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 Apollo Munich Health Insurance

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 is ISO – 9001:2008 certified for Design, Distribution and Servicing of health insurance products. It has 100 physical offices all over India and more than 2,200 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]

Branding & Marketing

Apollo Munich’s tag line, ‘Let’s Uncomplicate’, is supposed to convey its effort to simplify and make more transparent, the process of buying health insurance. Its brand logo, a colourful, ‘happy man’, is meant to depict the company’s endeavour to help its customers stay healthy and joyful.[2]

Brand ambassador

In March, 2012, the company appointed Sourav Ganguly, a former Indian cricketer and captain of the Indian national cricket team, as brand ambassador. Sourav Ganguly is part of Apollo Munich’s media plan that combines marketing, strategic and social initiatives.[4]

Antony Jacob, CEO, Apollo Munich Health Insurance, accords this decision to the congruence of Sourav Ganguly’s qualities and traits with those of the company, including his leadership qualities, courage, constant endeavour to improve and clarity & transparency.[4]

Initial challenges and strategies

The domain of health insurance in India was limited to public sector companies till 1999.[5] The fixed rates, terms and conditions of the products insurers could offer were also strictly regulated.[6]

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”,[7] 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.[7]

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.[8]

Award-winning products

Dengue Care

Awarded the Best Health Insurance Plan award at FICCI Healthcare Excellence Awards 2016,[9] Dengue Care is the only insurance plan in India covering a specific contagious disease.[10]

Energy

Energy has won Innovation of the Year award by Asia Insurance Awards and Fintelekt.[11] It is a health insurance plan specifically for those with Type II diabetes, pre-diabetes or hypertension. It has no waiting period for hospitalisation arising from these conditions.[12]

The plan includes a health management program and a reward system that rewards the policyholder with a discount on renewal premium and additional reimbursement of medical expenses.[12]

Optima Restore

Having won multiple innovation awards by Asia Insurance Review, Finnoviti, Digirati and Fintelekt,[11] Optima Restore is a health insurance policy that restores the entire sum insured if it is used up in the policy period, at no extra cost. The product also offers 50% of sum insured as bonus in a claim-free year, up till 100% of sum insured for two consecutive claim-free years.[13]

Apollo Munich’s innovations standardised by IRDAI

Apollo Munich Health Insurance has brought in several innovations that have been made industry standards by the Insurance Regulatory and Development Authority of India (IRDAI).[7] These standardisations are described by IRDAI as follows.[14]

Portability

The right of an individual health insurance policy holder (including family cover), to transfer the credits gained for pre-existing conditions and time-bound exclusions if they decide to switch from one insurer to the other or from one plan to another plan of the same insurer, provided the previous policy has been maintained without any break.

No claim-based loading

An insurer cannot increase the premium owed by the policy holder for the same sum insured on the basis that the insured made a claim in the previous policy year for an illness or accident.

Lifelong renewals

A policy holder can renew their policy for their lifetime.

Key people in the organisation[1]

Name Designation
Mr. Antony Jacob Chief Executive Officer
Mr. Krishnan Ramachandran Deputy Chief Executive Officer
Mr. Srikanth K Chief Financial Officer and Company Secretary
Mr. Sriharsha A Achar Chief People Officer

Awards & Recognition

Apollo Munich Health Insurance has won the following awards, among others.[11]

2016: Won the ET Best Brand Award in the BFSI Category, was recognized as Great Place to Work for the 6th time in a row, won the Global Brand Excellence award by CMO Asia for sustainable marketing excellence and was recognised as Claims Service Leader by the Indian Insurance Awards, 2016, conducted by Fintelekt

2015: Best Health Insurance Provider by Money Today. Also got recognized by The Indian Insurance Awards as The Technology Leader of the Year

2014: Innovation Of The Year award by Asia Insurance Awards and Fintelekt for Energy, an insurance-cum-wellness plan for people with diabetes. The company also received Health Insurer of the Year Award by Fintelekt and Hero Cycles' India Health & Wellness Awards 2014

2013: Apollo Munich was conferred with the Best Company to provide Health Insurance in India at the Indian Insurance Awards, 2013. It also got the Abby’s (Bronze) in the Best Film (Financial Product) category. At The Indian Insurance Awards, the company won two awards, namely, The Health Insurance Company of the Year and The Technology Maturity Award.

2012: Achieved recognition as The Best Health Insurance Company by Outlook Money. Won multiple innovation awards for its pioneering product Optima Restore by Asia Insurance Review, Finnoviti, Digirati and Fintelekt.

2011: Received an ‘Effie’ for the effectiveness displayed in its marketing campaign, “Making Time to Pause”. Also won E-Business Leader by India Insurance Review.

2009: Won CII Wellness Awards for being the best corporate wellness organisation.

References

  1. 1 2 "Management Profile". Retrieved 23 September 2016.
  2. 1 2 3 "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. 1 2 "Apollo Munich associates with Sourav Ganguly to increase health insurance awareness". afaqs!. Retrieved 23 September 2016.
  5. ↑ "Insurance Regulatory and Development Authority of India Act, 1999". Retrieved 23 September 2016.
  6. ↑ "Effects of Liberalisation on Indian Insurance Market-An Overview by C.S. Rao". Retrieved 23 September 2016.
  7. 1 2 3 "Apollo Munich: Healthy profits from Unhealthy people". Forbes India. Retrieved 22 September 2016.
  8. ↑ "Apollo Munich's Optima Restore wins Innovation of the Year Award". Bimabazaar.com. Retrieved 22 September 2016.
  9. ↑ ""Apollo Munich Health Insurance bags 'Best Health Insurance Plan' award at FICCI Healthcare Excellence Awards 2016"". Business Standard. Retrieved 22 September 2016.
  10. ↑ ""Dengue Care is a good entry point to health insurance: Apollo Munich Healthcare CEO"". DNA India. Retrieved 22 September 2016.
  11. 1 2 3 "Awards". Retrieved 23 September 2016.
  12. 1 2 ""Insurance for diabetics: First such policy in the fray, but wait for more"". Livemint. Retrieved 22 September 2016.
  13. ↑ ""Apollo Munich Optima Restore: A Mediclaim product with a difference"". Moneylife. Retrieved 22 September 2016.
  14. ↑ "Guidelines on Standardization in Health Insurance" (PDF). Retrieved 23 September 2016.
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