Apollo health cover drill
Calcutta: Standalone health insurance company Apollo Munich is eyeing a 30 per cent growth in gross written premium aided by a stronger agency distribution channel and new products. Apollo Munich is a 51:49 joint venture between Apollo Hospitals and Germany's Munich Health.
The company plans to increase the share of retail policies, having sliced the share of the corporate health segment down to 20 per cent from 30 per cent in the last five years. The company is a profitable business in the last three years.
"This year we are eyeing a 30-33 per cent growth in gross written premium. In absolute terms, the gross written premium is set to cross Rs 1,700 crore from around Rs 1,300 crore last year. The growth will be driven largely by the three retail channels - agents, direct sale and third party distribution. We expect to remain profitable," said Krishnan Ramachandran, deputy chief executive officer, Apollo Munich Health Insurance.
"We currently have around 40,000 individual agents and the strength is increasing every year by around 10-15,000. Taking into consideration the attrition, we could end the financial year with a strength of close to 50,000 agents," Ramachandran said.
Apollo Munich has introduced Health Wallet insurance which offers reserve benefit on certain out-of-pocket expenses and a 6 per cent bonus on the unused reserve amount.
Ramachandran said the company was expecting a regulatory clearance to three products in the next financial year. Currently, it has 13 products.
The standalone health insurance industry, comprising six insurers, and estimated at close to Rs 6,000 crore is growing at 35-40 per cent to cross over Rs 20,000 crore by 2021-22.