Reliance Health Insurance, a subsidiary of Reliance Capital, has received the necessary approvals from Insurance Regulatory and Development Authority of India (IRDAI), and will commence operations by December 2018.
Reliance Health will leverage Reliance General Insurance's existing expertise in health insurance and distribution network to have a pan-India presence on the very first day of operations. The company will be a pure-play retail health insurance business.
Request for comments were sent to the spokesperson of Reliance Capital. Their replies will be included in this story as and when received.
Ravi Viswanath is the designated chief executive officer at Reliance Health Insurance. Viswanath, an insurance industry executive with global expertise of over 20 years, earlier served as the chief distribution officer and deputy chief executive officer at Tata AIA Life Insurance.
He also served at Apollo Munich Health as the chief marketing officer.
Anmol Ambani, Executive Director, Reliance Capital, says, "The scope of health insurance in India is massive and, given the current low penetration, is expected to grow manifold over the next few years. Setting up a standalone health insurance company with an extremely experienced and capable leadership will allow us to put the right kind of focus this segment requires. We are making significant investments in our technology and digital platforms which will provide a magical experience for our customers.”
Nearly 3500 hospitals as of date have been on-boarded and will be a part of the entire healthcare network. The company aims to extend its services to 5000 hospitals across the top 100 cities by March 2019.