Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

Ravi Lalwani: Can you provide information on corporate employee health insurance growth rate in India? Which regions have shown higher demand for corporate health insurance?

Biju Menon: The corporate employee health insurance sector is growing rapidly in India. This growth is driven by 2 main factors: the rise of new businesses, including SMEs and startups, and the expansion of existing large companies. As more businesses of all sizes are increasing their focus on employee benefits, including health insurance, the demand for corporate health plans has surged.

This trend is especially noticeable in cities with booming tech industries and industrial growth, such as Bengaluru, Hyderabad, and Pune. Major cities like Mumbai and Delhi are also seeing high demand. One major reason is rising medical costs. As healthcare becomes more expensive, both government and companies are working to improve and expand their group health insurance plans to better cover these increasing costs.

Which industry verticals have the highest demand for corporate employee health insurance? We are seeing particularly high interest in sectors that are experiencing rapid growth and expansion. Technology and IT companies, including startups and established tech giants, are leading the charge. These organizations are investing heavily in employee benefits to attract and retain top talent, driven by their rapid growth and competitive landscape.