STANDALONE health insurer Apollo Munich Health promoted by Apollo Hospitals expects to turn profitable in the next three years.
"We hope to break even by 2012-13 and start making profit from 2013-14," Apollo Munich Health Insurance chief executive officer Antony Jacob said.
The company is already making profit so far as retail business is concerned, however, there are under-writing losses in terms of group insurance, Antony Jacob said.
Apollo Munich is a 74:26 joint venture between The Apollo Hospitals Group, and Germany-based Munich Re's newest business segment, Munich Health, which came into being following the reorganisation of business.
As far as capital infusion is concerned, Jacob said, by 2013-14 the company's total paid-up capital would go up to Rs 500 crore from the present level of Rs 225 crore.
Capital infusion will go in for expansion of the business, he added.
Antony Jacob said, the company would invest about Rs 20 crore during the last quarter of 2009-10.
About the rechristening of the firm, he said, the new name is in line with the company's brand strategy to communicate its deep-rooted expertise.
They are: Easy Health standard; Easy Health Exclusive; Easy Health Premium.
On December 29, 2009, the insurance company, has renamed itself Apollo Munich Health
Insurance from Apollo DKV Health Insurance.
Apollo Munich Health Insurance has three options in healthcare insurance products.
How do you see the potential of stand-alone health insurance operation in India? What are the advantages for this operation model?
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 in India 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 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.
We believe that through our model of joint venture we will be able to understand the health care financing requirements of this country. Our parentage helps to understand how health care financing through insurance has worked in similar countries overseas through the support of Munich health. This unique blending brings in products and services to this country which is fully researched and tested in other markets. So we do believe that we have the advantage and we have rolled out few of our products which is reflects the blended advantage of the two specialist parents we have. We will continuously innovate and bring in expertise which we believe would be possible only through this unique combination.
What were the factors driving Munich Re to form a stand-alone health insurance company with Apollo Hospitals Group in India?
The Munich Re group was keen to partner with a brand that shared similar interest in pure health insurance and had a strong provider background, India knowledge and a strong brand equity.
The Apollo Hospitals group, the premier healthcare brand and “architect of modern healthcare” was known for its good reputation for innovative and high-quality healthcare services. In the Group Munich Re identified complementary strengths which have added value to the Joint Venture.
On the other hand, Apollo examined the global market in search for a technically strong partner and found that in the Munich Re Group, DKV was an appropriate choice considering the common commitment to operate in the pure health insurance space.
The Long experience of Munich Re in areas of product innovation, technical expertise in underwriting, actuarial skills etc complement Apollo’s strengths in the Indian market and hence the fit is strategic and perfect.
By Mr. Antony Jacob,
Chief Executive Officer
What are being important for running health insurance business in India?
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 want’s to be known for being tardy in settling claims – its reputation will be built around the efficiency and alacrity with which claims are processed. We at Apollo Munich believe that demystifying the health insurance sector is the most critical success factor and we are in business to pay claims! While having an obligation to our shareholders to ensure that we pay genuine claims and have enough checks and balances in place to repudiate non-genuine claims. We have a robust IT platform and strong provider relationships to minimize such cases. Ultimately, we also believe that if we very clearly explain to our customers what is covered and what is not and the circumstances under which claims are paid, we will be in a position to pay every single genuine claim.
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.
Our latest brand campaign ‘Lets Uncomplicate’ focuses on the easy process that Apollo Munich offers for people seeking comprehensive health insurance for themselves and their loved ones. A series of four commercials was conceptualized to portray Apollo Munich as a user-friendly and hassle-free health insurance company. The advertisements was aired across all news and entertainment channels and was targeted to tackle the general concerns faced by people when it comes to healthcare. As the campaign states, Apollo Munich envisage to take the fear out of faces, the jargon out of words, the bitter out of medicine and trouble out of treatment to uncomplicate Healthcare and more specifically Health Insurance.
By Mr. Antony Jacob,
Chief Executive Officer
There are countless benefits included in our plans. Firstly, it offers life-long renewal, which can be used to avail health cover for the entire life. Secondly, the company believes that it is better to take preventive action than to fear for its cure and thus, it incorporates value-added services, which are designed to take care of preventive healthcare need. It comes free with all its products so that each client can enjoy complete health cover. Thirdly, Apollo Munich plans come with the longest list of network provides to remove the affordability issue of the medical treatment. Fourthly, its clients can avail health advice from experts just at a phone call and that too, without paying any extra for the same.
There are many more benefits of Apollo Munich’s plans. These points should be considered by an individual as he/she can get the health cover with so many benefits and that too at reasonable rate.
Apollo Munich is highly sensitive towards client’s health need, as it notices the problems faced by the people and brings out innovative medicare solutions in response to these problems. Thus, the company brings out new product time-to-time.
The company works with the motto to take out the fear from faces, the jargon from words, the bitter from medicines, the trouble from treatment and the confusion from claim. The statement shows the company’s interest in solving out the health issues faced by the people in India. The last statement throws light on its easy and simple claim process, which is an answer to the problem of complicated claim procedure with other health insurers.
It offers value-added services (cashless hospitalization, healthline and health risk assessment tool) with each product to focus on preventive healthcare needs. Hence, Apollo Munich’s plans offer complete medical coverage to both curative and preventive health needs of its clients.
Working in the direction to make medical treatment easy for the citizens of India, Apollo Munich has brought following medical insurance plans:-
Easy Health—It is available in two variants—Individual and Family, each of which is further subdivided into three: - Standard, Premium and Exclusive. It is believed that this plan offers coverage to people of all income groups.
Insure Health—This plan is designed for people, who want to stay away from hassles related to policy issuance procedure. This plan also offers coverage to inpatient treatment for Ayurveda, Unani, Sidha and Homeopathy.
Maxima—It is India’s First 360 degree plan that offers wide health cover to both individuals and families.
Personal Accident Plan—This plan is designed to offer coverage to a person’s medical needs, when he/she meets an accident. This plan pays for the compensation amount in event of insured’s death or disability. It also offers coverage to bodily injuries and several other benefits.
Optima Cash—It is a daily cash hospital benefit plan that is easy to understand. It offers daily cash amount for the number of days an insured is hospitalized.
All the above mentioned plans are well thought and designed.
Health insurance is one such option that helps you to avail either type of benefit, depending upon your needs. In addition, these plans also offer tax benefits. If the policy is renewed regularly, long-term tax benefits can be availed.
The section 80 D of the Income Tax Act states that the amount invested towards the health insurance plans is exempted from tax. The same holds true, if the investment is made either for family’s health or for parent’s health.
It is subjected to the maximum of Rs.15,000 per year. In case of senior citizens, the limit may extend to Rs. 20,000 per year.
Apollo Munich, a joint venture between the Apollo Group of Hospitals and Munich Health, offers you financial and medical shelter through its plans. It also gives you an option to opt for life-long renewal feature, which helps in availing long-term tax benefits.
In addition to it, a person should compare various associated factors such as Premium, Coverage Limit, Exclusions, Deductible, Co-payments etc. It would help to choose the best plan.
Furthermore, Apollo Munich plans are designed, looking into healthcare needs of individual at the time of medical emergency. Thus, the company offers complete coverage to its customers. The team of experts working in designing of products has adopted unique ideology of identifying healthcare needs and then, designing plans accordingly. This means have proved beneficial both for the customers and for the company.
Working in lines of this unique ideology, Apollo Munich is looking forward to offer health cover to more than 500 million people in India over next five years, which if accomplished would bring a great change in the health insurance sector in the country.
The major issue that a person faces with these products is their affordability. As a solution to this issue, Apollo Munich has brought several affordable health insurance products so that large number of people can enjoy under the health cover. The affordable policies are not only associated with premium amount, but signify quality care at reasonable rates.
Apollo Munich policies are tailor made plans that give its customers an offer to select the plan, as per their wants. For customer’s ease, Apollo Munich brings online premium calculator so that individuals can compute their premium themselves and decide the product that suits their budget.
The premium calculator operates on the specific algorithm that is made by a team of experts. It is formulated with the objective of fair transaction between the customer and the company. A person can use this calculator while purchasing online policy or in other cases.
A person can also look into premium charts, which gives a clear idea of amount to be paid.
The company keeps several fixed and variable cost in mind while deciding the amount of premium to be charged from customers. It involves:-
• Cost of advertising
• Cost of selling
• Cost of services rendered by healthcare practitioners
• Investment of premium amount
• Margin in profit
• Administration of insurance programs
Apollo Munich apart from these above mentioned factors also keep budget of different sections of society and the healthcare needs of people. As a result, the premium charged by Apollo Munich is not an encumbrance amount. Few of its plans can be bought at the expense of just few rupees per day, which is easily affordable amount.
So, buy health insurance without worrying for its costs. This small adjustment in your budget will help you in times of medical needs and will not upset the budget, besides making medical treatment affordable and accessible. Hence, you can now visit the most reputed hospitals of the city and can avail medical treatment from the hands of experts.
Apollo Munich has further made it very easy for people to seek quality medical treatment.
An escalating medical cost, costly doctor's visit, hospitalization chances and check up requirement all collectively sum up to a huge amount, which disturbs your budget. Hence, there arises the need of health insurance, as you get someone to pay for your treatment.
Apollo Munich Heath Insurance Company, a joint venture between the Apollo Group of Hospitals and Munich Health, is a pure health insurer in India that looks into healthcare needs of one and all in the country. These products give you an access to quality care and at the same time, help you in maintaining financial stability, which might get disturbed at the time of unexpected exigency, if you are not insured.
Apollo Munich promises to take the fear out of faces, the jargon out of words, the bitter out of medicines and trouble out of treatment.
In addition to it, Apollo Munich has adopted a unique ideology in designing of its products. It is on behalf of this ideology and their aim of demystifying health insurance that it has maintained its goodwill in the market. There is a team of experts that work from morning till evening in identifying people’s healthcare and using it as a data for designing of it plans. When a plan is designed, focusing on healthcare needs, it is successful in offering coverage to larger number of people.
Hence, it is advisable to people to look into their health insurance needs and then buy a plan so that they can get coverage for their needs. Buy health insurance and stay away from all financial issues that can turn up to in the path of your life at the time of medical emergency.
The dimensions of health cover may vary from plan to plan. The coverage may be for individual, family or group (corporate houses). Hence, Apollo Munich plans offer health cover to all section of society. It brings life-long renewal feature of its plans so that the coverage limit may be extended for the whole life.
The Easy Health plan is believed to be the complete health plan that takes all major health needs into consideration. It also offers optional cover to eight major critical illnesses, which include cancer, kidney failure, sclerosis, major organ transplantation, first heart attack, coronary artery surgery, stroke and paralysis.
The Personal Accident and Easy Travel provide the further coverage to health risks that may arise during mishap or while traveling respectively. There is a long list of benefits with each of them.
In addition, these plans also offers coverage to preventive health needs of its customers through its value-added services.
Furthermore, Apollo Munich offers health coverage to its customers in the form of various facilities, such as cashless hospitalization and reimbursement. The company has tied up with more than 4000 hospitals to offer medical treatment to its customers on the basis of cashless hospitalization. An insured can go to any network hospital, can seek medical treatment and can walk out of hospital premises without paying medical bills, which are directly settled by the company.
If an insured goes for treatment in non-network hospital, he/she has to settle bills on his/her own. Later on, these bills can be raised for making claim for the same amount. These facilities have been proved beneficial to people, as they can seek quality healthcare without worrying about medical expenses.
Health Insurance coverage can also be availed for individuals, families and groups, as there are all sorts of plans available in market. Individual plan offers coverage only to an insured. Family Insurance plan offers coverage to all members of the family. Group health insurance plan offers coverage to group of people.
The Easy health plan provides financial and medical protection during emergencies. The Easy Travel plan covers health risks arising while traveling and Personal Accidental Plan provides protection against health risks arising due to sudden mishap.
As said above, it is always advisable that a person should focus on his/her healthcare needs and then concentrate and compare plans on the basis of following parameters in order to choose the best one.
· Waiting period
· Coverage Limits
Thus, a person should first learn all these important terms and then compare plans. It would help him/her to make the right decision. Once done, don’t forget to focus read plan’s exclusions, as it will let you know about the uncovered perils. So, always have these points in your mind, when you choose health insurance plan for yourself or for your family.
But, if he/she gets treated in non-network hospitals, there is a certain procedure that he/she needs to follow so that he/she can raise the claim. Apollo Munich’s claim procedure is:-
Call at the toll-free number written at the backside of your health card. It might be of the TPA or the Company. Inform the representative about your hospitalization and the incident faced.
Speak about the every small detail, which is crucial from the point of reimbursement. He/She will help you in raising claim.
You might require documents such as duly filled claim form, discharge slip, xerox copy of health card, original bills and others, if required.
After submitting these documents, you have to wait till they get approved and then, the company issues you cheque against the same amount, as per the Company's policies.
The company works with motto to
Let’s take the fear out of faces
Let’s take the jargon out of words
Let’s take the bitter out of medicine
Let’s take the trouble out of treatment
Let’s take the confusion out of claim
All the above mentioned statements show that the company has emerged to help the people to make their medical treatment easy and to spread awareness of the benefits of health cover and its significance. The last statement shows the company’s concern for the easy claim process. Thus, it looks into the people health needs and comes up with an innovative solution for the same.
Apollo Munich brings various health plans, accidental plans and travel plans to offer health cover in different areas of life. In addition to these plans, the company also offers value-added service for free so that it can offer coverage to preventive health needs of the masses.
Working in lines of its objective and promises, Apollo Munich has brought following plans:-
• Easy Health—It is one of the most sought after health insurance product in India. This plan is well designed, keeping healthcare needs of people of all income groups.
• Individual Personal Accident plan—It is an accident health insurance policy that comes in two variants—Standard and Premium. Apart from providing death and disablement benefit, this policy also offers compensation amount for several bodily injuries.
• Optima Cash—It is the newly designed policy that works on the principle of benefit. It is a daily cash hospital benefit plan that offers coverage to additional hospitalization expenses.
• Insure Health—This plan is designed for people looking for easy-to-buy product. It is said to have easiest policy issuing procedure, which keep an individual away from the related hassles.
• Maxima—It is a comprehensive plan that offers all round protection, including outpatient coverage.
• Easy Travel—It is travel Insurance product that is available in various variants, designed to make medical care easy for Indian passengers traveling abroad.
Apollo Munich - Corporate Employees
Apollo Munich, a joint venture between the Apollo Group of Hospitals and Munich Health, unfolds health insurance products for individuals, families and corporate employees. It aims to provide health cover to one and all in India.
Looking into the needs of employer and employees, the company brings its Group Easy Health plan, Group Personal Accident plan and Group Easy Travel plan. All these products are tailor-made to offer coverage to group of people.
Group Easy Health—this plan allows employers to customize the benefits of the plan as per the employees’ health requirement. It covers medical expenses such as pre- and post-hospitalization, inpatient, optional coverage for critical illness etc.
Group Personal Accident plan—this policy is valid in case of accidental death or bodily injuries caused due to a sudden mishap. The plan also includes bank of benefits, thus giving an offer to choose as per the employer’s needs.
Group Easy Travel plan—it offers all-around protection to employers while traveling. The plan is offered at differential rates, depending upon the geographic region, where an individual is traveling.
Hence, Apollo Munich offers plan with several unique features so that its clients can enjoy their life to a larger extent.
Easy Health Plan Benefits: This plan provides coverage for pre-hospitalization and post-hospitalization expenses. It includes 140 day-care procedures that offer treatment for the enlisted diseases that require hospitalization for less than 24 hours. The plan also gives you optional Critical Illness cover that provides you financial and medical protection in case of eight enlisted serious illnesses, subject to terms and conditions.
Personal Accident Plan: This plan provides health coverage in case of an unexpected event. It offers coverage in case of an accidental death, disablement, transportation of mortal remains, emergency ambulance cover etc.
Easy Travel Plan: An insured feels safe while traveling, if he has Easy Health policy as it provides him/her several benefits, such as medical services provider referral, arrangement of appointment with local doctors, pre-trip information services, arrangement of emergency medical reparation, monitoring of medical condition during hospitalization, medical advice on telephone etc.
In addition to it, the tax benefits under section 80 (D) is applicable with all its plans.
Besides it, there are several more plans that increase the list of health insurance benefits for the people of India. It includes:-
· Maxima—It is India’s first 360 degree plan that offers extensive cover to is customer. The biggest benefit of this plan is outpatient coverage through consultation coupons that allow an insured to avail consultation without paying for doctor’s fee.
· Insure Health—The major benefit of this plan is inpatient coverage for Ayurveda, Unani, Homeopathy and Sidha treatment.
· Optima Cash—The plan pays Lumpsum payment to an insured in the event of hospitalization. This amount paid depends upon the daily cash amount chosen by an insured and the number of days he/she is hospitalized.
All these plans, except Optima Cash, come with value-added services of cashless hospitalization and Healthline. It has made medical advice from experts and medical treatment in reputed hospitals accessible.
Apollo Munich gives the facility of cashless hospitalization in more than 4000 hospitals in India. Healthline gives customers an access to call at toll-free number and talk to medical experts for his/her health issues. In addition, the pure health insurance products come with lifelong renewal feature so that a customer can enjoy the coverage for the whole life.