Apollo Munich Health Insurance

Apollo Munich Health Insurance Company Ltd.
Industry Health Insurance
Founded 2007
Key people
 Mr. Antony Jacob[1]
Products Health insurance, Accident insurance, Travel insurance
Number of employees
 2,200 (as of September 2016)
Parent Apollo Hospitals and Munich Health
Website www.apollomunichinsurance.com/ Edit this on Wikidata

Apollo Munich Health Insurance Company Ltd. is a private sector health insurance company in India. Founded on 8 August 2007, it is a joint venture between the Apollo Hospitals group and Munich Health, one of the three business segments of Munich Re; a leading reinsurance company based in Germany.[2]

Apollo Munich Health Insurance has 180+ physical offices all over India and more than 2,800+ employees.

History

Apollo Munich Health Insurance Company Ltd. was originally known as Apollo DKV Insurance Company Ltd.; a joint venture between Apollo Hospitals and DKV AG, a subsidiary of ERGO Group; a group of insurance companies owned by Munich Re. The stake holding of the two companies was in the ratio of 74:26 (Apollo Hospitals Group: DKV AG).[2]

Apollo DKV was renamed Apollo Munich Health Insurance in December, 2009. Munich Re acquired an additional 23.27% shares of Apollo Munich Health Insurance in January, 2016, increasing its shareholdings to 48.75%.[3]

Initial challenges and strategies

The domain of health insurance in India was limited to public sector companies till 1999.[4] The fixed rates, terms and conditions of the products insurers could offer were also strictly regulated.[5]

Apollo Munich Health Insurance was one of the first standalone health insurance companies to enter the market after liberalisation of the Indian insurance industry and end of the tariff regime.

The company’s initial strategy was to lay stress on innovation and target the group insurance business. But it was unable to garner a sufficient number of clients. Apollo Munich’s products “married healthcare financing with healthcare management”,[6] thus leading to higher premiums and less takers for the products. Apollo Munich’s exposure to group insurance business also resulted in a high claims ratio or loss ratio.[6]

In 2009, Antony Jacob, previously finance director of RSA Insurance Group for Middle East and Asia, joined Apollo Munich as CEO and decided to switch the company’s focus to retail insurance. He also introduced the concept of corporate healthcare management instead of standalone healthcare financing. These steps worked in favour of Apollo Munich Health Insurance. Optima Restore, a policy that automatically restores the entire sum insured, for no extra cost, in case it is used up in the policy period, won Apollo Munich the Asia Insurance Award for Innovation in 2012.[7]

References

  1. ↑ "Management Profile". Retrieved 23 September 2016.
  2. 1 2 "Apollo Munich History, Apollo DKV to Apollo Munich". www.apollomunichinsurance.com. Retrieved 22 September 2016.
  3. ↑ "Munich Re Press Release". Retrieved 22 September 2016.
  4. ↑ "Insurance Regulatory and Development Authority of India Act, 1999". Retrieved 23 September 2016.
  5. ↑ "Effects of Liberalisation on Indian Insurance Market-An Overview by C.S. Rao". Retrieved 23 September 2016.
  6. 1 2 "Apollo Munich: Healthy profits from Unhealthy people". Forbes India. Retrieved 22 September 2016.
  7. ↑ "Apollo Munich's Optima Restore wins Innovation of the Year Award". Bimabazaar.com. Retrieved 22 September 2016.
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