Reliance Capital to set up standalone health insurance firm

Reliance Capital’s standalone health insurance company is expected to be launched early next year, said Anmol Ambani, Executive Director. “Traditionally, heath insurance was part of our general insurance set-up. But to create retail focus we are setting up a standalone health insurance company. We have already received Round 1 approval from the IRDAI (Insurance Regulatory and Development Authority of India),” said Anmol in his maiden speech at Reliance Capital’s 31st AGM. He alluded to three factors – changing demographics (a younger India with higher income, higher assets, and more financially aware), rising cost of healthcare, and an increase in lifestyle-related ailments, which indicate significant growth potential in retail health insurance. The health insurance company will use technology to connect with customers and distributors to leapfrog competition, he added.