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An analysis of agents’ data available with General Insurance Council (GIC) shows that 44% of the total life insurance agents or 11.58 lakh agents have a tie up with standalone health insurers in FY 2023. Currently, the industry has over 26 lakh life insurance agents.
Overall, the GIC data shows a healthy rise in the number of agents selling standalone health insurance. The number of agents selling health insurance increased from 9.60 lakh in FY22 to 11.58 lakh in FY23.
Among health insurers, Star Health has the highest number of agents. The company employs 6.20 lakh agents, having added 76,000 new agents in FY 2023.
Anand Roy, MD and CEO, Star Health and Allied Insurance said that the company focusses on non-metros and rural market to increase the number of agents. He said, “We are constantly increasing our footprint, especially in non-metro cities and rural markets. Before purchase of a Health insurance product, customers prefer for an advisor to explain every aspect of the product so that they can take an informed decision. This, along with increasing brand presence and service capabilities of Star Health is resulting in the number of health insurance agents increasing year on year.”
Care Health and Niva Bupa were the other two health insurers who added over 40,000 agents each last year.
Let us look at the table to know more about agency force of standalone health insurers:
|
Standalone Health insurers |
No. of agents in FY 2023 |
No. of agents in FY 2022 |
Change |
|
Star Health |
6,25,945 |
5,49,579 |
76,366 |
|
Care Health |
2,40,040 |
1,97,906 |
42,134 |
|
Niva Bupa |
1,45,430 |
1,03,850 |
41,580 |
|
Aditya Birla |
87,957 |
63,011 |
24,946 |
|
ManipalCigna |
59,304 |
49,551 |
9,753 |
|
Total |
11,58,616 |
9,63,897 |
1,94,719 |
