Apollo Munich and Canara Bank Tie-up

On Monday, October 7th 2013, Apollo Munich Health Insurance launched its bancassurance alliance with Canara Bank, a Bangalore-based public sector lender. This bancassurance tie-up aims at distributing the insurance products through a bank's network. Apart from this, it shall also make use of its business correspondents’ network to take health insurance to unbanked regions. This tie up is first of its kind for Apollo Munich, since the day of its inception. In the course of this tie-up, the bank will hand out Apollo Munich Health Insurance products across its 4,200 branches. In this way the bank will act as a corporate agent for selling these products, as stated by Apollo Munich Health Insurance Chairman, Prathap C. Reddy.

This tie-up is an ideal instance of a recent IRDA directive, according to which banks are permissible to act as license allies of non-bank promoted insurers. Through this tie up, Canara Bank is targeting a premium of Rs. 100 Crores by the end of next year. Meanwhile, Apollo Munich expects that its gross written premium shall grow much slower in this year due to de-growth in the group insurance business.

Furthermore, Canara Bank, Chairman and Managing Director, R K Dubey stated, "We've tied up with Apollo Munich to offer health insurance products. We'll offer some tailor-made products to customers". And, according to Antony Jacob, CEO, Apollo Munich Health Insurance, this happens to be the first tie-up by a non-bank promoted health insurer with a bank. And, this happened soon after IRDA relaxed the norms for segments beyond general and life insurance. Through this tie-up with Canara Bank, Apollo Munich Health Insurance is determined to expand its reach to 50 million customers of Canara Bank’s 4,200 branches.

The CMD of Canara Bank, Mr. R. K. Dubey, said that, “We provide additional value to our customers by offering health insurance. The penetration of health insurance in semi-urban and rural areas is very limited. With 65 per cent of our branches located in such places, we hope to provide health cover to a large number of uncovered customers.”

Apollo Munich has a wide range of insurance solutions for the masses at large. It continues to abide by its motto, “Lets Uncomplicate”, and offers simple and easy to understand insurance policies. All its policies are written in simple language, so that an individual can understand it easily and have a clearer picture of what all is being offered by a particular plan. As insurance is considered as an investment for one’s future wellbeing, Apollo Munich encourages every individual to be aware of all that a policy offers, including things like what sort of coverage a policy offers him or her and what benefits will they be offered with.

Especially for Canara Bank Customers, Apollo Munich Health Insurance has launched its two flagship products. One is, Easy Health Group and second is, Optima Restore. The coverage being offered under Easy Health Group plan is upto 2, 00,000 per annum. And, a cover of up to Rs. 10 lakh is being offered under Optima Restore. Easy Health has a single pricing to cover family members of all age groups and no medical tests are required to get enrolled for this policy. According to Optima Restore plan, the entire sum insured will be restored in case it gets exhausted during the tenure. Along with this, the cover also gets doubled in case an individual has not made any claim for the first two years.

Both these products offer people with maximum coverage, so that an individual is able to reap maximum benefits when dealing with any sort of medical emergency. Where on one hand, Easy health is the basic product offered by Apollo Munich Health insurance, on the other, Optima Restore is the unbelievable product. It offers an unbelievable restore benefit to its buyer, according to which the entire sum insured gets restored in case a person uses it within a given tenure.

While talking about future plans, Antony Jacob, CEO Apollo Munich says, that, “the company plans to introduce specific products for lifestyle diseases like diabetes and hypertension for Canara Bank customers”. Furthermore, in future, the company wishes to widen its reach by having similar tie-ups with other banks. For now, Apollo Munich expects to clock a growth of around 15 per cent in its premium this year to over Rs 700 Crore, against 30 per cent growth last year. Company CEO, Antony Jacob attributes de-growth in the group insurance segment for the slower growth in GWP.

One should take note that, according to Apollo Munich Health Insurance, CEO, Antony Jacob, “the business mix between retail and group insurance has been 60:40 earlier, but going forward it could be 75:25. The corporate insurance segment has become unprofitable with the competition from the general insurance companies. The margins have eroded in group insurance and we will continue to focus on retail”.

It should also be noted that Apollo Munich is a standalone health insurer, which operates all over India. In addition to this, it also offers innovative travel and accident insurance for all citizens of India. Nowadays, with availability of online insurance, an individual can buy insurance online with just a few mouse clicks.

Furthermore, it also enables an individual to view other health insurance plans and do a comparative study, so as to choose the plan that is most suitable. Through online insurance, an individual can get insured instantly and gain in-depth knowledge about all it. This, in turn saves a lot of time.

The main aim behind this tie-up is to offer health insurance coverage to all Canara Bank Customers. Both Apollo Munich Health Insurance and Canara Bank will work together under a Corporate Agency model.

Great Place To Work 2012

Apollo Munich Health Insurance is once again declared as Great Place To Work and one of India’s Best Companies to Work for in, by Great Place to Work Institute. It has brought applaud for the efforts of the company directed towards the benefit of humankind.

Apollo Munich has been ranked third best place to work in insurance sector and 37th Great Place to Work in the category of companies with up to 1000 employees. This reward has won acclaim for inspiring trust in customers and creating an environment for growth. Being declared as Great Place to Work, Apollo Munich will continue work with an aim to make life easier for all. It not merely uncomplicated health insurance but also ensures that its employees enjoy working in a healthy environment. It paves way for professional as well as personal growth.

This award was twice in a row for the company. Time and again, efforts of Apollo Munich has been identified with the capability of best rated services. Such accolades comes as a proof for its movement in the right direction. The company continues to look ahead and aim for excellent results in future.

With this recognition, Apollo Munich has proved that it is one of the best employer to work with. Making a significant contribution in the field of health insurance sector, it has introduced several new ways that can make health insurance easy yet innovative for masses. While building upon the target of customer satisfaction, the company ensures the satisfaction of its employees. Great Place of Work institute consider those companies as best place to work that nourishes cordial relations between employer and employees. Honoring Apollo Munich with this award, it has proved the efficient and healthy work environment exercised in the company. It makes evident that Apollo Munich is a name known for taking care of its employees with complete dedication. Thus, people working with Apollo Munich take pride in working for the company and keeps it in good faith.

Apollo Munich has come a long way. Taking upon the responsibility to change the perception of health insurance industry amongst masses, Apollo Munich has taken several steps. This has involved dense thinking and concentrated efforts. Acting upon the clear vision “to be a trusted leader in the health insurance sector by providing innovative solutions to the citizens of India’, the company makes sure that it serve people with what they looking for. It has traveled a long journey with constant introduction of new ideas and concepts. Thereby, developing upon them, Apollo Munich Insurance encourages the efforts of employees while making sure that it comes out with something effective for its customers.

The passion for providing best- in class services is the driving force for the company. To meet its target, Apollo Munich encourages its 5 set of values that includes ‘Inspiring passion,

Delivering on promises, Being responsive to customers, Managing relationships and Thinking and acting transparently’. Following through these values, it ensures best results that brings cheer for not only the company but also for people who put their efforts for it. Along with strong customer building relations, Apollo Munich also stimulates interpersonal skills amongst employees. This further nurtures the exchange of ideas and circulation of them for improvisation and better results. In this way, it maintains a balance between fun and work enhancing overall growth of all.

Besides the set of values, Apollo Munich works with clearly stated mission. It has announced ‘Creating opportunities for employees to learn and grow in an enjoyable work culture’ as one of the commitment in that mission. To ensure the fulfillment of this mission, Apollo Munich keeps organizing the events to keep the enthusiasm and interest of its employees alive throughout. It also encourages and recognizes employees’ efforts and hard work. Working as a family, the company keeps the focus of best delivery of services and complete satisfaction of both employees and clients.

Apollo Munich Awarded a Silver in the Digiratti 2012 List

Apollo Munich bagged yet another award, a Silver in the Digiratti 2012 List by Paul Writer for Marketing Campaign of Optima Restore.

The Digiratti List by Paul Writer recognizes 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.

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. It created buzz in market by introducing truly innovative health insurance benefits.

Starting its journey in health insurance sector in the year 2007, this health insurance firm always came up with well designed healthcare products. Travelling through various twists and turns, it has been established as one of the best health insurance provider in India. The company has earned this recognition with consistent and concentrated efforts, innovative thinking, urge to offer the best in class services to the citizens of country. Having launched various different products like Easy Health, Maxima, Insure Health, Optima Cash, Optima Plus, Optima Restore, Optima Senior and Easy Travel insurance plan, it offers different insurance options to all. One can find insurance coverage as per the specific need. Amidst all the products, Optima Restore is inclusive of several unique health insurance benefits.

Talking about this unbelievable product, Antony Jacob, the CEO of Apollo Munich Health Insurance Company mentioned, “ Optima Restores is the first in the series of next generation products that we are planning to launch. It is based on our extensive research over the past 17 months and analysis of over 250 global products. ‘Optima Restore’ has been designed to offer complete comfort to health insurance consumers, since their coverage will increase whether they use up the plan or don’t use it at all. Guaranteed and with no extra charge.”

This plan is inclusive of other benefits like lifelong renewal, no claim based underwriting, no geography based sublimits, treatment on cashless basis across 4000 network hospitals, easy upgrade and certifies associates. With all such benefits Optima Restore offers comprehensive and beneficial coverage.   

Due to its innovative features and benefits, the plan has been the choice of millions of people. The plan has been introduced to meet all healthcare needs of people without any compromise. Drawing a good response from market, Optima Restore has proved its success and effective working. With its launch, Restore sold a record number of policies. Involving basic insurance coverage features, it weaves along innovative insurance benefits to allow healthcare without any compromise. Having won awards for its innovative thought line, it has introduced first of its kind benefit. It achieved great success rate giving evidence of favourable response from people.

The creative thought has brought alive the idea of this unbelievable product. To makes people familiar with its concept, its advertising campaign’s focus was to bring alive this truth, positioning Optima Restore as the game changing product. Its promotional videos draw attention towards the unbelievable facts. It highlights the unusual activities performed by people that are rare to find. It directly relates to the product Optima Restore that brings unusual benefits at easy access.

Optima Restore adheres to its tagline of ‘Unbelievable’. It is a plan power packed with first of its kind benefit that makes the policy coverage comprehensive and beneficial at affordable insurance premium. Framed in sum insured options ranging from 3 lakh to 15 lakhs, the plan can be purchased as both individual and family health plan.

Optima Senior New Health Plan by Apollo Munich

Health insurance is a provision that takes care of our healthcare needs. It is meant to ventilate healthcare worries paving smooth way for stress free treatment. With financial coverage, the insured can live life with mental peace. However, only those who acquire the coverage realize the importance and the relevance of a health cover.

Even today, there are many people who take health insurance for granted. Not giving much importance to it, they prefer to pay from their pocket and remain exposed to health related complexities. However, it is important to realize the significance and the role of a health insurance policy in life.

Considering its usage and need for survival for all, health insurance companies have emerged with variety of plans. They are ready to serve  people with required coverage. On the basis of regular research, they keep a track of changing healthcare needs of people. Thus, formulating plans as per their need, they aim at improving healthcare conditions at large. With this view, wide range of choice is made available to people. Offering the health insurance coverage for senior citizens, the insurers live up to their promise of taking care of healthcare needs of all individuals.

Health insurance for senior citizens covers them against the health risks in later stages of life. It assist with financial support at the age of retirement. The health insurance coverage empowers the elderly people to cope with unforeseen medical emergencies without any complication. To provide people with affordable option, Apollo Munich Health Insurance has emerged with a comprehensive plan like Optima Senior. It is a plan comprised of amazing features, designed specifically for senior citizens. So, if your parents or grandparents are still uncovered and you want to secure their health future, here is a wonderful option.

Optima Senior comes with the sum insured options of 2 lakhs, 3 lakhs and 5 lakhs. It enable the person to opt for higher sum insured so as to enjoy wide ranging benefits. With no maximum cover ceasing age, the individual can enter the plan at any time after the age of 61 years. Besides this, the policy incorporates several other features that makes it coverage complete and unique. Once insured under this plan, one can enjoy

• Cashless hospitalization in across 4000 network hospital in over 800 cities
• Lifelong Renewal to enjoy the coverage for whole life
• No Claim Discount of 5% on renewal premium payable after every claim free year
• E- Opinion for listed critical illnesses from specified medical panel
• Portability to be able to get the coverage transferred from any other health insurance company with due allowances for waiting period
• No claim based loading for having made the claim before

Inclusive all such features, Optima Senior provides appropriate coverage in return of the investment made. In addition to this, the insured is offered 5% discount for getting self and spouse insured under the same health cover and an additional discount of 7.5% for taking the coverage for 2 years. Beside this, the policy coverage also entitles the individual to tax benefits under section 80D of Income Tax Act.

Hence, solution is right here at your access. There is just a need to get hold of one and enjoy hassle free healthcare in times of need. With senior health insurance plan like Optima senior you can gift your elders a secured future in those years of life when the person is most expected to face illness or fall ill. 

To know more about another innovative plan from Apollo Munich (Optima Restore), see here.