Bengaluru-based Vidal Health Insurance TPA (third party administrator) announced 100 percent acquisition of its competitor Vipul Medcorp (VMC). While the financial details were not revealed, the official statement said that the companies will merge together to become one of the top three TPAs in India.
A third-party administrator is an organisation that processes insurance claims.
Speaking about the acquisition, Girish Rao, Chairman and Managing Director, Vidal Health, said, “Both businesses complement each other’s strength in business verticals and geographical spread. 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.”
IRDA-liscenced Vidal Healthcare provides TPA services to health insurance policyholders.
According to Girish, this deal will enable them to expand their business in Oman. Vidal is currently, already present in Dubai, Abu Dhabi, and Qatar.
Vidal provides third-party administration services, wellness products and programmes, and connected healthcare management eco-system based on technology and innovation.
The company claims to have supported 140 million lives, with over 12,000 hospitals and more than 20,000 OP clinics. They also claim to have a 60 percent share of state and central govt policy implementation.
In India, Vidal claims to have a presence across 800 cities in 310 districts. The company’s robust technology platform provides a wide range of health insurance products and also provides services to manage the customers.
“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.”