After stepping down as Chairman, Venkatasamy Jagannathan plans to unveil something “novel” within the next two months.
After enjoying a fulfilling career, many eagerly look forward to retirement. However, Venkatasamy Jagannathan, the 78-year-old founder of Star Health and Allied Insurance Company Ltd., one of the largest private health insurers, has opted for a different path. Following his resignation as Chairman, Jagannathan has set his sights on launching something “new” within the next two months.
According to PTI, the experienced individual expressed, “I have always believed that every start has a conclusion, and every conclusion holds a new beginning. With God’s grace, I look forward to commencing something within the upcoming two months. While I refrain from providing further specifics, it will undoubtedly be a matter of personal significance to me.”
Before taking charge as the Chairman and Managing Director (CMD), United India was experiencing mounting losses of Rs 50 lakh in 2001. However, during Venkatasamy Jagannathan’s tenure, the company turned around its fortunes and achieved a profit of nearly Rs 400 crore by the time he departed in October 2004. Jagannathan commenced his professional journey at Hercules Insurance Company on June 3, 1970, and later transitioned to United India as an administrative officer.
In May 2006, Venkatasamy Jagannathan embarked on the journey of establishing Star Health and Allied Insurance Company (Star Health). During its humble beginnings, Jagannathan and his 12 team members resided in a vacant flat on Madha Church Road in Chennai, paying a modest monthly rent of around Rs 30,000. Since then, the company has made remarkable progress, now employing over 14,000 individuals and boasting a business value exceeding Rs 30,000 crore.
Over the course of his illustrious 53-year career, the esteemed 79-year-old industry veteran has experienced multiple retirements. Prior to his involvement with Star Health, Venkatasamy Jagannathan had already authored an inspiring tale of revival during his tenure with the government-run United India Insurance Company (United India).
Following his retirement, Venkatasamy Jagannathan collaborated with ETA Star Group to establish Star Health. As part of its operational strategy, the company assembled a team of physicians to meticulously examine the intricacies of each medical bill. Currently, Star Health has grown to employ 400 doctors and has established itself as one of India’s prominent health insurance providers, offering coverage across a network of 13,000 healthcare facilities.
