Apollo Munich eyes Rs 700 cr premium this year

Firm today launched a product -- Energy -- to cover diabetes and related complications

Apollo Munich Health Insurance, the joint venture between Apollo Hospitals Group and Munich Health is expecting to clock a premium of Rs 700 crore this year. The insurance firm launched its new insurance product Energy that cover diabetes and related complications.

Speaking to reporters after announcing Energy, Antony Jacob, chief executive officer, Apollo Munich Health Insurance, said, “Last year we did about Rs 600 crore premium and this year we hope to do Rs 700 crore.”

He said the company’s retail segment business was growing around 50 per cent. “Our thrust is on the retail,”said Jacob. For this, it plans to add 5,000 agents in the next one year.

It has around 30,000 agents. However, it is going slow on the group healthcare insurance.

The newly-launched scheme comes up with a one-day coverage.

It has also designed the package with health management measures including offering the service of health coach, an integrated health portal and a smart phone application along with reward points.

Under Phase-I, it would be launched in eight cities including Delhi, Mumbai, Chennai, Ahmedabad, Kolkata and Pune on December 16.