Sale deal in final stage of completion: Star Health

 CHENNAI, Mar 19: Private sector insurer StarHealth and Allied Insurance Company Ltd was in the final stageof completion of sale process and the transition was likely tohappen in first quarter of the next financial year, a topofficial said."A consortium has won the sale process and inApril-May-June we look forward to transition happening,"company Chief Operating Officer, Dr S Prakash said here.A consortium of WestBridge AIF, investor RakeshJhunjhunwala and Madison Capital signed definitive agreementswith the shareholders of Star Health to purchase the shares ofthe insurer last year.In October 2018, the Competition Commission of India(CCI) approved 100 per cent acquisition of Star Health andAllied Insurance Company Ltd by Safecrop Holdings Pvt Ltd andothers.In a brief interaction with PTI, here, recently,Prakash said, with the newer consortium coming on board thecompany was expecting to move from "good" to "great" in termsof business."We are number one in retail market with 24 per centof the share in retail health insurance sector. With focus ontechnology and positive drives that are happening in theorganisation, we are confident at this phase we are movingfrom good to great," he said.Noting that the company has been aggressively growingover the last few years, he said, "we are adequately solventand our focus can be more into one hundred per cent of thebusiness and the branches that we (have) established.""We have laid our foundation strong. So, now it isduty to build further," he said.Asked about company financials, he said, "the companywas looking at posting Rs 5,450 crore (as Gross WrittenPremium in 2018-19) and next (financial) year the aim is toreach around Rs 7,000 crore (GWP)."To a query on future plans, he said, the companyintends to focus more on customer service."From the level of networking with a hospital, thetype of services that we can gain from a hospital, thetechnology platform that we putforth....these are all going tobe focus areas in the years to come," the Star Health COOsaid.On whether the company would strengthen presence inrural areas, he said, "we have penetrated into all areas.Although tier-II and III cities is our focus. These are theareas where insurance is not well penetrated. So, we will haveto grow."The company was in the process on how can they servetier II and III cities, he added.Star Health set up in 2006 provides health insurance,overseas mediclaim and personal accident policies. The companyhas a network of 461 branches, over 2.4 lakh agents and tie-upwith 8,500 network hospitals. (PTI)