Calcutta: independent health insurance company Apollo Munich expects a 30 percent growth in gross written premium thanks to a stronger channel of agency distribution and new products. Apollo Munich is a joint venture 51:49 between Apollo Hospitals and Germany Munich Health.
The company plans to increase the share of retail policies by reducing the portion of the corporate health segment to 20 percent from 30 percent in the last five years. The company is a profitable business in the last three years.
“This year we expect a growth of 30-33 percent in the gross premium issued.In absolute terms, the gross premium issued will go to Rs 1,700 crore of around Rs 1,300 million last year.” Retail channels: agents, sales direct and third-party distribution, we hope to remain profitable, “said Krishnan Ramachandran, executive vice president of Apollo Munich Health Insurance.
“We currently have around 40,000 individual agents and the strength increases each year by around 10-15,000, taking into account the wear and tear, we could end the financial year with a force of about 50,000 agents,” said Ramachandran.
Apollo Munich has introduced Health Wallet insurance, which offers a reserve benefit for certain out-of-pocket expenses and a 6% bonus on the amount of the unused reservation.
Ramachandran said the company expected regulatory approval for three products in the next fiscal year. Currently, it has 13 products.
The independent health insurance industry, made up of six insurers, and estimated at around Rs 6,000 crore is growing at 35-40 percent to cross over Rs 20,000 crore by 2021-22.