After over four decades in the insurance sector, G Srinivasan has taken on a fresh challenge as Managing Director and CEO of Galaxy Health Insurance, a Chennai-based standalone health insurer. The company is backed by the TVS Group and V Jagannathan, the founder of Star Health.
“The vision was driven by the TVS family and Mr. Jagannathan, both of whom bring immense credibility. They saw an unaddressed gap in health insurance, particularly with 40% of India’s population still uninsured,” said Srinivasan.
He emphasized that even those with coverage are often underinsured. A ₹5 lakh policy, for example, can be quickly exhausted with rising healthcare expenses. To bridge this gap, Galaxy aims to:
- Increase penetration in underserved regions
- Design practical, need-based products
- Focus on preventive wellness
- Ensure fair and comprehensive claim settlements
Rapid Growth Since Inception
Galaxy Health Insurance began operations in March 2024, obtaining its license in under 50 days. By October, the company issued its first policy. In just 8–9 months, Galaxy has established:
- 65 offices across eight states (Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha, West Bengal, Assam, and Uttar Pradesh)
- A workforce of 350 employees
- A network of 9,000 agents
- Coverage for nearly one lakh lives
Srinivasan shared that the company has set a premium collection target of ₹200 crore for this year.
Tailored Product Offerings for Every Segment
Galaxy has already launched eight products, with ‘Galaxy Promise’ as its flagship, available in three variants. Other offerings include:
- Galaxy Marvel, a base plan with customizable add-ons
- Top-Up policies to enhance coverage affordably
- Specialized plans for senior citizens, NBFC customers, and corporate groups
As reported by The New Indian Express, the company is also working on disease-specific plans for cancer, cardiac ailments, and diabetes. Notably, 90% of Galaxy’s business is expected to come from retail customers. A unique feature for younger policyholders is a no-claim premium lock-in until age 55, encouraging early adoption.
Micro-Insurance and Rural Focus Next on the Horizon
Galaxy is preparing to launch a rural-focused plan in the next 2–3 months, designed for affordability and accessibility, particularly in small nursing homes.
Additionally, the company plans to offer bite-sized insurance products—such as personal accident and critical illness covers—through corporate agency partners. “We’re committed to making insurance more inclusive for underserved populations,” Srinivasan noted.
Tackling Rising Premiums Through Systemic Reform
Srinivasan pointed out that rising healthcare costs—largely due to a lack of regulation—are a major contributor to increasing insurance premiums.
“There is no central authority regulating hospital pricing or treatment protocols. Health is a shared responsibility between the Centre and states, which leads to gaps,” he said.
While the government’s National Claims Exchange aims to improve claims transparency, uptake among hospitals has been slow. Srinivasan believes a central healthcare regulator is essential to control costs and prevent unchecked premium hikes.
Customer-Centric Claims Management
Galaxy has made claims handling a core strength. Unlike many insurers, its policies cover consumables, often excluded elsewhere.
“In the last 7–8 months, we’ve settled around 200–250 claims transparently, with near-complete reimbursement,” Srinivasan shared. He also welcomed IRDAI’s move to mandate cashless claims even at non-network hospitals.
Expanding to Outpatient and Daycare Services
Recognizing the significant out-of-pocket spending on OPD care, Galaxy has launched a comprehensive outpatient product. It includes:
- Doctor consultations
- Telemedicine services
- Diagnostic tests
- Pharmacy bills
“True health insurance must cover in-patient, outpatient, and daycare procedures. That’s what we offer,” said Srinivasan.
As Galaxy Health Insurance continues to scale, its focus on accessibility, transparency, and product innovation positions it as a rising player in India’s health insurance landscape.