Religare to Launch Health Insurance Operation

Religare Enterprises, a leading Indian healthcare and financial services company, is all set to launch a standalone health insurance company after it received R2 license from the Insurance Regulatory Development Authority (IRDA).

Religare Health Insurance will hire 2,500–3,000 people and invest about Rs 600 crore over the next three-four years as part of an aggressive foray into the market.

The Delhi-based firm, a subsidiary of diversified financial services firm Religare Enterprises led by billionaire brothers Malvinder and Shivinder Singh, will be the fourth standalone health insurance firm.

Its competitors, Apollo DKV and Max Bupa, plan to add 200 executives each to their existing team of 1,200 and 850 people, respectively, by the end of the year.

Religare Health Insurance had called off a proposed joint venture partnership with Swiss Re in 2009. The company is, however, confident of taking on competitors, which have specialized partners.