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MEDI ASSIST HEALTHCARE SERVICES LTD PLACE ORDER

Medi Assist Unlisted shares Essentials

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ISIN

Face Value

Total Share

U74900KA2000PLC0272 29

₹5.00

6,88,59,212

Total Income

Profit A몭 er Tax

Promoter Holding

₹330.41 Cr

₹34.56 Cr

77.10 %

EPS

Sector

Sub-sector

₹5.17

Financials

Insurance

Cashflow - Operations

Cashflow - Financing

₹18.65 Cr

-₹11.75 Cr

MEDI ASSIST Growth Compounded Sales Growth 17.51% 1 Year

Pro Only

16.95% 2 Year

Pro Only

Compounded Profit Growth Portfolio 31.96%

Basket

1 Year

Return On Equity 15.90% 1 Year

Watchlist

-7.56%

2 Year Pro Only

12.25% 2 Year

About MEDI ASSIST Medi Assist Healthcare Services Ltd. is India’s leading Healthtech and InsurTech company focused on administering health benefits across employers, retail members and public health schemes. They are India’s largest health benefits administrator in terms of revenues and premium serviced for health insurance policies for the financial years 2018, 2019 and 2020. Satish Gidugu is the CEO of the Medi Assist Healthcare Services Ltd. The company has developed a pan-India healthcare provider network, which comprises over 11,000 hospitals across 722 cities and towns. During the FY 2020, they settled 37.7 Lakh claims worth INR 7,899 Cr. The company earned a total income of INR 330 Cr. and a profit a몭 er tax of 34 Cr. for FY 20. Mr. Rakesh JunJhunwala invested in Medi Assist Healthcare Services Ltd. in the year 2012 and continue to hold the shares till date.

MEDI ASSIST Subsidiaries The company has one subsidiary Medi Assist TPA Medi Assist TPA was incorporated on September 3, 1999 as Medi Assist India Private Limited. Subsequently, its name was changed to Medi Assist India TPA Private Limited on January 16, 2009. Its name was changed to Medi Assist Insurance TPA Private Limited on September 2, 2016. Medi Assist TPA is currently engaged in the business of processing insurance claims as a thirdparty administrator.

MEDI ASSIST Revenue Segmentation

Motor

Health

Fire

Personal Assets

Marine

Others

MEDI ASSIST Unlisted shares Product & Services Products Member Benefits Platform Member benefits platform is a secure environment that allows members to review their coverage, download documents like benefit schedule and member guide, and gives them access to the provider finder and online claim submission process. Outpatient Benefits Platform Med-Max is a platform for automated, a몭 ordable, and accessible outpatient medical benefits Payer Platforms Med-Insur partners with payers to help accelerate their health insurance innovation journey. The product o몭 ers an end-to-end core administration platform for small and large health plans to modernize their systems at scale and introduce new products quickly. Claims Management Platform Med-Claim simplifies the claims processes for customers, employees, agents and third parties with an innovative solution to address a common industry problem improving claims service while reducing costs. Healthcare BI/Analytics Med-Pi Identifies factors and trends that drive losses. Analyze historical and current claims data to ensure that providers are charging for the proper treatments. Improve investment by using payer data-backed evidence to demonstrate and defend the success of a program or strategy Services Medi Assist Healthcare Services Ltd. provides services to various stakeholders, which can largely be summed up as follows: To Policy holders

Onboarding Benefit administration Hospitalization concierge Outpatient benefits Tech Integration To Insurance Companies Claim management Access to provider and network rates To Hospitals Contract rate, discounts and packages Electronic pre-authorization Cashless processing Paperless lifecycle (electronic)

MEDI ASSIST Industry Overview Industry Statistics The insurance industry of India has 57 insurance companies 24 are in the life insurance business, while 34 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re). Other stakeholders in the Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims

Future Prospects In India, the overall market size of the insurance sector is expected to INR 20,16,000 Cr. in 2020. The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance penetration was pegged at 3.76% in FY20, with life insurance penetration at 2.82% and non- life insurance penetration at 0.94%. The market share of private sector companies in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance segment, private players held a market share of 33.78% in premium underwritten services in FY20. In FY21 (until February 2021), premium from new business of life insurance companies in India stood at INR 2,29,680 Cr. Gross premiums written of non-life insurers in India reached INR 1,75,572 Cr. in FY21 (between April 2020 and February 2021), from INR 1,76,760 Cr. in FY20 (between April 2019 and February 2020), driven

by strong growth from general insurance companies. The government schemes constituted 73% of total lives covered in 2019-2020 and have increased at a CAGR of 11.1% over the period from 2014-2015 to 2019-2020. This can be attributed to the revival of the public health insurance schemes with launch of Ayushman Bharat. Interestingly, due to these launches from the government, the growth of lives covered under the group schemes witnessed the fastest growth of 13.9% CAGR from 2014- 2015 to 2019-2020

MEDI ASSIST Awards & Achievements Business Leader of the Year Award by World Leadership Awards, 2021 India’s Best TPA by Asia’s Insurance Awards, 2020 Top 14 Healthiest Workplaces in India by Arogya World Best HR strategy in line with Business by Karnataka Best Employer Brand Awards, 2020 Dream Companies to Work For by Karnataka Best Employer Brand Awards, 2020 Certificate of Appreciation for Exemplary Performance FICCI Healthcare Excellence Award, 2019 Tatva Annual Awards by ICICI Prudential for Best Service Provider- Tele Underwriting, 2018 CIO 200 Change Agents, 2017 CIO 100 Award – Oscar of the IT Industry - Information Mastermind Pahal Award by Tata Consultancy Services Gold Medal and "Skoch Award for Excellence" for RGJAY scheme – Maharashtra

MEDI ASSIST Strengths

MEDI ASSIST Shortcomings

Total income has been rising at 2-year CAGR of

The company is dependent on a limited

17%

number

The

company

is India’s

largest

health

of insurance

companies

for a

significant portion of their revenues. For the

benefits administrator in terms of revenues

and premium serviced for health insuranc e

companies

policies for the financial years 2018, 2019

management

and 2020.

revenue from operations.

The company has developed a pan-India

The company is dependent on corporate

healthcare

provider

network,

which

2020,

their based

five

largest

contributed

insurance

premium 65%

under of their

accounts in certain industries for a significan t

comprises over 11,000 hospitals across 722

portion of their revenues from operatio ns.

cities and towns. During the FY 2020, they

For FY 2020, of the total premiums serviced

settled 37.7 Lakh claims worth INR 7,899 Cr. In

attributable to their 50 largest corporate

FY 20, They serviced over 7,800 corporate

accounts, corporate accounts in the IT/ITES

accounts,

managed

INR

6,243 Cr.

62%, and corporate

corporate premium representing 24% of the

accounts in the BFSI sector contributed 18%.

overall corporate health insurance market in

The company’s total expenditure has been

India and 36% of the corporate health

increasing at 2-year CAGR of 23%.

insurance market serviced by health benefits administrators. They managed

INR 7,829 Cr. of health

insurance premiums for the financial year 2020 and had market shares of 17% of the private health insurance market and 29% of the private health insurance market serviced by health benefits administrators in India, based on premium under management for the financial year 2020 The company has long-term relation sh ips with

large

corporates

and

insurance

companies. The technology deployed by the company has so far been able to achieve a success rate of 17% in the detection of fraudulent claims during the first nine months of FY21 which resulted in savings of close to ₹ 86 crore for insurers.

MEDI ASSIST Opportunities Rising

income

levels,

greater

MEDI ASSIST Threats health

awareness, increased occurrence of lifestyle diseases and improved access to insurance are key drivers contributing to the growth of healthcare market in India. Compared to other developing nations, India’s per capita healthcare expenditure (USD 73 in 2018) is on the lower side, which is expected to gain momentum

with

increasing

public

and

private health expenditure along with rising enrolment in healthcare insurance. Over the last four to five years, the out-of-

Their business depends on their ability to e몭 ectively network

manage

and

of healthcare

expand

providers.

their Their

inability to ensure significant volume of business for such providers may adversely impact their ability to maintain preferential pricing arrangements. Their dependence on few clients exposes them to risks associated with their client’s internal management,

financial condition

and creditworthiness,

and major events

a몭 ecting these clients.

pocket

healthcare

percentage

expenditure current

healthcar e

expenditure has shown a decreasing trend and

with

increasing

health

insurance

penetration, it is expected to reduce further over the next five years

The biggest risk that Medi Assist faces is competition. While the industry is crowded with 23 players, a small number own the bulk of the market. As of FY20, there were only four players which generated a revenue of more than ₹ 100 crores, while the remainin g six generated revenues in the range of ₹ 45-88 crore. This opens up the possibility of mergers and/or acquisitions.

MEDI ASSIST Rating

RECOMMENDATION Strong Buy

MEDI ASSIST Detail Info Industry Statistics PUBLIC LIMITED Registered In India Registered Date 07/06/2000 Planify Ticker MEDIHEALTH Reg O몭 ice: Tower D, 4th Floor, IBC Knowledge Park, 4/1 Bannerghatta Road, Bangalore, Karnataka -560029 Website: http://www.mediassist.in

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Planify Consultancy India Pvt. Ltd Planify Capital Limited SEBI Registration - NSE:AP2815021843(CM Segment), AP2815021843(FO Segment), MCX:AP144517 Mutual Fund License No. ARN-164419 , IRDA Code: ABLIC1003123454, ABLIC1003131639 90b, Delhi - Jaipur Expy 90b, Delhi - Jaipur Expy, Sector 18, Gurugram, Haryana 122008, India View larger map

MiQB, Plot 23, Sector 18, Maruti Industrial Development Area Near Motherson Sumi Systems Limited, Gurugram, Haryana 122015