Bangalore-based multispecialty hospital chain Narayana Hrudayalaya Ltd or Narayana Health has taken significant strides towards diversifying its portfolio by submitting an application to the Insurance Regulatory and Development Authority of India (IRDAI) for its bundled insurance plans.

This strategic move aims to bridge the gap between healthcare services and insurance, bringing more comprehensive and integrated solutions to patients and healthcare customers.

Viren Shetty, the Executive Vice-Chairman of Narayana Health, in an interview with CNBC-TV18, said that the group is soon expecting the approval for its insurance business, to be started by the end of the calendar year 2023.

Narayana Health's vision of an integrated healthcare and insurance system is a promising development in the Indian healthcare industry. It has the potential to redefine how healthcare services are accessed and financed.

“Our idea for health insurance is one that combines a huge amount of healthcare services on one end, as well as providing a plan that covers comprehensive health care,” Shetty said.

This approach represents a paradigm shift in the way healthcare and insurance are traditionally perceived and offered.

While the timeline for IRDAI approval remains contingent on regulatory processes, he said, “This calendar year is the hope but more likely it will be by the time we are ready to roll this out by the end of the fiscal year or sometime next calendar year.”

Additionally, the integration of healthcare services and insurance can contribute to better health outcomes. Patients may have access to a wider range of preventive and diagnostic services, resulting in early detection and treatment of health issues. This proactive approach aligns with Narayana Health's mission of promoting overall well-being and longevity.

The company has recently launched a new logo and is currently engaged in a rebranding campaign with the aim of consolidating all its portfolios under a single name, a shared mission, and a common purpose. According to Shetty, this rebranding effort involves bringing all the hospitals under the Narayana brand, promoting unity.

Founded by Dr Devi Shetty, a well known heart surgeon, Narayana Health has a network of 24 hospitals across India at present. This includes several multispecialty hospitals, 7 heart hospitals and a couple of eye hospitals.

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(Edited by : C H Unnikrishnan)