Boosted by acquisition, Vidal Health expects over 25% revenue growth this fiscal
Boosted by acquisition, Vidal Health expects over 25% revenue growth this fiscal
Mumbai, Apr 18: Bengaluru-based third-party insurance player Vidal Health is expecting over 25 per cent jump in revenue this fiscal at Rs 235 crore following the acquisition of the small rival Vipul Medcorp last month.
The merger will make Vidal the largest TPA (third-party administration) in terms of the number of lives covered at 3.2 million (2.2 million of its own and 1 million acquired from Vipul) and the second largest in terms of revenue after Medi Assist in an addressable health insurance market of Rs 40,000 crore in premium size, which is served by as many as 22 TPAs now.
Consolidation inevitable in India s crowded TPA market: Vidal Health CMD dailyexcelsior.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyexcelsior.com Daily Mail and Mail on Sunday newspapers.
Express News Service
BENGALURU: There have been rumours circulating on social media about people having to show acknowledgement of taking the Covid vaccine to insurance companies to cover hospitalisation for Covid-19.
If there is no record of the person being vaccinated, there will be a hike in premium, the rumours state.
However, when TNIE checked with multiple insurance companies and sources in the insurance sector, they said there is no link between vaccination and corona insurance cover, as of now.
From a regulatory framework, there is no need to produce a Covid vaccination certificate right now as the insurance policy is not designed that way.
Vidal Health acquires Vipul Medcorp
March 09, 2021 Vidal Health Insurance TPA Private Ltd (Vidal Health) on Tuesday announced the 100 per cent acquisition of Vipul Medcorp Insurance TPA Pvt Ltd (VMC).
With this acquisition, VMC will merge into Vidal Health, to create one of the key three TPAs (Third Party Administrator).
Girish Rao, Chairman & MD, Vidal Health, said “By bringing VMC’s business under the Vidal Health umbrella, we will now have a strong pan-India presence of customers and offices, which will allow us to service our customers’ needs even faster.”
Rajan Subramaniam CEO of Vipul Medcorp said, “This merger will bring out the best from VMC and Vidal Health and set us up to deliver the best of the best services to customers. We are excited to be a part of this merger.”