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News on Medial
Navigating the Future of Family Health Insurance: A 2024 Guide
VCCircle
·
1y ago
Medial
The future of family health insurance is expected to undergo significant changes by 2024. Rising costs, increased prevalence of critical illnesses, and an aging population are driving the need for adequate health coverage. Key developments include inflation indexing, coverage for preventive care, enhancements for seniors, revised regulatory frameworks, and coverage for pre-existing conditions. Additionally, there is a growing demand for tailored plans for nuclear families, senior care plans, and women-centric plans. Distribution and engagement are also evolving, with the use of platforms like WhatsApp and online aggregators. Technology-enabled innovations, such as telemedicine consultations and return on premium plans, are expected to enhance policy management. Despite these advancements, selecting the right coverage based on individual needs and responsibilities remains crucial.
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Medi Assist buys Fairfax’s Paramount Health Services at ₹312 crore enterprise value | Mint
Livemint
·
11m ago
Medial
Indian healthcare firm Medi Assist has acquired Mumbai-based company Paramount Health Services and Insurance TPA for INR 311.8 crore ($41.8m). The deal will increase Medi Assist TPA's share of the group segment to 36.6% and its share of the health insurance sector to 23.6%. Paramount Health Services and Insurance TPA, owned by insurance company Fairfax Asia and entrepreneur Nayan Shah's family, collaborates with 30 insurers and has more than 3,000 group customers and retail policyholders. Medi Assist aims to position the combined business as a strategic partner to insurers through its AI and machine learning tools.
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IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders
Money Control
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has approved the registration of Galaxy Health and Allied Insurance as a standalone health insurer. Galaxy Health will be the seventh company of its kind in India. The IRDAI also approved a set of new and revised regulations, including changes to product regulations, policyholder protection, and the establishment of Bima Sugam, an electronic insurance marketplace. Detailed circulars with the specific changes will be released by the IRDAI in the future.
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Burmans seek Saluja’s removal from Care Health board
Livemint
·
10m ago
Medial
The Burman family, the largest shareholder in Religare Enterprises Ltd, has requested the removal of Rashmi Saluja, chairperson of subsidiary Care Health Insurance Ltd, from the board. The family cited a recent investigation by the Enforcement Directorate against Saluja as the basis for their request. The Burmans argue that Saluja's involvement in the investigation makes her unfit for the position of director. The Care Health Insurance annual shareholders' meeting is scheduled for Monday, where Saluja's reappointment as a director will be discussed. Despite owning more than 25% stake in Religare, the Burmans are not represented on the board.
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LIC targets acquisition route to venture into health insurance market: Report
Money Control
·
1y ago
Medial
In an effort to increase insurance penetration, a parliamentary panel in India has proposed amendments to the Insurance Act to introduce composite licensing. The Life Insurance Corporation of India (LIC) is reportedly looking to acquire one of the country's five private health insurers as part of their strategy to enter the health insurance market. LIC Chairman Siddhartha Mohanty has expressed their interest in exploring inorganic growth opportunities and stated that LIC is ready to enter the health insurance space. The LIC management is confident in achieving double-digit growth in Annual Premium Equivalent by 2024-2025 through product diversification and channel expansion.
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Care Health throws a challenge to insurance regulator on Saluja’s hefty Esops
Livemint
·
1y ago
Medial
Indian insurance company Care Health Insurance Ltd is arguing against the country's insurance regulator's powers over stock options granted to anyone in the sector. The controversy over the company's award of hefty stock options to its chairperson Rashmi Saluja has raised concerns and may further delay the Burman family's bid to take over the company's parent entity, Religare Enterprises Ltd. The Burman family, which owns over 25% of Religare, alleges that Saluja has drawn excessive remuneration by granting herself stock options from both Care Health and Religare.
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Acko finalising $120 million secondary share sale; Enam, Mithun Sacheti, Madhu Kela likely to come on board
Economic Times
·
9m ago
Medial
Bangalore-based insurtech startup Acko General Insurance is closing a $100-120 million secondary deal in which early backers, including Catamaran Ventures and Ashish Dhawan, will sell their stakes. The incoming investors include Enam group's family office, CaratLane founder Mithun Sacheti, Arpwood Capital, and MK Ventures. The secondary sale is being executed at a discount of around 5-10%. Acko, valued at $1.4 billion, aims to achieve profitability by fiscal year 2027. The company offers vehicle insurance, travel insurance, and health cover, and recently obtained a license for operating a life insurance business.
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Insurtech startup Kenko Health stares at shutdown: What went wrong?
Economic Times
·
1y ago
Medial
Insurtech startup Kenko Health is struggling to continue operations due to a shareholder battle. The company, backed by Peak XV Partners and Orios Venture Partners, had applied for a health insurance license but is facing difficulties in raising capital. Talks to secure funding from the Hero Group had previously taken place. However, the future of Kenko Health remains uncertain as it becomes increasingly challenging to sustain operations.
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Family Offices: The New Pillars Of The Indian Startup Ecosystem
Inc42
·
1y ago
Medial
Family offices in India are emerging as strong supporters of startups, providing not only capital but also valuable experience, insights, and networks. They bring decades of business wisdom, guide startups through unfamiliar territories, and offer strategies that have withstood multiple business cycles. Family offices also provide extensive networks, ensuring startups reach the right stakeholders effectively. Furthermore, they offer consistent and comprehensive engagement, acting as long-term partners who provide tailored advice and guidance for sustained growth. This collaborative partnership between family offices and startups represents a promising future for India's entrepreneurial ecosystem.
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Kedaara Capital votes against Saluja’s reappointment as resolution passes with majority | Mint
Livemint
·
10m ago
Medial
- Kedaara Capital voted against the reappointment of Rashmi Saluja as a director on the board of Care Health Insurance. - Kedaara Capital cited "commercial reasons" for their decision. - Religare Enterprises, the majority stakeholder in Care Health Insurance, voted in favor of Saluja's appointment. - The Burman family sent a letter to the Care board calling for the removal of Saluja as a director due to ongoing investigations by the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi). - The investigations led to an FIR against Saluja for alleged cheating and criminal conspiracy. - Additional independent director on Care Health's board, Pratap Venugopal, stated that an investigation by ED or Sebi does not automatically disqualify a director from being reappointed. - Care Health Insurance maintains that there is no legal cause to remove Saluja based on the investigations against her. - The parent company, Religare, had previously moved to postpone its own AGM to December, causing dissatisfaction among shareholders. - Care Health Insurance is expected to go public and is valued at least ₹10,000 crore. - The company's board and the insurance regulator are in disagreement over granting Esops to Saluja, which has resulted in fines and an ongoing case in the Securities Appellate Tribunal (SAT).
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LIC plans to buy a private health insurance company
Livemint
·
1y ago
Medial
Life Insurance Corp. of India (LIC) is planning to acquire a private standalone health insurance company in order to establish a presence in India's growing health insurance market. LIC, which currently holds over 61.5% market share in life insurance, aims to secure a composite license from the Insurance Regulatory and Development Authority of India (Irdai) to sell both life and non-life policies. The acquisition will allow LIC to leverage its extensive network and agency force to sell health insurance products. The move aligns with Irdai's vision of "Insurance for All by 2047".
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