The health insurance arm of Reliance Capital
(RCap), which has got first level approval from the insurance regulator, Insurance Regulatory and Development Authority of India (Irdai), is all set to be operational beginning early next year.
“To create retail focus, we are setting up a standalone health insurance company. We have already received Round One approval from Irdai.
We expect to become operational beginning early next year,” said Jai Anmol Ambani, executive director, Reliance Capital.
At present, health insurance products are being sold by non-life insurer Reliance General Insurance. The move to have a standalone health insurance company is to increase retail presence in the already cluttered Mediclaim segment.
The move is aimed at creating a retail-focused entity in this space, Ambani added.
He also said RCap is actively exploring new-age technologies like blockchain and artificial intelligence in various business lines, including insurance. The company has already deployed IoT (Internet of Things) solutions across a few cases and is seeing great results.
There are already six standalone health insurers operating in the general insurance industry – Apollo Munich, Max Bupa, Religare, Cigna TTK, Star Health and Aditya Birla Health Insurance.
The standalone health insurers have witnessed a growth of 42.52% in the gross direct premium underwritten in the period between April-August this fiscal year. They have underwritten Rs 2,553.22 crore worth of premia, opposed to RS 1,791.50 crore in the same period last year.
On Reliance Home Finance, which was listed last week, he said the focus going forward will be on affordable housing. Moreover, the public issue of Reliance General Insurance is on course, having received the Irdai
approval for the same and the listing will take place in the current financial year itself, he added.