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.
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.
- 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
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