Religare Health Insurance Company Ltd. announced that they have received the R2 license from the insurance regulator IRDA. The R2 license is one step before the final approval after which the company will roll out operations and distribution network.
Religare Enterprises Limited (REL) which is a leading financial services group announced its foray into the health insurance industry by setting up Religare Health. The company has already established a strong foothold in the life insurance industry with Aegon Religare Life Insurance Company Limited.
Religare Health Insurance Company is a joint venture between Religare Enterprises, Union Bank of India and Corporation Bank. The responsibility of setting up the business is being handled by Anuj Gulati. Anuj who is the CEO of Religare Health Insurance Company Ltd has worked in ICICI Lombard General Insurance prior to this assignment.
The non-life insurance industry already has three players who are exclusive health insurance companies, namely, Apollo Munich, Star Health and Max Bupa. The health insurance market is growing at a very fast pace and there is a huge untapped market. Identifying this potential in the health insurance sector, Religare has entered this line of business.