After prolonged and extensive discussions, Apollo Munich and
Canara Bank have finally decided to work together. The formal tie-up took place
on 7th October, 2013 at a ceremony in Bangalore. Through this
partnership, the bank shall be acting as a corporate agent for selling Apollo
Munich Health Insurance plans from its more than 4,200 branches. This tie-up
is also being called as a bancassurance tie-up. This is because through this
tie-up insurance products are being distributed through a bank’s network.
This is the first kind of tie-up since the existence of
Apollo Munich Health Insurance. This, in turn, makes this tie-up yet another
achievement in the field of insurance as well as in the history of Apollo
Munich Health Insurance. In the words of Apollo Munich Health Insurance, CEO, Antony
Jacob, “Canara Bank marks the first in what I expect will be an illustrious
group of partners we will work with, as we continue our foray into
Bancassurance.” Furthermore, Canara Bank
sets a target to earn a fee based income of Rs 100 Crore from this bancassurance
partnership in the next one year.
The main reason behind this tie-up is to offer the huge base
of esteemed customers of Canara Bank with Apollo Munich Health Insurance
products, says Chairman and Managing Director, Canara Bank, R. K. Dubey.
Furthermore, Canara Bank customers shall also be offered tailor-made products.
In addition to this, the bank has a fee-based income starting with the sales of
insurance policies for a sum of Rs 15 Crore.
Yet another point that should be taken into account is that,
both parties, Apollo Munich Health Insurance and Canara Bank, shall be working
collectively under the Corporate Agency model. Furthermore, it is worth noting
the fact that Apollo Munich is diligently working towards developing and
designing exclusive products for Canara Bank customers. However, it has been
told that these products are still in the pipeline and are progressing at every
stage. In addition to this, the teams working on the development of these
products are tied up and busy in hiring and training new staff members. It is
these staff members, who would be providing the much needed assistance for
these products later on.
The CEO of Apollo Munich Health Insurance, Antony Jacob
takes pride in stating that, "Apollo Munich is committed towards working
with the bank in order to ensure excellent training, product support and smooth
operational processes, so that the customers can enjoy an uncomplicated health
insurance products and services". It has also been revealed that to ensure
absolute success of this affiliation, state-of-the-art technology is being
installed. Thus, it can be said that every effort is being made in order to
make this tie-up a successful one.
Apollo Munich Health Insurance is a joint venture between
The Apollo Hospitals Group and Munich Health. Where on one hand, Apollo
Hospitals Group is a sign of quality healthcare in the Indian subcontinent and
on the other, Munich Health, along with being a company of the Munich Re Group;
it is also a world leader in health insurance. This joint venture has brought together
an extensive understanding of healthcare domain and strong brand equity
combined with Munich Health’s technical expertise, which together offer a sound
base for Apollo Munich Health Insurance.
One should be known to the fact that Apollo Munich Health
Insurance operates as a standalone health insurer offering innovative Health,
Travel as well as Accident insurance solutions all over India. It is a well-known
brand in the field of health insurance. The policies offered by Apollo Munich
are simple and easy to understand. Apollo Munich Health Insurance understands
that it is essential to be aware about the terms and conditions of an insurance
policy before any individual purchases it.
It is important that an individual is aware about the
benefits, inclusions, exclusions and the terms and conditions of any given
insurance policy before purchasing it. This, in turn helps an individual in
analyzing the policy features and later on deciding if it is suitable for him
or her. One should take note of the fact that it is utmost important that an
individual should purchase only that insurance plan which is best suited with
one’s lifestyle. Knowing a health insurance policy inside-out helps an
individual in reaping maximum benefits from it.
From the advent of Apollo Munich Health Insurance, it has
been constantly working towards its mission to keep on introducing innovative
health insurance and wellness solutions that meet customer needs, as well as
aiming to build the organization on the principles of transparency, trust and
integrity. In addition to this, its mission is also to create opportunities for
its employees, so that they are able to learn as well as grow in an enjoyable
work culture.
Apollo Munich Health Insurance offers the masses with such
insurance plans that have an affordable premium. And, understanding that
medical care costs are soaring up high, it does not burden its buyers with
things like claim-based loading, co-payment or sub-limit. For Canara Bank
Customers, Apollo Munich offers two of its flagship products. One is Easy
Health and the other is Optima Restore. Both these insurance plans provide an
individual with benefits that offer the much needed assistance in times of
unforeseen medical emergency.
Apollo Munich has been offering individuals with
comprehensive health insurance at an affordable premium so that every
individual can avail best of medical assistance without any hassles.
