Galaxy Health Insurance is set to expand its distribution network by incorporating banking channels within the next six months, according to MD and CEO, G Srinivasan.
In an interview with Moneycontrol, Srinivasan said, while the company will continue to prioritise its agency channels for distribution, it plans to expand into bancassurance to enhance its reach.
“Our focus remains on agency channels, but we are looking to add bancassurance in about six months,” he said.
Srinivasan also said, “We are planning to emphasise wellness-linked insurance products. Our goal is to launch one new product each month, and we are definitely considering embedded insurance as a way to make policies more accessible to customers,” he noted.
Commenting on the company’s outlook for FY26, Srinivasan outlined ambitious goals, including achieving Rs 200 crore in revenue.
He also announced plans to expand the company’s office network from the current 60 to 100 by the end of FY26.
Since its inception in March 2024, Galaxy Health Insurance, Srinivasan said, has collected Rs 17 crore in revenue. He plans to bolster the company’s product portfolio by launching 10 additional products, complementing the seven currently offered.
Srinivasan emphasised that the company’s business mix is heavily weighted toward retail insurance, which accounts for 90 percent of its portfolio, with group insurance making up the remaining 10 percent.
He, however, is keen on maintaining this 90-10 retail-to-group ratio, as retail “remains the cornerstone of Galaxy Health’s strategy.”
On industry challenges, Srinivasan highlighted difficulties in implementing Bima-ASBA, a technical guideline issued by IRDAI that has proven cumbersome for Galaxy Health and other insurers alike.
Addressing the Insurance Regulatory and Development Authority of India’s (IRDAI) recent 10 percent premium cap for senior citizen health insurance, which applies to new and repriced products, he said, “While the point of the regulation is to curb excessive premium increases for older policyholders, which have historically reached 40-60 percent, insurers would find it difficult to balance profitability with compliance”.
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