Standalone well being insurer Galaxy opens regional workplace in Hyderabad

Standalone well being insurer Galaxy Well being Insurance coverage has opened a regional workplace in Hyderabad as a part of plans to strengthen presence in south India.

The workplace will function the regional hub for Telangana and complement the zonal workplace in Vijayawada, Andhra Pradesh, which was inaugurated in February.

Telangana and Andhra Pradesh, with their evolving healthcare wants and rising inhabitants, is central to the corporate’s south India technique, MD and CEO G.Srinivasan stated. Galaxy Well being Insurance coverage is India’s youngest standalone well being insurer and obtained its license from the regulator Insurance coverage Regulatory and Growth Authority of India (IRDAI) in March 2024.

The corporate that launched its first product in October, ended the final fiscal with seven merchandise and round 60 places of work, plans to introduce 10 extra merchandise and take the variety of places of work to 100 in 2025-26. The plan is to develop the footprint in Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana and foray into states and areas with comparatively low medical health insurance penetration equivalent to West Bengal, Odisha, Uttar Pradesh and the North East, he stated in an interplay on the new workplace.

The corporate additionally plans to extend the variety of brokers from 6,000 to 50,000. When it comes to premium mobilised, the plan is to the touch ₹200 crore in present fiscal. Final fiscal, the premium totalled ₹17 crore.

Retail well being is the main focus phase, notably within the context of rising medical inflation driving the shopper demand. The corporate can also be eager on providing group medical health insurance insurance policies for the micro, small, and medium enterprises, Mr. Srinivasan stated.

On the roadmap for Telangana and Andhra Pradesh, he stated Galaxy plans to open 14 places of work throughout key districts and onboard over 10,000 insurance coverage brokers in present fiscal.