Apollo Munich Health Insurance Co. Ltd. (Apollo Munich) is the new name for Apollo DKV Insurance Co. Ltd. The new name was officially announced today as the company embarks on the new rebranding exercise after receiving the required shareholder and regulatory approvals to change its name. The announcement of the 'Apollo Munich' name is a significant milestone as the company is set to scale its business to garner a sizable share of the growing market for health insurance. Headquartered in Gurgaon with an expanding national presence, Apollo Munich is a joint venture between Asia’s largest integrated healthcare provider, The Apollo Hospitals Group, and Germany based Munich Re’s newest business segment, Munich Health.
Sharing her thoughts on the rationale for the new brand name, Ms. Shobana Kamineni, Whole Time Director, Apollo Munich, said “The new name is in line with our brand strategy to communicate the deep rooted expertise of the company. Apollo is a household name synonymous with the best quality healthcare and our partner company Munich Health is a true pioneer in the field of global health risk management. We felt it was necessary to have the brand reflect the strong foundation and build greater familiarity with consumers as we grow our business.”
Dr. Wolfgang Strassl, Director of Apollo Munich and Head of the Board of Management of Munich Health added, “Munich Health is in fact the new brand under which Munich Re is now offering its healthcare-sector services to clients and partners throughout the world. Munich Re is thus bringing together under one banner its global insurance and reinsurance know-how in health.”
The company’s name change comes at a time when the health industry sector in the country is growing at an aggressive pace and Apollo Munich has set out to provide innovative health insurance products to address "preventive" needs and not merely focus on "curative" needs.
According to Antony Jacob, CEO, Apollo Munich, “Our new name Apollo Munich Health Insurance embodies a promise to our customers of providing affordable and innovative health insurance solutions based on the combined expertise of both partners, each a leader in their field. For our customers, employees and other stakeholders, our new brand will come to stand for partnership, excellence and clarity from a company that is the expert in both health and insurance.”
Apollo Munich has robust plans to expand its branch network, double the number of policy selling agents and increase the company headcount in its aim to achieve a market penetration of 5% of the retail health insurance market by 2013-14.
A day after the United Progressive Alliance (UPA) government allowed up to 49 per cent foreign direct investment (FDI) in the insurance sector and ...