Vakrangee jumps after joining hands with Star Health Insurance

Vakrangee rallied 5.59% to Rs 22.11 after the company informed strategic corporate agency tie-up with Star Health & Allied Insurance Co. (Star Health Insurance), to offer health insurance products across its network.

Star Health and Allied Insurance Company shed 0.47% to Rs 605.65 on the BSE.

Through this collaboration, Vakrangee will offer a wide range of health insurance products from Star Health to its customers, ensuring enhanced penetration of health insurance services in remote and underserved regions of the country.

Star Healths insurance products will now be available across Vakrangees more than 21,900 Kendras, covering urban, semi-urban, and rural areas. By leveraging Vakrangees strong presence in remote and rural areas, this partnership will significantly drive health insurance adoption, providing financial protection and healthcare access to the underserved sections of society. Customers will be able to choose from a broad range of health insurance policies, including family floater plans, individual health policies, and critical illness coverage.

Vedant Nandwana, managing director of Vakrangee, said, We are delighted to partner with Star Health & Allied Insurance to offer their comprehensive health insurance products. This alliance further solidifies our commitment to providing healthcare services to all citizens, especially those in unserved and underserved markets.

The partnership aligns with our vision of bridging the urban-rural divide and contributing to financial and social inclusion across India. Through this collaboration, both companies aim to address the healthcare needs of millions of Indians while contributing to the countrys insurance penetration and providing financial security against medical uncertainties.

Meanwhile, the companys board will meet on 24 September 2024 to consider the proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities.

Vakrangee has become India's leading last mile distribution platform, offering a comprehensive physical and digital ecosystem across the country. Their services include real-time banking, financial services, ATM facilities, insurance, e-governance, e-commerce (including healthcare services), and logistics. With a focus on rural, semi-urban, and urban markets, Vakrangee is driving financial, social, and digital inclusion for the Indian population.

Star Health and Allied Insurance Company has business interests in health, personal accident and overseas travel insurance and provides health insurance products to individuals, families and corporates, directly and through various channels agents, brokers, online and digital channels. It is also a prominent bancassurance player with long standing relationship with various banks.

Powered by Capital Market - Live News