Religare Health Insurance Company Limited (RHICL) plans to hire about 3000 people as a part of its aggressive market foray & growth plans. The company is looking at an investment of about 600 crore over next 3 – 4 years to fuel its aggressive foray in the health insurance market. (As per an Economic Times Report). On 19th April, the company announced that they have received the R2 license from the Insurance Regulatory Development Authority (IRDA). Commenting on the development, Anuj Gulati, MD &CEO, Religare Health Insurance said, “We are pleased to move a step closer to launching our operations, and are in a complete state of preparedness for the same”
Religare health insurance is going to be the the fourth standalone health insurance firm. Other companies in the space are Apollo DKV & Max Bupa, Star Health. Health insurance seems to be a lucrative market which is under represented and there seems to be a potential for expansion and growth for all these firms. While all of the above firms are on expansion with hiring and investment plans, Religare may be able to ramp up quick by leveraging its existing network as well as its presence in other financial products segment. The shareholders of RHICL are Religare Enterprises Limited, Union Bank of India and Corporation Bank.
The Religare health insurance business is being led by Anuj Gulati since November 2009. Anuj is an ex ICICI Lombard General Insurance senior executive with a past experience in Proctor & Gamble. Religare enterprises is a diversified financial conglomerate with interests in Broking, Lending, Asset Management, Wealth , Management, Insurance and has a network of over 2200 branches across 550 locations.