The stand alone health insurer Apollo Munich Health Insurance (AMHI) is eyeing Rs 1700 crore of premiums during 2017-18.
“At Rs 1700 crore, we are targeting a growth of 30 per cent in our total premium income by the fiscal-end. We had mobilised a total premium of Rs 1300 crore during the last fiscal. Currently, the company has 80 per cent of its premiums generated from retail business and 20 per cent from corporate accounts. We have been making profits for three years in a row, Antony Jacob, MD & CEO, Apollo Munich Health Insurance.
AMHI launched its new health insurance product ‘WINSURE in Mumbai on Friday.
On the insurance regulator IRDA’s move to study the impact of wearable and portable devices on the health insurance sector, he said,“ We are waiting for the final clarity to come from Irdai on the issue. Though we have already started working on it.
According to him cellphone, which doesn’t fall under wearable technology category, is the most penetrated one unlike other wearable technologies.
“We already have such discounts available for cellphone users and we do provide discount in the range of 2-8 per cent depending upon the per day walk in the range of 5001-10,000 steps or more per during day walk which is recorded by an app developed by us,’’ he said .
Health Wallet pays for other medical expenses that are not covered under any other medical insurance such as cosmetic treatment, Alzheimer’s etc. Customers can even use this reserve amount to fund for co-payment and deductible cost. The product has reserve benefit which lets customer earn money. Every year the unused reserve amount gets carried forward and earns a 6% bonus. This accumulated reserve kitty can in turn be used to pay upto 50% of the renewal premium, post five continuous renewals.
`With changing lifestyles, healthcare needs of Indians are changing at a rapid pace India ranks 183 out of 189 countries on account of out of pocket expenses, which means almost 70% of healthcare expenses incurred is out of pocket . Post retirement people are worried about funding health insurance premiums.
“These pertinent concern areas of customers lead us to re-invent the industry,’’ said Jacob.