Bahrain National Holding acquires major stake in Health 360
Thursday, 05 23 2019, Category: Insurance and Reinsurance, Country: Bahrain
Bahrain National Holding (BNH) has become a major shareholder in Health 360 Ancillary Services alongside Takaful International (gig Takaful) and Paramount Health Services Group.
Health 360 is a provider of health insurance claims management services and the announcement follows an increase in the company's capital.
It started operations in 2013 after being established by Takaful International and Paramount Group, the largest claims management company in India.
Licensed by the Central Bank of Bahrain, the company currently holds the largest share in the health insurance support services market of Bahrain.
With an extensive network around the world, it provides a total of 7,600 specialised hospitals and medical clinics around the world.
BNH chief executive Sameer Al Wazzan said: "Our choice to become a partner in Health 360 Ancillary Services comes after a thorough study of the market conditions and the high standards of services provided by it."
"We believe that this will add value to all our clients who hold health insurance policies, they will be able to benefit from the health services offered by Health 360 Ancillary Services both at the level of hospitals and clinics network or in the optimal use of technology in managing their health claims."
Health 360 solutions are based on information technology provided by Paramount Group in the field of claims management services.
Health 360 Ancillary Services chairman Abdul Aziz Al Othman said BNH's participation as a major and strategic shareholder will contribute to business growth and the spread of services to all BNH health policyholders.
The company has launched significant updates on its mobile application, adding services to health insurance customers.
Exceptional growth achieved by Health 360 over a short period is based primarily on making a positive change in services; this is based on the optimal use of technology in the management of health insurance claims, as well as having an extensive network worldwide, added Mr Al Othman.
Takaful International chief executive Essam Al Ansari said the "strategic partnership would contribute to the strengthening of health insurance services in Bahrain, which is currently experiencing rapid growth".
"Medical service providers compete to provide the best under the umbrella of the National Health Regulatory Authority, which has contributed to raising the level of medical services to cope with the growth in the sector," he added.
Source: Market Screener