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Star Health Insurance Wins “Best AML Program Management of the Year”

at India Fraud Risk Summit & Awards 2024

Mumbai, Star Health and Allied Insurance Company Ltd(Star Health Insurance), India’s largest retail health insurance company, has been awarded”Best AML Program Management of the Year” at the prestigious India Fraud Risk Summit & Awards 2024 in Mumbai, organized by Synnex.

The India Fraud Risk Summit & Awards recognizes organizations who have demonstrated excellence in fraud risk management. This accolade highlights Star Health’s unwavering commitment to combat financial crime and ensuring robust anti-money laundering (AML) practices.

Commenting on the achievement, Kapil Punwani, Chief Risk Officer, Star Health Insurancesaid, “We are excitedto winthe ‘Best AML Program Management of the Year’ award.The health insurance business today is fraught with risks owing to several external factors and we completely align with the principles of “Cultivating Curiosity, Harvesting Innovation”. At Star Health Insurance, AML Program Management is a core component integral to our strategy and decision-making designed to proactively identify, assess, and manage the risks associated with money laundering and financial crimes. Our AML efforts are deeply embedded within our strategic and organizational frameworks, reflecting our proactive approach to compliance and governance.”

With a focus on innovation, customer-centricity and transparency, Star HealthInsurance strives to set industry benchmarks and drive positive change in the health insurance ecosystem. Star Health believes that all employees and associated entities must be trained in the basics of risk management and be able to institute mitigating controls across employee levels.

The same has been achieved through a sustained knowledge-sharing program, encouraging collaborative endeavouracross departments, implementing strong risk protocols to respond to anticipated and unanticipated threats, and stringent risk-based audits. The overarching purpose remains steadfast, which is keeping the customers and society safe for a better future.

About Star Health and Allied Insurance:  

Star Health and Allied Insurance Co. Ltd. (BSE: 543412 | NSE: STARHEALTH) is a market leader in standalone health insurance in India. The Company commenced operations in 2006 and is India’s first Standalone Health Insurance Company. Star Health Insurance provides Health, Personal Accident and Travel Insurance to customers. The Company has grown to emerge as one of the preferred private health insurance Company in India with several pioneering products and services to its credit.

With customer-centricity at its core, the Company has superior and innovative product offerings, service capabilities and a seamless claims management process. Star Health offers tailor made products to cater to the needs of customers across cancer, diabetes, cardiac illnesses and senior citizen, women and children specialized suite of health insurance offerings Star Health is India’s first health insurance Company to settle over 1 crore claims.

Star Health Insurance has a strong multi-channel distribution network with 881 offices, with 14,295 hospital networks, 7,01,000 licensed agents, robust bancassurance and financial institution partners, and 15000+ employees. In FY24, Star Health’s gross written premium stood at Rs 15,254 Cr with its net worth at Rs 6,339 Cr.

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