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Galaxy Health Insurance targets Pan-India expansion with innovative products

Galaxy Health Insurance targets Pan-India expansion with innovative products


Galaxy Health Insurance, health insurance company, aims to launch at least one product every month said G Srinivasan, managing director (MD) and chief executive officer (CEO) of the company.

“Every month, we will come out with a product as we reach out different segments of customers,” he said.

Initially operating in four southern States with 57 offices and 5,000 agents, the company plans to expand nationally within two to three years.

“We will be a pan-India company probably in the next two to three years. Our aim is to make sure that every family has adequate health insurance,” he added.

The company , backed by TVS Group and the family of V Jagannathan with a capital of nearly Rs 300 crore, launched a product—Galaxy Promise—with sum insured options ranging from ₹3 lakh to ₹1 crore across three variants: Signature, Elite, and Premier, with enhanced optional covers.

Galaxy Health Insurance plans to open 27 offices across Karnataka in the next year with Bengaluru being the first one.

Srinivasan said that several pain points in the current health insurance system, including the need for comprehensive, relevant, and affordable products along with efficient customer service.

“The biggest grievance of customers in health insurance is the difficulty people face in the claims process, and they often don’t receive the full claim amount. No health insurance claim is paid 100 per cent; there are always some deductions, which leave customers dissatisfied. Our philosophy is to address this issue, particularly the service aspect. We aim to resolve this. We will use technology to enhance efficiency, improve customer connections, and elevate the level of service provided,” he noted.

Agency channels

The company will prioritise agency channels, and also look at other channels such as broking, web aggregators, and others.

The insurer is also targeting younger demographics with unique features. “To encourage younger customers, we have introduced a feature where their premium remains the same until age 25 if no claims are made,” he noted.

Galaxy is leveraging technology to enhance its offerings and customer experience. “We will integrate technology with human interactions, offering digital distribution of policies and options for customers to design their own coverage,” he said.

In its first two months of operations, Galaxy covered 5,000 lives and generated a premium of ₹5 crores, including ₹1 crore from Karnataka. “We are working with 2,500 hospitals for cashless benefits and are in discussions with NBFCs and banks to distribute our products,” he added.





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