Narayana Health Insurance Limited, a subsidiary of Narayana Hrudayalaya Limited, has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate independently as a health insurance company.
The insurance regulator has granted a licence to Dr Devi Shetty’s Narayana Health Insurance to carry out health insurance business in India. The licence for a health insurer, given after a hiatus of five years, takes the number of insurers operating in this segment to six.
The regulator granted the approval in its 124th meeting held on December 28.
However, the approval was communicated only this week through a statement. Sources said that the company, promoted by the Bangalore-based multispeciality hospital chain Narayana Hrudayalaya or Narayana Health, aimed to provide integrated healthcare and insurance
The newly licensed entity aims to streamline health insurance by designing easily understandable policies. Leveraging Narayana Hrudayalaya’s investments in technology and AI, Narayana Health Insurance plans to personalize care strategies for its members and enhance risk management. The company anticipates commencing operations in the coming months, focusing initially on the Karnataka market.
Dr. Devi Shetty, Founder and Chairman of Narayana Hrudayalaya and Chairman of Narayana Health Insurance, expressed delight at securing the license. He emphasized the milestone as a significant step towards their ambition of universal healthcare access, acknowledging IRDAI’s swift approval process and the government’s commitment to expanding insurance coverage.
Viren Shetty, Vice Chairman of Narayana Hrudayalaya Limited and Director of Narayana Health Insurance Limited, highlighted the transformation from a hospital operator to an integrated care provider. With the new license, the company intends to offer a comprehensive range of health insurance products and services, aiming for a seamless healthcare experience while striving to make healthcare more accessible and affordable for underserved communities.
