim to expedite claim settlements and provide a hassle-free experience for customers. Efficient claims processing is crucial for customer satisfaction and retention.
- Network of Service Providers: Star Health has tie-ups with a network of hospitals, clinics, and medical service providers to ensure easy access to healthcare facilities for their policyholders. These tie-ups allow cashless hospitalization and direct settlement of medical bills, enhancing the convenience and value for customers.
- Specialization in Health Insurance: Star Health has established itself as a specialized health insurance provider, focusing solely on health and allied insurance products. This specialization allows the company to have in-depth expertise in the field and tailor its offerings to meet the evolving healthcare needs of individuals, families, and groups.
- Customer-Centric Approach: The company places a strong emphasis on customer satisfaction and strives to provide exceptional service throughout the policy lifecycle. They invest in customer relationship management systems, digital platforms, and customer support infrastructure to enhance the overall customer experience. Prompt and efficient claims settlement and dedicated customer support contribute to their strong reputation.
- Technological Innovation: Star Health embraces technology to streamline its operations, enhance efficiency, and improve customer engagement. They leverage digital platforms, mobile applications, and AI-based tools to enable online policy issuance, renewal, claims tracking, and customer support. The integration of technology enables faster and more convenient processes, benefiting both the company and its customers.
- Strong Financial Position: The company has demonstrated a strong financial performance, with consistent revenue growth and profitability. A robust financial position allows Star Health to invest in product development, customer service enhancements, and technological advancements, ensuring long-term sustainability and resilience.
- Brand Reputation: Star Health has established a strong brand reputation in the health insurance sector in India. The company’s focus on customer-centricity, efficient claims management, and quality service has earned it recognition and trust from customers. A positive brand image helps attract new customers and retain existing ones.
- Intense Market Competition: The health insurance industry in India is highly competitive, with numerous players vying for market share. Star Health faces competition from both established insurance companies and emerging players. To sustain its growth and market position, the company must continuously differentiate itself, innovate its product offerings, and effectively communicate its value proposition to potential customers.
- Rising Healthcare Costs: The cost of healthcare services and medical treatments has been steadily increasing. As a result, insurance companies face the challenge of managing the rising cost of claims. Star Health must closely monitor and manage the balance between affordable premiums for customers and sustainable claim ratios to ensure long-term profitability.
- Regulatory Changes: The insurance industry operates within a regulatory framework, subject to changes in regulations and guidelines by the Insurance Regulatory and Development Authority of India (IRDAI). Compliance with evolving regulatory requirements can pose challenges for insurance companies, necessitating constant monitoring, adaptability, and investment in resources to ensure compliance.
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Star health & allied insurance company ltd q1fy24; 35% rise in profits, star health and allied insurance co ltd (starhealth) q4 fy23 earnings concall transcript, star health and insurance ltd q4fy23 results out, profit soars by 224%, star health & allied insurance limited q3fy23, star health and allied insurance co ltd (starhealth) q3 fy23 earnings concall transcript.
Star Health and Allied Insurance company profile
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Company profile of star health and allied insurance, what sectors and market segments does star health and allied insurance operate in, the primary business model of star health and allied insurance is :, which legal entities is star health and allied insurance associated with.
- 5+ Funding Rounds
- 35+ Investors
- 30+ People Details
- 20+ Competitors
- 5+ Financials & Cap Tables
- 3 Related Reports
Funding and Investors of Star Health and Allied Insurance
How much funding has star health and allied insurance raised till date.
- Star Health and Allied Insurance has raised a total funding of $804M over 10 round s .
- It's first funding round was on Mar 31, 2010 .
- It's latest funding round was a Series F round on Jun 03, 2021 for $164M.
- 2 investors participated in it's latest round, lead by GIC .
Who are the investors in Star Health and Allied Insurance ?
- Star Health and Allied Insurance has 27 institutional investor s including Apis Partners , ICICI Venture and Tata Capital Growth Fund .
- Prakash Sankaran and 9 other s are Angel Investors in Star Health and Allied Insurance .
Founders and Board of Directors of Star Health and Allied Insurance
Who are the ceo, founders and directors of star health and allied insurance .
- Venkatasamy Jagannathan , Founder , is a founder of 1 company and on the board of 1 company . 1 email .
- Anand Shankar , Managing Director , is on the board of 1 company and the founder of 1 company . 1 phone number .
- Anisha Motwani , Director , is on the board of 4 companies and an Angel investor in 3 companies .
- Berjis Desai , Director , is on the board of 1 company .
How many employees does Star Health and Allied Insurance have?
Competitors of star health and allied insurance, competitive landscape of star health and allied insurance.
- Star Health and Allied Insurance has a total of 24 competitors and it ranks 1st among them.
- 2 of its competitors are funded while 5 have exited.
- Overall, Star Health and Allied Insurance and its competitors have raised over $979M in funding across 17 funding rounds involving 163 investors.
- There is 1 public and 4 acquired companies in the entire competition set.
Who are the top competitors of Star Health and Allied Insurance ?
- Magma HDI General Insurance - Mumbai based, 2012 founded, Series C company
- Religare Health Insurance - Gurgaon based, 2012 founded, Acquired company
- Apollo Munich Health Insurance - Gurgaon based, 2006 founded, Acquired company
Star Health and Allied Insurance Recent News
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- Leaders Speak
- Star Health Insurance clocks over 40% growth on back of strong distribution
Standalone health insurer, Star Health and Allied Insurance is growing at a rapid pace led by the Covid-19 pandemic and on the back of strong distribution channel of insurance agents and digital channels spread across the country. Anand Roy, Managing Director at Star Health and Allied Insurance shares the growth journey and how he views the industry growth and his strategy for the coming quarters
- Amol Dethe ,
- Updated On Dec 3, 2020 at 10:04 AM IST
Star Health and Allied Insurance, the largest standalone health insurance by market share has outpaced the industry growth with the onset of Covid-19 pandemic and a large agency led distribution channel. Anand Roy , Managing Director at Star Health Insurance in an interaction with ETBFSI shared his perspectives on how they achieved a 40% YoY growth mark, how do the numbers on claims stack up and what are their future plans. Edited Excerpts: Growth with Pandemic In the current scenario, Star Health Insurance has emerged as the leader in the standalone health insurance segment. Over the last six months (April to October) they’ve captured more than 52% market share in terms of retail health and are at second position after New India Assurance. “That’s the kind of market leadership and domination we’re going through and growing at 45% YOY as on date as GI industry growth has been pretty much flat, in the health segment it’s around 14%. But largely coming from two things, we’ve extensive agency distribution across the country and more than 1000 branch offices,” said Anand Roy, Managing Director at Star Health Insurance. Advt The demand for health insurance during the lockdown and pandemic was evident and that led to a rapid growth. Roy adds, “That demand was very crucial and we were able to leverage the large distribution in place and meet the demand requirement where agents played a major role by adopting digital modes to converse with customers and advise on policies digitally across agency network.” On the number of policies sold, Star Health saw a growth of more than 50%. In April-October 2019 a total of 25 lakh policies were sold as compared to 38 lakh policies sold between April-October 2020. Roy added, “On an overall basis, last year (FY20) we sold 55 lakh policies and this year (FY21) with a growth of 50% we’re hoping to sell 75 to 80 lakh policies this year and that’s the objective.” Health has outpaced other segments and he sees a stagnant growth for the GI industry for another one year, but the health segment at industry level will continue to grow over 20% in coming years. Growth in Covid-19 specific policies Insurance regulator, IRDAI had issued guidelines to all insurers to roll out Covid-19 specific policies like Corona Rakshak and Corona Kavach . Both the policies saw a rapid upsurge during the peak of the pandemic in the month of July & August. Roy said, “We were the first to aggressively market both the products and we are the largest sellers of this product, combining more than 5 lakh policies, though there’s no published data but our market estimates show that.” Advt The Covid-19 specific policies constitute to around 5% of total policies Star Health Insurance sold. He noted, “We sold mostly the regular policy where people would get a comprehensive cover apart from corona they’d be covered for everything else also. Even the Aarogya Sanjeevani policy worked out well for us and all of this combined helped us to get a better market share.” Number of Claims Initially most of the insurers didn’t see much claims as in the beginning patients diagnosed with Covid-19 were going to Covid-19 hospitals but as private sector hospitals opened up insurers saw a surge in the claims but have tapered off in the last month as cases have been declining. Roy added, “As the number of cases saw a decline and we saw a similar trend in the other claims. Covid-19 specific claims are around 40,000 and of which 80% have been settled and overall between April – September we’ve settled around 2.5 lakh claims. The numbers are almost the same as compared to last year.” He believes that the outgo is substantially higher as the Covid-19 claims are at least 3-4 times larger in ticket size as compared to regular claims. As the outgo paid on these total 2.5 lakh claims is almost 40% higher than what they paid last year. Strategy Ahead Roy explained that whenever an epidemic has broken out in any part of the world in the past the health insurance business has grown for the next 3-4 years very rapidly. He added, “I believe that will be a trend in India and I am seeing the early signs. This particular awareness created by the pandemic will be a great fillip to the health insurance industry towards the penetration.” At Star Health Insurance their strategy is to continue to grow in the affordable segment and have a growth in other segments as well for different groups. He explained: “Senior Citizen plans and in the current scenario it’s working really well for us. Our strategy is also to move to the semi-urban and rural markets and that segment is left untouched. Nobody caters to those markets and they’ve to depend on government schemes or manage on their own.” “We are focusing on right pricing for the semi-urban and rural market and expanding our reach as well and created a team for it.” Rural is going to be a digital first model for them unlike what they’re doing right now though there’s been significant digital adoption on the urban side as well. He stated, “But in rural areas we want to make a digital first model with virtual offices in a tablet device and our agents can work from remote locations and don’t have to visit branch offices and can carry on to do business in their region.” The insurer has evolved its products in some specific segments like for people who are already diagnosed with cancer who can get insurance, similarly for people with cardiac ailments, no other insurers provide the products/plans to people with these existing illnesses. “Senior Citizen that is a neglected segment and even a 75 year old citizen can buy a health insurance plan without any increase in premium. We want outliers to come into the fold of health insurance, not only the healthy segment which everybody is running after,” he mentioned.
- By Amol Dethe ,
- Published On Dec 3, 2020 at 10:03 AM IST
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Star Health: An interesting opportunity for long-term investors
Industry leading growth and healthy financials in a sector with vast opportunity are positives.
The health segment is growing at mid-teens CAGR
Star Health and Allied Insurance files DRHP for IPO of fresh shares-cum-OFS
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First Published: Nov 25 2021 | 02:54 AM IST
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