Standalone health insurer Apollo DKV, which began operations in December 2007, is putting in place aggressive plans with a line-up of new products and services.
Has received Irda approval for its individual, family and group health plans
KOLKATA: Standalone health insurer Apollo DKV, which began operations in December 2007, is putting in place aggressive plans with a line-up of new products and services.
The company is a joint venture between Apollo Group of hospitals and DKV, a subsidiary of the Munich Re Group.
Apollo DKV plans to have three main lines of business - health insurance, personal accident and travel insurance in the first year of operations.
C Chandrasekhar, chief marketing officer, told DNA Money, “Both partners devoutly believe in the growth potential of the Indian health insurance market, which is growing at almost 35% and hence the corresponding business opportunities.”
The company has received approval from the Insurance Regulatory & Development Authority (Irda) for its individual, family and group health plans.
It also plans to introduce a short-term travel insurance plan this year.
Apollo DKV has initiated operations with an initial capital of Rs 108 crore. It proposes to have a sale network of around 20,000. It has lined up 25 locations in the current fiscal and is eyeing 100 offices in the third year of operation.
“The idea is to attain a significant market share of over 10-12% by the seventh year of operation,” Chandrasekhar said, adding, “A global health plan innovation is in its design stage. We hope to launch it by mid-year, once we get the regulatory approval.”
“The module we are designing covers medical expenses for hospitalisation and inpatient expenses during prepost hospitalisation stage or inpatient follow-up, rehabilitation etc,” he added.
On the issue of high claims associated with health insurance, he said, “It’s just been over a month since we’ve initiated our selling process and it is a little early to comment on any sizeable experience. For the initial years, the cost component takes a back seat as it is more of an investment.”
Individual health companies are yet to hold stage, as the bulk of health insurance is driven by mediclaim policies from nationalised companies. The Chennai-based Star Health Insurance, is another standalone health insurer.
Apollo DKV has also recently tied up with Bonsai Insurance whereby customers can purchase a health plan over the Internet.
g_nandini@dnaindia.net
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