This award ceremony is a platform which tends to give a picture of India’s top most and finest talent in Advertising, Branding, Creativity, Communications as well as Marketing. Along with this, one must also be aware of the fact that these awards are presented to those corporate firms or organizations who have the courage to dream ahead of the boundaries and who have put passion into building their Brands. In addition to this, it is also a platform for those who have shifted the paradigm in setting a new trend in Brand Excellence. Apollo Munich was bestowed with this honor under the theme of “Brand Sustainability- presenting brands who have sustained over the years, innovating and re-innovating to keep up with the changing times.”
As Apollo Munich is a hard core health insurance company, it tends to focus completely and totally on the health care needs as well as requirements of people at large. Along with this, it also tends to keep a track of the ever changing needs of the masses, and thus keeps on coming up with new and improved health insurance plans, which are capable of looking after the well being of one and all.
It is worth taking note of the fact that all the health insurance plans formulated by Apollo Munich are designed in such as way that they tend to easily fall in line with the medical care needs of an individual. From time to time it keeps on launching plans with new, improved and innovative features as well as benefits. It offers an individual with a wide variety of health insurance plans, which tend to offer comprehensive health care coverage against all sorts of health risks. The plans offered by Apollo Munich Health Insurance are designed in an intelligent manner and they are comprised of exclusive features. In addition to this, they take care of the pocket size of an individual, along with ensuring comprehensive health insurance coverage. Furthermore, they tend to make the best in class medical assistance easily available to masses through its health insurance plans which have an affordable premium amount.
Apollo Munich Health Insurance not just incorporates its innovative thinking in the plans it designs, but it also incorporates it its marketing strategy. It looks out for new innovative ways which are easy to understand by its existing as well as new customers. It tends to have a customer centric approach, which further helps the company to work in a better manner towards achieving the target of ‘customer satisfaction’. This customer driven approach further helps them in thinking from the point of view of a customer. And, every now and then it keeps coming up with marketing campaigns that are exclusive as well as completely unique, and tends to attract much attention in market.
According to its quality policy, “Apollo Munich Health Insurance Company is committed to deliver high- quality service to its customers through innovative and expert products, integrity in processes and uncomplicated services.” Its main focus is to uncomplicate health insurance for each and every individual across the country. This happens to be the driving force for the company and thus, it keeps on introducing effective themes as well as ideologies. In addition to this, it has successfully been able to make a market for itself by drawing attention of large number of audience. Plus, having served people without any complications has resulted in keeping up with their trust.
Apollo Munich has a dedicated team that diligently works towards ensuring customer satisfaction. Furthermore, it ensures its effective presence in the market by introducing as well as adopting effective marketing strategies. It is worth mentioning that Apollo Munich Health Insurance is on a never ending journey towards improving overall health care conditions for the masses at large.
After claiming this award of Great Place to Work twice in a row in 2012, this will be third time that Apollo Munich is nominated for this award. Time and again, efforts of Apollo Munich have been identified with the capability of best rated services. Building upon the fair and transparent working system, it has maintained the status of serving people with genuine services. Being recognized as a best place to work, it has demonstrated the healthy work environment that it encourages.
Great Place to Work Institute is an independent organization that runs an annual benchmarking survey which studies organizations for their people practices, employee policies and their ways to build an engaged workforce. It considers those companies as best place to work that nourishes cordial relations between employer and employees. Apollo Munich has won recognition under the banner of Great Place to Work in the year 2012. Now, once again it has earned itself ranking in TOP 25 position in the survey list of Great Place to Work.
Every year Apollo Munich aims to reach up to a higher level than the previous record. With this view it keeps introducing innovative products to provide best healthcare services to customers. It keeps a track of changing healthcare needs of people. Adhering to those needs, policies are framed to help them wisely in times of need. Besides this, as an employer Apollo Munich also provides a wide scope of growth for its employees. Aiming for overall improvement and efficient output, it keeps an eye on all aspects.
Customer satisfaction is one amongst the major concerns of the company. To fulfill this objective, it formulates plans as per the needs of its customers. However, besides this Apollo Munich also looks after the needs of its employees. It duly fulfills its responsibilities and duties. Customer friendly environment, welcoming suggestions and encouraging new ideas, reflects its employee concerning approach. Keeping up with work ethics and values, the company believes in celebrating and working with team efforts. This approach has lead its journey so far aiming better results in future. Driven by the passion of providing best- in class services, Apollo Munich makes every possible effort to keep up with the satisfaction of customers as well as employees.
Emerging with innovative products from time to time, Apollo Munich provides wide range of choice. On the other hand, it believes in rewarding its employees for their contribution in its journey of coming up with easy healthcare solutions for masses. In addition to strong customer building relationship, Apollo Munich makes way for the growth of customers. At regular intervals, rewarding ceremonies encourages the efforts of employees. Moreover, communicative network nourishes a healthy environment that further makes the exchange of ideas smooth.
The driving passion for Apollo Munich- a joint venture between Apollo Group of Hospitals and Munich Health is to provide best healthcare and wellness solutions to citizens. It aims to ‘Build an organization on the principles of transparency, trust and integrity’. Thus, besides taking care of the need of customers, Apollo Munich ensures the fulfillment of the needs of its employees.
With a vision to provide a healthy future to people across the nation, Apollo Munich aims for a higher goal. It keeps uncomplicating health insurance for people while ensuring employee satisfaction.
Optima Restore that was introduced as an Unbelievable product came in as a first of its kind plan in Indian Health Insurance market. Apollo Munich has brought unique healthcare benefits to serve people with better services through this product. Taking into consideration the uniqueness of this product, it was awarded Silver in the Digiratti List in 2012.
The Digiratti List by Paul Writer honors those campaigns that are benchmarks for Connected Marketing. This List aims to recognize the team that has created unique customer communities and used innovative social media, video, mobile and digital technology to increase marketing impact. Placing itself in this list, Optima Restore has proved itself to be one of the most
innovative products launched in health insurance arena.
Introducing the product under the unique concept of ‘Unbelievable’, Apollo Munich grabbed the attention of many. After years of research and analysis, it came with this concept that gave health insurance a new perspective. Apollo Munich won this Silver Award for its marketing theme 'Unbelievable' for memorability and retention - featuring hard-to-imagine acts performed
by people from different parts of the world and for turning the company website upside down before the launch to create a buzz to draw trade and customers to the website for more information. This unusual concept successfully gained attention of majority of people.
Beginning its journey as a pure health insurance company, Apollo Munich promised to serve people with trusted services. It aimed at reducing the gap between high going medical care cost and people’s pocket. With an aim to make healthcare affordable, Apollo Munich working with a team of experts ensures best results for healthy future of all.
Coming up with innovative products, it has served people with policies that come with a promise unique and comprehensive coverage. Since the year of inception 2007, Apollo Munich has come a long way with launch of several new products. Presently it has immense variety to offer.
Optima Restore is the most innovative product launched by the company. It has given access to unique medical insurance benefits without any extra charge. Its ‘Restore’ and ‘Multiplier’ benefit has introduced first of its kind benefit in health insurance sector. They make health insurance beneficial and convenient for the insured. Due to such innovative features and benefits, the plan became the choice of millions of people soon after its launch. Framed in sum insured options
ranging from 3 lakhs to 15 lakhs, the plan can be purchased as both individual and family health plan.
With the help of survey, it kept an eye over the changing healthcare needs of people all around. Thereby, keeping the focus on needs of people it has come up with this innovative product. Optima Restore offers the opportunity to people to enjoy first of its kind benefit at reasonable insurance premium.
Considering the uniqueness and the Unbelievable concept in mind, Apollo Munich came with unique marketing strategy of the product. Its promotional videos are equally innovative adhering to the campaign. They bring alive the concept of being unbelievable and something unique. Knitting around this new concept, this campaign made its unique identity in Indian
Health Insurance sector.
Having won several awards, it has brought recognition of being innovative for Apollo Munich. Based on consistent efforts and hard work, this plan holds a place in Digiratti list. It recognizes Apollo Munich’s relentless efforts to uncomplicate health insurance for the citizens of India continue to bring us deserved recognition.
This award has brought the recognition of one of the best places Indian Insurance industry to work with. Apollo Munich not merely uncomplicated health insurance for its customers but also ensures a healthy work environment for its employees. It understands and acknowledges the hard and the commitment shown by its employees. To further encourage them, Apollo Munich ensures the relationship of trust with its employees. Keeping the focus on achieving good results on work front, Apollo Munich has never lacked in its responsibilities towards the employees. Regular events, mailer, certification and other such customer engaging activities, keeps the spark going. It encourages employee participation in all such activities that results in personal growth along with the professional.
Apollo Munich has received several such awards. It has come up with numerous innovative healthcare products that have received good response in India health insurance market. This has brought several such accolades for the company. In its mission of providing outstanding services to customers, Apollo Munich Health also uncomplicated the journey for employees. Working in a healthy and enjoyable environment, it ensures employee satisfaction.
Time and again, such surveys have brought awards for Apollo Munich. It has been the proof of the company working in the right direction. Keeping up with work ethics and values, the company believes in celebrating and working towards the aim of better results every year. It always acknowledges the employee efforts. Taking up with the dedication and the efforts of employees, today Apollo Munich has lot to offer. Beginning with a plan like Easy Health, today it has a long list of comprehensive healthcare plans that can fulfill the needs of customers.
On this occasion of receiving the honor, Antony Jacob- the CEO of Apollo Munich expresses his delight on this recognition. He was pleased to announce the company’s achievement of being rated amongst the top 50 companies to work for in 2012 edition. He also acknowledged the dedication and valuable contribution of employees that took the journey so far. With a higher aim to unveil several such milestones, Apollo Munich will continue giving its best towards the betterment of customers as well as employees.
Driven by the vision ‘to be a trusted leader in the health insurance sector by providing innovative solutions to the citizens of India’, Apollo Munich works to improve the healthcare conditions all over the country. This has lead to it coming up with several innovative ideas formulated in the form of products. Amidst all this, company keeps up with its promise of taking fear out of faces, confusion out of claims, bitter out of medicine, trouble out of treatment and jargon out of words. This has lead to several remarkable outcomes that has highlighted new areas in health insurance sector.
Encouragement and welcoming new ideas and suggestions of employees, Apollo Munich expresses its care for the employees. It further helps people work with dedication and thus put in concentrated efforts. The recent recognition as a Great Place to Work, is a reaffirmation of the robustness of its claim processes and commitment to customers with the promise that if your claim is genuine, we will pay.
Insurance companies use the report ‘Social Media in the Indian Insurance Industry: User Maturity Benchmarking’ to evaluate the overall maturity of their social media usage and benchmark themselves against peers. Fintelekt’s Social Media Leverage Index was calculated for insurance companies’ usage of Facebook, LinkedIn, Twitter and YouTube, based on three important parameters for each channel ‐
· Frequency and
Fintelekt’s research team mined activities of 49 Indian insurance companies on the social media sites Facebook, LinkedIn, Twitter and YouTube. Thereafter, exercising the survey, it came up with the report that positioned Apollo Munich at the second position for its presence on social medical websites.
By making itself available through its social media websites, Apollo Munich allow the users to interact with the company easily. It help develop an easy communication network that enhances the work process for best results. By acquiring this rank in the survey, Apollo Munich has proved its active participation on all its social networking sites.
Beginning its journey in the year 2007, Apollo Munich has come a long way. It has been reaching out to people through all its social media websites. They make people aware of the recent activities that are going around in the company and help get in touch with its products coming. Time and again, it keeps conducting contests and events on its ‘Facebook’ so as to engage the audience for better understanding. Not merely restricting itself to insurance products, the facebook page has been liked by people for providing useful information like health tips and important facts related to that. Moreover, it makes people aware of the its upcoming events or new launches by organizing customer engaging activities like quiz. Also, the users can get answers to their queries instantly by way of facebook interaction. With all such efforts, Apollo Munich social medial group makes sure that it is live and interesting for the users giving them the opportunity to get familiar with all its services.
On the other hand, on ‘Youtube’ the users can take a look at all of its innovative and intelligently devised videos. They help get idea about its ideologies, thought process and what the insurer aims at. These interesting videos allow easy understanding of its services and products. Thereafter, giving a genuine idea about its products and benefits. However, ‘LinkedIn’ allow customers to know all about the company. People can lay hands on the product details and develop proper understanding of them. It will help know about the products that has been launched by the insurer till date. Accessing the ‘Twitter’ link, one can get latest updates about the company events and participate in quiz for better understanding.
In this way, Apollo Munich Health Insurance keeps its presence active through its social media links. Working upon it with tuned in creative channels and complete dedication, it has travelled the journey till date with good response. Further, keeping the flow going, Apollo Munich strive to undertake new endeavors to make it more interesting and live for people.
Maintaining such customer engaging social networking sites, Apollo Munich steps towards its objective of ‘Let’s Uncomplicate’. Working through the channel of social media it makes itself readily accessible for masses. Having claimed the 2nd position in GI category for its presence in social media websites, the company shines out with its effective working and creative thinking.
In health insurance policy, every individual will have specific requirements. According to the personal health status and specific healthcare needs, one can select the plan that can meet all such needs. While searching for a medical insurance plan, every buyer would want to get hold of a comprehensive health cover. People want to buy a plan that can serve him/ her with unique healthcare coverage. To fulfill this need of people, health insurance companies have come up with innovative health insurance products. They aim at giving buyers the option of plans that can look after their healthcare needs at affordable cost but at the same time offers innovative healthcare coverage.
There is no lack of variety of health insurance products. They are ready to serve people with innovative healthcare coverage. To give an example, Optima Restore would be the most appropriate option. It is a plan that builds upon the concept of Unbelievable launched by Apollo Munich Health Insurance. Adhering to the basic idea, the company has equipped the plan with certain unique features and benefits to offer innovative health insurance coverage to people. Moreover, making the plan available for individual as well as family coverage, Apollo Munich has given best option to enjoy innovative medical care coverage. The plan is inclusive of first of its kind benefits, which has made it won appreciation and applause in the form of
‘Innovation of the Year’ award at the Asia Insurance Industry Awards
Innovation Award by Finnoviti in the Insurance Sector for an unbelievable product
India Insurance Awards for Best Product Innovation Award category
This has brought in light, the unique coverage that the product offers. In addition to the basic coverage features, Optima Restore is inclusive of unique insurance benefits like Restore Benefit and Multiplier Benefit. Unlike many other insurance policies, this plan serves you with complete healthcare coverage along with innovative benefits.
Insurance premium is yet another major concern for all policy buyers. Everyone look for a plan that can that can fit into his/ her pocket easily without disturbing the family budget. Individual wants to buy a plan that can offer maximum coverage at little cost. Even in this regard, Optima Restore fulfills the need. At reasonable premium cost, the policy entitles the insured to the wide ranging benefits for lifetime. Getting the plan renewed for whole life secures you whole life to use the policy as and when required.
Having launched this plan, Apollo Munich makes insurance coverage easy and beneficial for all. With this product, the insurer actually brings innovative healthcare coverage well in reach for all. A plan being flexible enough, is available for people of all income groups. Without any extra charge or additional loading, Optima Restore allow the insured to unique healthcare coverage. Once insured, you can enjoy innovative health insurance benefits without any hassle. With a promise of quality coverage and best- in class services, Apollo Munich releases you from all healthcare worries through this plan.
It is better to get right insurance coverage than to sit and wait for any health disorder or illness to come. When such innovative medical insurance products are available, you can easily avail best healthcare services devoid of any complication or compromise in quality of treatment.
It is a tool that comes for the rescue of healthcare difficulties that people face while in their old age. Optima Senior is a recently launched plan by Apollo Munich Health Insurance Company. The plan is designed exclusively for people of age 61 years or above. Offering comprehensive coverage to the person, the policy is destined to issue best health insurance coverage to the policy buyer. With no hidden clauses or unpleasant surprises, the plan is easy to understand and makes the understanding uncomplicated.
While thinking of health insurance, several related thoughts comes in mind. People look for a plan that can ensure complete healthcare protection at the expense of a reasonable premium amount. The needs also differ from individual to individual. On the basis of age, pre-exiting illness and affordability limit, people choose a medical cover for them. Hence, they land up with a plan that can suit their specific needs. In order to take care of all kind of healthcare needs of people, health insurance providers have emerged with numerous innovative healthcare products. They make medical insurance suitable and feasible for all.
In this journey of making healthcare easy and with an aim to provide a healthy future to all, Apollo Munich makes genuine efforts. Having introduced several unique healthcare policies it has made a great contribution in Indian Health Insurance Market. Optima Senior is yet another attempt to live up to its promise of taking good care people’s well being.
This senior health insurance plan give you the option to choose a higher insurance cover up to 5 lakhs. Along with this, it is available for cashless treatment providing you access to around 4000 network hospitals in over 800 cities. The policy weaves along other benefits like
- Non cumulative bonus of 5% on renewal premium after every claim free year
- Provision of free second opinion from medical panel while seeking critical illness coverage
- Lifelong renewal to allow coverage for whole life
- Coverage for domiciliary treatment
- No maximum entry age
- Coverage for 140 day-care procedures
- Family discount of 5% on coverage of both self and spouse
- An additional discount of 7.5% on premium for opting the policy for 2 years
Inclusive of the listed benefits, the plan is ready to cover the person with comprehensive coverage. With the cover option of 2 lakhs, 3 lakhs and 5 lakhs for period of 1 or 2 years, the plan is affordable for all. It enable the individual to choose a plan that can fit into the budget frame without any burden.
To assist people to acquire the coverage and obtain proper understanding of the plan, the plan also provide an easy guide. In clear and simple steps it explains the procedure to buy the plan. At affordable rates, every individual can secure the life of his/ her elders. It will give them a sense of security in their old age. Under the coverage of such a health cover with amazing features and benefits, best medical care is no more a problem.
So, get your parents or grandparents insured with medical insurance coverage and help them avail quality healthcare without any compromise even in the later years of life. Make this wise investment and plan for a secured future.
This series will be launched at Apollo Munich's official facebook page http://www.facebook.com/ApolloMunichHealthInsurance on 18 January 2013.
The first guest on the hot seat is 'Elvisda'! Elvisda is a dhinchak party animal who is happy go lucky and wants to enjoy life without worries. Watch out for Elvisda – his hips don't lie. Nor does he.
This engagement initiative by Apollo Munich (@apollomunichins) marks Sourav's (@SouravGanguly) foray into social media.
Note to editors:
Apollo Munich Health Insurance Co. Ltd. is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re’s newest business segment.
The company offers comprehensive health insurance plans for individuals and their families as well as for corporate houses. The company also offers individual personal accident plans and travel insurance for individuals, families and senior citizens. Apollo Munich is a specialized health insurance company in India that has expertise in both health and insurance and is able to leverage this understanding for the benefit of its customers.
With over 8,500 beds across 52 hospitals in India and overseas, neighborhood diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO as well as health insurance services and clinical research divisions working on the cutting edge of medical science, The Apollo Hospitals Group is Asia’s largest integrated healthcare provider.
Munich Health draws on Munich Re’s insurance and reinsurance competence with over 5,000 experts at 26 locations worldwide. The Company devise innovative healthcare solutions for clients and partners all over the world.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2010, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of over €2.4bn on premium income of around €45.5bn. It operates in all lines of insurance, with around 47,000 employees throughout the world.
Apollo Munich Health Insurance Company Limited
10th Floor, Building No.10, Tower B,
DLF Cyber City, DLF City Phase-2,
Gurgaon-122002, Haryana, INDIA.
It is a plan available for both individual coverage and family protection. The two notable beneficial services due to which it stands out are the Restore benefit and Multiplier benefit. These features make this plan different from any other health policy available today in the insurance market. Framed under these feature the policy facilitates the benefit of reinstating the basic sum insured if you exhaust in the middle of the policy year. In case the person uses up his/ her coverage to recover from one illness and again falls ill with other illness, using this policy he/ she can get the entire sum insured restored at no extra charge. In this way this policy offers a ‘Restore benefit’ unlike any other health product.
Apollo Munich does not restrict the plan to this feature. The plan also imbibes the ‘Multiplier benefit’ that is another amazing facet. Under this beneficial service, the insured can receive benefits for having a claim-free year. In case of not applying for the claim in the first year, the plan provides a 50% increase in the basic sum insured. This increment gets doubled i.e. 100% of the insurance amount, if the policy holder does not make a claim in the second year either.
The above mentioned facilities makes Optima Restore a unique plan, and the first of its kind.
It becomes easily accessible as it also provides easy portability. A person can get transferred from any health plan to Optima Restore and take advantage of a trusted insurer to enjoy the unbelievable benefits. Also, the plan offers an additional discount of 7.5% if the individual apply the policy for two years. The policy is enriched with other useful benefits like domiciliary treatment, pre and post hospitalization, in- patient treatment, day care procedures and organ donor.
To make it a comprehensive plan, the insurer incorporates the advantage of no sublimit on room rent. It makes quality healthcare accessible and easy for all by providing instant claim authorization. Apollo Munich has earned the trust of people by serving them various beneficial and wide ranging benefits. With this unbelievable product, it further makes an attempt to cover as many people as possible under the protection of a quality health cover. The plan is available for the individual as well as the entire family (floater plan). Thus Optima Restore makes itself a unique plan incorporating with several amazing new features.
The policy is easy to understand with clear policy wordings and conditions.
Optima Plus is a plan that comes with no maximum cover ceasing age i.e. it can be purchased by people of any age. It is also equipped with the facility of cashless hospitalization with the empanelled hospitals. The person can easily visit the hospital that comes within the network. It enables the policy holder to escape the burden of medical care cost. The policy entitles him/ her to cashless health treatment during the time of treatment. This feature is of great help to people whenever there is a need of healthcare. It is an easily affordable and accessible health top-up plan that incorporates all features that make it a comprehensive health cover.
In addition this plan includes coverage for expenses incurred during pre and post- hospitalization. This gives the insured freedom to pursue the best medical treatment and restore his/her health. It imbibes other beneficial services like coverage for 140 day care procedures, domiciliary treatment, emergency ambulance—upto Rs 2000, in- patient treatment and coverage for organ donor.
Apollo Munich takes care of the varied health needs of people. It understands the problems faced by people while acquiring health treatment and thus provide an affordable solution in the form of such health care plans. Working with an aim to increase the number of insured it has devised plans like Optima Plus. Through this policy it arranges for the fastest claim settlement making the process of quality health care easy for all. This policy can make total healthcare feasible to an individual and also gives an option of including the members dependent on him/ her. Along with the policy holder it can provide coverage to the spouse, dependent parents and dependent children. In regard to this it provides 10% family discount in case 2 or more family members are covered under the same policy. Such features make these plans highly affordable. Hence it is a plan that assures the health security of all members of the family.
The insured can also enjoy the tax benefits as this policy qualifies for tax deduction under Section 80D of Income tax act.
There were over 500 companies that registered for the survey. Of these, 471 met the strict eligibility criteria. According to The Great Place to Work Institute, the best places to work are those where the employee and employer have cordial relations. The employee takes pride in working for the company and has good faith in the latter. The work environment should be such that one enjoys working with one’s colleagues.
Being given the 2nd rank in the insurance sector highlights the fact that people working at Apollo Munich take pride in working with the company. With the various initiatives taken in terms of employee engagement, the work place is always a perfect balance between fun and work.
The company encourages it’s employees to follow the 5 values of the company. These not only inspire people to work for the company with their heart and soul, but also stand testimony to the fact that Apollo Munich care for its employees with equal dedication.
Social Responsibilities are also given importance in the company. There are a number of mailers, events and drives organized to encourage employees to reach out and fulfill their social obligations. Employees are able to grow personally while maintaining a balance with their work-life.
The CEO of Apollo Munich Health Insurance, Mr. Antony Jacob, in a recent interview with Ritu Kant Ojha of The Indian Express, said that ‘We are in the business to pay claims’.
When asked about the journey over the years, Mr. Jacob said that the company had seen remarkable growth over the past few years. Apollo Munich Health Insurance is a joint venture between The Apollo Group of Hospitals and Munich Health. The stand-alone health insurance provider earned a GWP of Rs. 283 crores in 2010-11. More than 27 lakh lives in the nation have been insured by the company.
Ritu asked Mr. Jacob about the challenges that came with the distribution of health insurance. He replied that although in the past health insurance distribution did face its share of challenges, the future looks very different. Over the next few years, we will be seeing quite a bit of growth as far as health insurance premiums and commissions go. The projected growth for health insurance agents proves to be a striking proposition for them.
Mr. Jacob then emphasized on the fact that Apollo Munich is in the health insurance industry to pay claims. He believes that with a strong IT platform and simple policy terms and conditions, Apollo Munich manages to carry out the responsibility towards policy holders as well as shareholders.
Ritu went on to ask Mr. Jacob about the fine prints that customer should remember to check when purchasing a medical insurance policy. He replied that buyers were advised three key factors:
- To fill up the proposal form themselves
- Know the exclusions of the plan
- Reading the policy wordings thoroughly
Talking about the breakeven point, Mr. Jacob said that most health insurance companies reach breakeven around the 5th and 7th year of operation and the company is on track for the same. Ritu Kant Ojha and Antony Jacob went on to talk about the concerns of raising long term capital and about rural sector obligations. Mr. Jacob said that the shareholders were committed to fund the growth plans in line with the IRDA regulations.
As far as the rural sector is concerned, Mr. Jacob said that the company has taken part in some projects and is currently trying to understand the needs of the section prior to plunging into it in a big way. The company has already taken part in a few micro insurance projects. This has given the experts at the company a deeper understanding of the health insurance needs of the rural sector.
Your health is one of those things you so easily take for granted. I mean, you just have it. It's not something you earned so you don't bother to take care of it, till it's not there anymore. Of course, in the rare event that you do fall sick, you have it all covered. Your partner's job has great perks and Mediclaim's included! But is that really enough? No!
Here are some reasons you need to have your own health insurance policy:
Why your husband's policy is not enough!
• Do you know what the No.1 reason for hospitalisation is? Of course, it's pregnancy! However, the plan / benefit structure of group health insurance policies are customised to suit corporate needs and usually don't cover pregnancy.
• Even if it does, what if your husband really needs to change his job right about the time you are going for your delivery? Worse still, what if he gets fired?
• A mediclaim policy provided by a company will extend upto the day he retires at the most. If you get an independent health insurance policy after that you will have to pay a much, much higher premium thanks to your age!
So now that you know why you need your own retail health insurance policy, it's time to go get one that's right for you.
First off, it takes about three to four years to really benefit from any health insurance policy. Benefits like waiver of waiting periods, coverage of pre-existing diseases, cumulative bonuses etc take effect only after the first couple of years. So it's better to start early.
Also, at a younger age you can avoid the ordeal of pre-policy check up and avail of lower premium rates too.
And scary as it may be, nowadays, diseases that usually hit people later in life, like heart attacks, arthritis etc, are now occurring much earlier. So you might as well be covered for these too.
Choosing a policy
Just because you need a health insurance policy doesn't mean you buy the first one a salesman offers you. Do a little research on what different insurance companies are offering, the rates, etc.
• Also base your decision on the following:
• Premium paying capacity
• Benefit requirement
You could start with a coverage of Rs. 2,00,000 and gradually increase it as you grow older.
Here's the amount of cover you can look at:
20 to 35 years – Rs 2,00,000
35 to 45 years – Rs 4,00,000
45 to 59 years – Rs 5,00,000
60+ years – Rs 6,00,000 to Rs 10,00,000
Check the fine print
Check and double check the policy details. You don't want your policy to spring any ugly surprises on you. For instance, discovering that your policy doesn't cover certain diseases or that there is one to two year exclusion for certain diseases or that there is a waiting period for pre-existing diseases can be a real downer.
Also check the insurer's credentials and experience in health insurance and ask for details regarding the underwriting approach at the time of entry and claims.
Lastly, make sure your policy does not end at a certain age because this could leave you without any cover at a time when you need it most.
Don't we all love them? Well, all insurance policies don't offer them to you. Look for a policy that gives you the advantages of cover for health check ups, maternity benefits, day care surgeries etc.
Once you've found a suitable health insurance product that meets all your needs, it is important to stay insured without interruption. For that, remembering your health policy renewal date is pretty much as important as remembering your partner's birthday or your wedding anniversary!
Apollo Munich Health Insurance, a joint venture between Apollo Hospitals Group, Deutsche Krankenversicherung (Munich), a leading health insurer in Europe, launched ‘Maxima’, a unique 360 degree health plan in Chennai.
Initially, Maxima would be available in six cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore and Kolkata.
In the subsequent years it would be introduced into new markets with a network of providers.
‘We are sure that Maxima is the best product which covers the policy- holders and their family in all aspects by giving benefits in health insurance when compared to other companies’ products.
We are targeting five per cent marketshare of retail health insurance business within the next five years,’ said CEO of Apollo Munich Insurance Company Ltd Antony Jacob.
‘Our head office is in Gurgaon, Haryana, it will help us to reach northern parts of India. We are planning to cover all villages by conducting check-ups for dental and visual problems.
A identity card would be issued to them and complete knowledge about the products would be described to all the people. Previously, we designed several products in health insurance with other companies according to their needs,’ he added.
He also said, ‘Through partnership, agents, brokers, staffs, we are planning to market the products. We also have a website which is most essential and easiest channel to reach the customer. Along with the health insurance certificate we give CDs that demonstrate the process which will be helpful for the customer to reach us’.
The products are developed by healthcare expertise and experience of The Apollo Hospitals Group and Munich Health of Germany after thorough understanding and research. Each benefit is designed keeping the healthcare needs of Indian customers in mind.
The structure, the process and the benefits have been formulated by experts in the field of healthcare and health insurance.
The product benefits are designed with the sole aim to create India’s top-of-the-line health insurance plan for customers to maximise advantage of tax deduction benefit.
The Maxima benefits include Rs 3 lakh inpatient insurance cover with pre- and post- hospitalisation cover, day- care surgery cover, cash- less OPD expenses across trusted network of pharmacies for pharmacy bills, diagnostic centers for diagnostic tests and annual health check-up, dental and optical care centers for contact lenses, spectacles and dental treatments along with consultation with family doctors.
Over 1,500 providers have been empanelled by Apollo Munich in six cities with plans to add more in the coming days. The customer can also consult the doctor of their choice outside the trusted network on a reimbursement basis as per the plan.
Do you think the insurance has become acceptable to the customers and has become as important as banking and other segments of financial sectors?
In the last 14-15 years, the level of awareness and the need for health insurance amongst people has improved tremendously. In 1996 when I first looked at health insurance in India, the amount of premium generated by private health insurance was somewhere in the region of 450 crores. Today, my calculations for March 2010 say that it is going to close at around Rs 9000 crores, i.e. about 20 times in 14 years. Though the industry has been growing at about 25-30%, there is no time for complacency.
People often compare between faster growth of telecom in India and that way insurance has hardly grown. Please comment.
If you evaluate the industry numbers, the health insurance market in India has been growing at about 25-30% per annum and has the potential to grow for the next 5 years, in my opinion, at 20-25%. But I must admit that this growth has been on a small base while it must be noted that the private sector telephony was started around mid 90s, a clear 5-10 years ahead of the private sector insurance.
How do you see the next decade of Indian insurance industry as the country's profile both inside and outside is changing rapidly?
At present the health insurance sector is characterized with very low penetration (only 3% of the Indian population is covered with some insurance cover), high out-of-pocket expenses and steep medical inflation (which is much higher to general inflation). It is estimated that 80 per cent of the healthcare spending is actually an out-of-pocket expense for individuals. On the other hand, changing demographics, affluence and work-life balance has brought about a paradigm shift in attitudes and demand for better and the best quality of healthcare.
Health insurance as a mechanism to finance this need is therefore finding greater acceptability. Thus the market has great prospects, but the need of the hour is to identify products that will suit customers' insurance needs and win their confidence. One of the critical elements in the competitive landscape of future would be the timely and accurate settlement of claims to win consumer confidence. No insurer wants to be known for being tardy in settling claims — its reputation will be built around the efficiency and alacrity with which claims are processed. A collective effort from all companies is necessary to take insurance to consumer and grow the insurance coverage beyond the 11 per cent that are covered at present in the top eight cities only.
At Apollo Munich Health, we are deeply committed to grow at least 25 per cent year on year for the next few years. We hope to uncomplicate people lives by giving them better healthcare and innovative products.
By Mr. Antony Jacob,
Chief Executive Officer