Narayana Hrudayalaya (NH) is in discussions with the regulator (IRDAI) to get into the health insurance business.
- The plan is to sell a bundled health insurance package that proposes to offer comprehensive care from outpatient consultations to ordering medicines, to health check-ups, diet, physiotherapy and surgeries.
- In an interview to ET, Viren Shetty, executive vice-chairman said that the insurance business won’t be capital intensive and would be targeting the “missing middle” – the 40% of Indians who are left out of the government health insurances schemes like Ayushman Bharat or can’t afford healthcare like 10% affluent segment.
- The Company intends to carry insurance business under it’s wholly owned subsidiary, Narayana Health Integrated Care (NHIC). NHIC was incorporated in January 2023 to carry on the business of healthcare services in the field of health and wellness management. In March 2023, NH had transferred it’s existing clinic assets to NHIC.
- It set aside Rs 50 crore for the new venture, which is currently being rolled out on a pilot phase in Bengaluru. It has roped in Ravi Vishwanath, a seasoned insurance industry executive, to build the insurance business.
The whole proposition seems interesting to watch out for.
NH has already proven it’s differentiated focused approach in it’s core business of hospitals.