Apollo DKV ties up with Muthoot Pappachan Group

Apollo DKV Insurance Company Limited, a joint venture between the Apollo Hospitals group and European health insurance major Deutsche Krankenversicherung (DKV) AG, has entered into an exclusive tie up with Kerala-based Muthoot Pappachan Group to tap the business potential in the state.

Speaking to Business Standard, Apollo DKV chief executive officer Chandra Shekhar said the tie up with the non-banking finance company was aimed at offering customers a comprehensive solution for purchasing health insurance products through the latter's branches in Kerala. “Through the tie up with Muthoot Pappachan Group, wee expect to garner close to a Rs 10-crore premium income in the first year in Kerala,” he said.

The revenue sharing with Muthoot would be in adherence to Insurance Regulatory and Development Authority (Irda)’s regulations. The company would also seek an added association with Muthoot Pappachan Group to take the tie-up beyond Kerala. “At the moment, we hope to tap the urban and rural regions in the state. We might think of taking the alliance to regions such as Maharashtra, where Muthoot has a major presence, at a later stage,” he said.

The Muthoot Pappachan Group is one of the Kerala’s leading business groups with a nationwide presence in retail banking and financial services, hospitality industry, infrastructure development, wind power and automobiles.

The company plans to have 10 offices across Kerala by the end of the next calendar year. “We look to add five new offices, including one in the Kerala capital, by mid of next year,” he said. Apollo DKV currently has an office in Kochi.

It has also initiated the process of recruitment and training of a network of retail insurance agents with the support of Muthoot, wherein the existing infrastructure of the group in Kerala would be utilised effectively.