MUMBAI: PayNearby has partnered with Star Health Insurance to provide health coverage to the uninsured through the start-up’s distribution-as-a-service platform at retail outlets across the country.
The distribution platform makes health insurance easily accessible by eliminating the need for excessive paperwork assisted by local retailers.
PayNearby’s DaaS network covers 22,000+ PIN Codes. The partnership aims to provide `bite-sized’ health insurance products from Star Health, including group personal accident and HospiCash policies.
Star Health also provides valued added offerings like free telemedicine consultations, personalized wellness programs and free annual health checkups.
“As per the recent PayNearby Bharat Health Index (BHI) 2023 report, the level of insurance awareness among Bharat’s last mile is abysmally low. 55% have never heard of insurance, and among those aware of insurance, only 32% had taken some form of insurance in their lifetime. Additionally, a substantial 38% cited affordability as a major hindrance, while 36% did not know where to buy insurance from,” said Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
“Our collaboration with PayNearby, given their strong presence and deep networks in rural and non-metro regions of India, is another step in this direction, enabling us to offer bite-sized health insurance covers to all. This partnership will play a crucial role in insuring the under-served population in Bharat,” said Chitti Babu, Chief Innovation Officer, Star Health.
Incepted in April 2016, PayNearby operates on a business-to-business-to consumer model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities
