Star Health and Allied Insurance Company Ltd (Star Health Insurance), India’s largest retail health insurance company, has been awarded ‘Best AML Program Management of the Year’ at the prestigious India Fraud Risk Summit & Awards 2024 in Mumbai, organized by Synnex.
The India Fraud Risk Summit & Awards recognizes organizations who have demonstrated excellence in fraud risk management. This accolade highlights Star Health’s unwavering commitment to combat financial crime and ensuring robust anti-money laundering (AML) practices.
With a focus on innovation, customer-centricity and transparency, Star Health Insurance strives to set industry benchmarks and drive positive change in the health insurance ecosystem. Star Health believes that all employees and associated entities must be trained in the basics of risk management and be able to institute mitigating controls across employee levels. The same has been achieved through a sustained knowledge-sharing program, encouraging collaborative endeavour across departments, implementing strong risk protocols to respond to anticipated and unanticipated threats, and stringent risk-based audits. The overarching purpose remains steadfast, which is keeping the customers and society safe for a better future.
Commenting on the achievement, Kapil Punwani, Chief Risk Officer, Star Health Insurance said, “We are excited to win the ‘Best AML Program Management of the Year’ award. The health insurance business today is fraught with risks owing to several external factors and we completely align with the principles of ‘Cultivating Curiosity, Harvesting Innovation.’ At Star Health Insurance, AML Program Management is a core component integral to our strategy and decision-making designed to proactively identify, assess, and manage the risks associated with money laundering and financial crimes. Our AML efforts are deeply embedded within our strategic and organizational frameworks, reflecting our proactive approach to compliance and governance.”
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