Religare Health Insurance is on an investment and hiring spree to beat the competition in the health insurance market.
The economictimes.com reported that the insurer proposes to hire 2,500-3,000 people and invest about Rs 600 crore in the next 3-4 years as part of an aggressive foray into health insurance.
The company got R2 approval from the Insurance Regulatory Development Authority (IRDA) early this week, which is the most important regulatory permission given.
This is usually given after a year of getting R1 approval, when the regulator is satisfied with the company's business plans and credentials.
Religare Health Insurance expects to get R3 approval in the next few weeks and launch its products by the July-September quarter. The company's back end and service platform are ready for operations. About 500 of the recruits will be hired this year.
Religare Health Insurance is a Delhi-based firm, a subsidiary of diversified financial services Religare Enterprises, led by billionaire brothers Malvinder and Shivinder Singh.
It will be the fourth standalone health insurance firm in India, after Apollo DKV, Max Bupa and Star Health & Allied Insurance.