Apollo Munich eyes 2-3 bancassurance tie-ups this fiscal

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Enthused by the open architecture system announced by insurance regulator IRDAI, Apollo Munich Health Insurance said it is eyeing a couple of more bancassurance tie-ups in the current fiscal.
"We have got bancassurance partners which would see 2-3 additions by the end of the current fiscal," Apollo Munich Health Insurance CEO Antony Jacob told PTI.
Currently, the company has distribution tie-ups with Canara Bank, Indian Overseas Bank, Axis Bank and Citibank.
Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with a maximum of nine insurers from three segments -life, non-life and standalone health insurers - as part of the new bancassurance guidelines.

The company also plans to infuse Rs 50 crore capital during the last quarter of the current fiscal to expand business.
Currently, its paid-up capital stands at Rs 357 crore.

Having witnessed a growth of 27 per cent last fiscal, the company is expecting increase of 30 per cent in the new business in 2016-17.
The company eyes Gross Written Premium (GWP) of Rs 1,300 crore by the end of March 2017.
Talking of paperless initiative of the company to underwrite policy, Jacob said: "Ampower app has enabled our sales force to issue a policy in 7 minutes from the traditional 14-day period."

The new business growth expected via the new app by the end of the current financial year is 65-75 per cent, he said.
"We expect to have approximately 15,000 agents using the Ampower app by the end of 2016-17. In terms of agent productivity figures, our focus this year has been to drive adoption and usage," he said.
Once this is achieved, the company will have a baseline in place to measure productivity.
Recently, Apollo Hospitals Group announced selling 23.3 per cent shareholding in Apollo Munich Health Insurance Company to its German partner Munich Re for Rs 163.5 crore.