Religare Enterprises Limited is Ranbaxy Laboratories Limited promoted financial product and service provider company.
Religare provide its service in three different segments including Retail, Wealth management and the Institutional spectrum. It offers wide range of services including equities, commodities, insurance broking, wealth advisory, portfolio management services, personal finance services, Investment banking and institutional broking services. Religare retail network spreads across more than 900 locations across more than 300 cities and towns in India.
Religare businesses are operated through its 10 subsidiaries. Religare major business includes:
1. Religare Securities Limited (RSL) - Stock Broker.
2. Religare Finvest Limited (RFL) - Involve in personal credit (such as loans against shares (LAS), and personal loans), distribution of mutual funds, wealth management, IPO financing, and corporate finance services.
3. Religare Commodities Limited (RCL) - Commodity Broker.
4. Religare Insurance Broking Limited (RIBL)-Insurance broker to distribute products and services of life insurance companies, non life insurance companies and re-insurance businesses.
People who wonder where Religare word came from, it's a Latin word meaning 'to bind together'.
Health Insurance Sector:
(i) The total size of Health Insurance in India stands at 50,891 Crores in FY 18-19, up by 18.3% from last year. There are three categories of health insurance providers in India.
a) Public Sector Institutions (53% market share)
b) Private Institutions (~23.5% market share )
c) Stand-alone insurers (~23.5% market share )
However, in terms of retail policies, Stand Alone Health Insurance Companies (SAHI) have the biggest share of 44%. and Religare Health Insurance falls under this category.
(ii) Care Health (Previously Religare Health) Insurance is a SAHI and ranks number 6 overall and number 3 in GDP.
(iii) Care Health (Previously Religare Health) Insurance is servicing over 700 locations across the country with a network of 110 plus branches and 9,450 plus hospitals. It has a product bouquet of 18 products encompassing group, travel, and fixed benefits to serve varied customers.
(iv) The company is highly customer-centric with a low grievance rate of two complaints per 10,000 policies and has a claim settlement ratio of 93%. The combined ratio of the company stands at 97%. RHI has also won various awards like – ‘Best Claims Service Provider of the Year’, ‘Bancassurance Leader of the Year 2018’ by Insurance India Summit & Awards 2018, ‘India’s Most Preferred Travel Insurance’ by IMP Travel Brand Awards 2018, etc.
(v) Care Health (Previously Religare Health) Insurance is marketed by a team behind the hospital chain known as Fortis Health Care. It is one of six standalone health insurers in India.
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