“This year, we are very confident that we will do 20 percent plus growth and next year onwards, though I don't want to give future looking direction statements, but the way the business is poised to grow we should be able to do better than that,” he said.
One of the measures that Star Health Insurance has taken to improve its financial performance is a price hike in one of its leading products. Roy stated that this move will help to improve the loss ratios and that the loss ratios for the financial year 2023 are expected to be in the range of 63-65 percent.
In addition, Roy highlighted the company's aim to achieve a 20 percent contribution from the banc assurance channel. He expressed hope that the company will be able to end the year with a combined ratio of less than 95 percent.
Overall, Star Health Insurance appears to be well positioned for growth in the coming year, with a focus on improving financial performance through price hikes and increased contributions from the banc assurance channel.
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