Research Reports

Care Health Insurance (Religare) :


Care Health Insurance :

Care Health Insurance (Religare), the health insurance arm of Religare Enterprises Limited (REL), is a specialized Health Insurer offering health insurance services to employees of corporates, individual customers and for financial inclusion as well. Care Health Insurance Company Ltd has adopted the QMS (Quality Management System) framework inline with ISO 9001:2015 standards.

Products in the retail segment include Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates.

Care Health Insurance has been adjudged the ‘Best Health Insurance Company’ at the ABP News-BFSI Awards & ‘Claims Service Leader of the Year – Insurance India Summit & Awards. Care Health Insurance has also received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti and was conferred the ‘Best Medical Insurance Product Award’ at The FICCI Healthcare Awards. RHI is rank number 6 overall and number of 110 plus branches 9450 plus hospitals.

The company is highly customer-centric with a low grievance rate of two complaints per 10,000 policies and has a claim settlement ratio of 93%. RHI is marked by a team behind the hospital chain known as Fortis Health Care.

Care Health Insurance Unlisted Shares

About the Company:

  • Care Health Insurance currently offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates.
  • The Company got its IRDA approval in July 1982 and has been among the five private-sector insurers to underwrite policies exclusively in health, personal accident and travel insurance segments.
  • Care Health Insurance (earlier known as Religare Health Insurance) is a diversified financial services group present across three verticals.
  • The company offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking.
  • Care Health Insurance (earlier known as Religare Health Insurance) has been a joint venture of Religare Enterprise Private Limited, Union Bank of India and Corporation Bank.
  • The Company was incorporated on 2nd April, 2007.
  • Care Health Insurance is servicing over 700 locations across the country with a network of 156 branches with over 8600 employees and tied up with 10,000+ hospitals. It has a product bouquet of 18 products encompassing group, travel and fixed benefits to serve varied customers.

Awards & Accolades

The Company has been awarded with the following Awards:

  • The Company won the "Best Claims Service Leader of the Year - Insurance India Summit & Awards 2018
  • Best Health Insurance Company at Emerging Asia Insurance Awards, 2019
  • Best Medical/Health Insurance Product Award at FICCI Healthcare Excellence Awards, 2019

Products

  • Health Insurance
  • Travel Insurance
  • Corporate Insurance

Industry Opportunities

  • Introduction of health insurance portability expected to boost the orderly growth of the health insurance sector.
  • 1.5 to 2.0% of total healthcare expenditure in India is currently covered by insurance providers.
  • 18% of people in urban areas and 14% in rural areas are covered under any kind of health insurance scheme.
  • The gross direct premium from health insurance reached Rs 848.4 lakhs (US$ 1.21 billion) in FY20 (till May 2019) and contributed 30.2% to the gross direct premiums of non-life insurance companies in India.
  • RSBY is a centrally sponsored scheme to provide health insurance to below poverty line (BPL) families and eleven other defined categories of unorganised workers, namely building and other construction
  • workers, licensed railway porters, street vendors, and MGNREGA workers among others.

Financial Highlights

  • The overall business of the Company grew by 31%, even as the standalone Health Insurance industry recorded a growth rate of 21%.
  • The Company clocked Profit After Tax of INR 65.65 crore in the FY 2019-20 in the last fiscal year.
  • The Company has an under-written premium of INR 2,409.01 crore in the FY 2019-20.
  • The Total Asset under management as of 31st March 2020 stands at INR 1778.41 (including deposit with banks amounting to INR 6.50 crores).

Rationale

  • Care serves their customers with a 93% insurance claim settlement ratio, plus provides a cashless treatment facility at 7800+ network hospitals with 24*7 customer support and ensures all family members get the benefit under coverage.
  • In 2019, Care Health Insurance has a claims settlement ratio of 92.58% for the 2019 fiscal year.
  • In 2020, Kedaara Capital has invested INR 567.3 Crores in the Company.
  • The Company is highly customer-centric with a low grievance rate of two complaints per 10,000 policies and has a claim settlement ratio of 93%.
  • The Company has tied up with more than 10,000 hospitals to facilitate cashless services to its customers.
  • Care Health Insurance ranks 9th in Health Insurance Segment as of March 2020.
  • The standalone Health Insurance (SAHI) industry recorded a growth of 27%, Care Health Insurance overall business grew by 31%.
  • Gross earned premium is the most important metric in the Insurance sector. The companies are valued based upon this factor only, the company has underwritten premium of INR 2409.01 crore as compared to PY 2018-19 of INR 1843.27 crores.

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