Galaxy Health Opens First Regional Office in Chennai

Chennai, Dec 6 (PTI) Standalone health insurer Galaxy Health Insurance has established its first regional office and digital sales facility in the city.

The setting up of the first Regional Office coincides with the recent launch of its flagship insurance product 'Galaxy Promise' after it received the approval from insurance regulator the Insurance Regulatory and Development Authority of India (IRDAI) for launching its operations.

Galaxy Health Insurance Company Ltd is jointly promoted by renowned industrialist Venu Srinivasan, Chairman Emeritus of TVS Motor Company and Sundaram-Clayton Ltd and Star Health and Allied Insurance Company Ltd founder V Jagannathan.

"The launch of our first regional office and digital sales centre in Chennai is a significant milestone in our journey to make quality health insurance accessible to more families across South India." company MD and CEO G Srinivasan said, after inaugurating the regional office.

"This expansion reflects our vision of leveraging technology and expertise to close the gap in health insurance penetration.." he added.

Last financial year, the health insurance market stood at Rs 1.17 lakh crore with a Compounded Annual Growth Rate (CAGR) of 20 per cent. Galaxy Health Insurance Company aims to have a significant market share in the health insurance industry and contribute to the IRDAI's vision of providing health insurance for all by 2047, the company said.