Eyes National Presence with Focus on Affordable, Hassle-Free Health Coverage
Chennai, April 6:Galaxy Health Insurance Company Ltd has set an ambitious premium income target of ₹200 crore for the current financial year, as it ramps up operations and seeks to strengthen its footprint in India’s growing health insurance market.
The Chennai-headquartered company, which received approval from the Insurance Regulatory and Development Authority of India (IRDAI) last year, currently operates 60 offices across southern states and boasts a network of 6,000 agents, according to Managing Director and CEO G Srinivasan.
Backed by eminent industrialists Venu Srinivasan, Chairman Emeritus of TVS Motor Company and Sundaram-Clayton, and V Jagannathan, founder of Star Health and Allied Insurance, Galaxy Health Insurance is positioning itself as a significant new player in the private insurance space.
Expansion Strategy: 100 Offices and Nationwide Reach
Speaking about the company’s growth strategy, G Srinivasan stated, “Last year the premium was ₹17 crore. This year, we are targeting ₹200 crore. We still feel the insurance coverage ratio is low, and we aim to provide last-mile connectivity as a standalone insurance provider.”Galaxy plans to expand its office network from the current 60 to 100 locations, with a vision to become a pan-India organization within the next two to three years.
Focus on Innovation and Customer Experience
Srinivasan emphasized the importance of innovation and superior service delivery in a market where customer dissatisfaction with insurance services remains a challenge.“People still feel that service levels are not great in the insurance industry. We want to offer hassle-free service and come out with innovative products that provide competitive health insurance solutions,” he said.
Launch of ‘Galaxy Promise’ and Digital Sales Hub
Following its regulatory approval, Galaxy Health Insurance launched its flagship product ‘Galaxy Promise’, aimed at families seeking affordable and comprehensive health coverage. The policy offers a sum insured ranging from ₹3 lakh to ₹1 crore.Additionally, the company introduced the Galaxy Top-Up Plan, designed to provide cost-effective additional protection, ensuring access to quality healthcare at lower premiums.
To support its digital-first approach, Galaxy has recently established its first regional office and digital sales facility in Chennai, further enhancing its distribution capabilities.