Bajaj Finserv aims to transform the health sector in India, sets up a Health-Tech venture
New Delhi: Bajaj Finserv Ltd, India’s leading financial services conglomerate, today announced the launch of its fully owned subsidiary Bajaj Finserv Health Ltd., (BFHL), a health-tech solutions business, aimed at improving the health outcomes of Indian consumers through smarter, connected and holistic care plans. With this new venture, the company has now forayed into the healthcare ecosystem, aiming to disrupt the health segment and make healthcare experience convenient and all-inclusive for consumers.
The new venture, Bajaj Finserv Health, brings to the market its core offering – ‘Aarogya Care’, an industry first product, providing Preventive, Personalized, Prepaid health care packages to consumers. With a mobile-first approach, ‘Aarogya Care’ integrates the various complementary components of the health ecosystem, to provide ease of access to quality and affordable healthcare, anytime, anywhere. Powered by the latest innovations in digital health technology, the Bajaj Finserv Health App is like a personalised health manager, offering consumers a one-stop destination to avail convenient, connected and cost-effective health solutions, right at their fingertips. Moreover, it enables the customer to receive and maintain health records digitally, which would be integrated with the National Health ID.
The comprehensive offering has health insurance coverage from Bajaj Allianz General Insurance and pre-approved Health EMI facility from Bajaj Finance Ltd, to protect consumers from unexpected high medical costs. The company has already empanelled 112 hospital partners, operating 200 hospitals in India, 3 diagnostic and laboratory centres having 671 consumer touch points and over 9,000 doctors registered on the platform. The health care services will be provided by these network partners.
Speaking on the occasion, Sanjiv Bajaj, Chairman & MD, Bajaj Finserv, says “With a consumer-first, digital approach and a culture focused on excellence through innovative disruption, Bajaj Finserv addresses the financial needs of consumers in an increasingly phy-gital world. Health is at a centre stage today. And, with ‘Aarogya Care’, Bajaj Finserv Health is integrating the fragmented healthcare delivery ecosystem with advanced technology and financial services to bring quality healthcare closer to consumers’ reach, while taking care of their health financing worries. Leveraging our technological and financial service capabilities, we are re-imagining the healthcare landscape to create a simple, seamless and connected journey for consumers.”
Devang Mody, CEO, Bajaj Finserv Health adds, “We are a tech-enabled, health management platform, with a vision to enable customer-centric solutions, to bridge the need-gap challenges of the health ecosystem. With Aarogya Care as our guided concept, we are working with our provider networks to overcome the healthcare barriers and making healthcare delivery affordable, accessible and personalized for consumers. For this, we are using deep technology, AI and ML algorithms to provide tailored experiences and value to both customers as well as partners. At the end of the day, we want consumers to proactively manage their health and experience improved outcomes through easy accessibility to preventive and personalised health plans.”
Over the years, Bajaj Finserv has witnessed phenomenal success in catering to the unmet financial needs of consumers through its different financial service businesses – be it building India’s largest and fastest growing non-banking consumer lending business or steadily growing two of the largest and most respected private general and life insurance companies with an expansive distribution reach and serving an equally extensive customer base across the country. With the combined strength and capability of the group businesses, a large pool of over 120 MM consumer franchise, largest Health EMI financing and industry best claim pay-out experiences, Bajaj Finserv is uniquely positioned to service the needs of consumers with differentiated solutions.
And, with its latest entry into the health-tech space, the fragmented health ecosystem in India is all set to witness the next wave of disruption, through smarter healthcare solutions.