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.
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