By Mr. Abhay Ray 
Introduction to Care Health Insurance
Care Health Insurance Limited (formerly Religare Health Insurance Company Limited) is an Indian health insurance company established in July 2012. It is part of the Religare Group and a direct subsidiary of Religare Enterprises.It got its IRDAI registration on 26 April 2012. Kedaara Capital is a co-promoter of the company. Care Health Insurance is headquartered in Gurgaon, Haryana.
Care Health Insurance is one of India’s leading Health Insurance providers, with 48 Lakh+ insurance claims settled since inception. Care Health Insurance provides comprehensive health insurance benefits, including in-patient hospitalisation, pre and post-hospitalisation medical expenses, access to advanced medical treatments, daily allowances during hospitalisation and cover for AYUSH treatments.
Incorporation – Care Health Insurance Limited was incorporated on April 2, 2007, and was previously known as Religare Health. It was renamed in August 2020.
Mission & Vision of the Care Health Insurance
Mission
The company is focused on building for the benefits of customers, distributors, employees, and shareholders whilst building a good impact on the rural and social sectors. It will set standard benchmarks for customer care, products holding the market, and communications in the industry. Building relationships with agents and delivering top health solutions to employers are other key priorities.
Vision
The Company vision is to be the most preferred health service provider, which is caring, cost effective, innovative and reachable.Core values of the company includes respect,trust and customer excellence.
Care Health Insurance – Founder Details
Anuj Gulati is the CEO and Managing director of Care Health Insurance. He is a prominent figure in the Indian Insurance sector, with extensive experience in leading and managing insurance businesses. Before founding Care Health Insurance, he was the Director of Service and Business Development of the ICICI Lombard GIC. Anuj Gulati attended the Indian Institute of Management Bangalore and the Indian Institute of Technology, Delhi.
Products and Services of Care Health Insurance
Care Health Insurance currently offers products in the retail segment for Health Insurance, Top-up Coverage, Personal Accident, Maternity, International Travel Insurance and Critical Illness along with Group Health Insurance and Group Personal Accident Insurance for Corporates, Micro Insurance Products for the Rural Market and a Comprehensive Set of Wellness Services. With its operating philosophy being based on the principal tenet of ‘consumer-centricity’, the company has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation and value-for-money services.
Funding and Investor Details of Care Health Insurance
Care Health Insurance has raised a total funding of $44.3M over 2 rounds. Its first funding round was on Jun 28, 2019.
List of Funding rounds of the company is as below :
|
Funding Date |
Funding Amount | Round Name | Investors |
| Jun 03, 2020 | $40.4M | Series A |
Trishikar Ventures, Swarnim Ventures |
|
Jun 28, 2019 |
$3.9M | Series A |
LKP, Swarnim Ventures |
Care Health Insurance has total 72 institutional investors. Trishikar Ventures, Swarnim Ventures and LKP.TrishikarVentures is the lead investor in Care Health’s Insurance latest funding round.
Care Health Insurance – Growth and Revenue
In Q4FY24, Care Health Insurance recorded a premium collection of ₹ 7,022 crore, which is an all-time high and Care Health Insurance’s profit-before-tax figure was Rs 410 crore, which is a 25% increase. By March 31, 2024, Care Health Insurance’s investments book expanded by 31% to ₹ 6,633 Crore.
Care Health Insurance – Awards and Recognitions
Care Health Insurance was conferred with ‘Claims Service Leader for the Year’ & ‘Best Health Insurance Company in Rural Sector’ awards at the India Insurance Summit & Awards 2024; it was recognized for ‘Excellence in Patient Service Delivery’ at the FICCI Healthcare Excellence Awards 2023 and received the ‘Smart Insurer’ & ‘Amiable Insurer’ awards in the domain of Health Insurance at the 10th Annual Insurance Summit & Awards 2023. Care Health was awarded ‘Best Health Insurance Company of the Year’ at India Insurance Summit & Awards 2023 and ‘Smart Insurer of the Year’ and ‘Sales Champion of the Year’ at The Economic Times Insurance Summit & Awards 2022. The Company was recipient of the ‘Best Health Insurance Product’ and ‘Best Health Insurance Agents’ awards at the Insurance Alertss Awards, 2021, and received the ‘Best Health Insurance Product Award’ at FICCI Healthcare Excellence Awards 2019.
Competitors of Care Health Insurance
Care Health Insurance ranked 2 among 21 competitors and some competitors are-
- Star Health & Allied Insurance
- SEB
- Niva Bupa Health Insurance
- Aditya Birla Health Insurance
- Max Bupa Health Insurance Company
Conclusion
Care Health Insurance deliver a wide range of health plans which allow us to avail cashless treatment at any of their 24800+ network hospitals and healthcare providers in case of emergencies or planned treatments. According to GlobalData, India’s health insurance market is forecast to grow at a compound annual growth rate (CAGR) of 12.8% from INR1. 3 trillion ($15.1 billion) in 2024 to INR 2. 0 trillion ($23.8 billion) by 2028.
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