Prudential plans to form Indian health insurance

Prudential based in London and Hong Kong has announced plans to form a joint health insurance company in India.

Prudential plans to establish a joint company with Vama Suendari Investments, a company promoting an HCL group, to operate an independent Indian health insurance business, according to a statement, subject to obtaining regulatory approvals. The joint company will be directed by Veteran Industria Loving Joshi with prudential with a 70 percent participation and Vama with the remaining 30 percent participation.

According to the global insurer, the company aims to address local medical care needs and contribute to the vision of the Indian government of “insurance for all by 2047”.

Local presence

Prudential has offered life insurance solutions in India since 2001 when he established prudential ICICI Life Insurance, a joint company with Icici Bank. It also has a long -standing association with ICICI through prudential icici Asset Management Company, one of the largest asset management firms in India.

“India is a key strategic market for prudential and we have a deep connection with the country that has opened our first branch in Kolkata in 1923. Today, we have a significant presence with life insurance and asset management companies that provide an integral offer of insurance and wealth products.” Anil Wadhwani.

«The growing economy, the population and the middle class of India create significant opportunities for growth in their insurance market, especially in the health, savings, protection and retirement sectors. Transforming access to medical care and increased insurance penetration are strategic priorities for prudential and through our integral health solutions, our goal is to offer help to millions of Indian consumers when they need it most. “

Garage startup

Founded in 1976, HCL Group is one of the new Pioneer Ti garage companies in India, after having introduced the first computer based on 8 -bit microprocessor of the technology industry in 1978. Since then, it has expanded to other sectors, including health and talent management solutions.

“We are pleased to associate with prudential PLC, a world -renowned insurer, to address India’s growing medical care needs taking advantage of our mutual synergies,” he added Shikhar MalhotraVAMA Executive Director. “Through this collaboration, our goal is to advance in our common mission to improve access to quality health insurance and promote greater penetration throughout the country.”