Apollo Munich Health Insurance Co Ltd, is targetting a 25 per cent increase in total premium income this fiscal taking it to Rs 775 crore, up from a total of Rs 620 crore in fiscal 2012-13.
Chief Executive Officer, Antony Jacob, of Apollo Munich said that it is planning to cash in on a new distribution channel -bancassurance that was thrown open to standalone health insurers by the insurance regulator in February this year.
At present, the agency channel accounts for about 35 per cent of the company’s premium income. “We are looking at it (bancassurance) seriously and believe that it’s certainly a good option for us to use instead of creating our own network of branches, which is an expensive form of expansion,” said Jacob.
Apollo Munich is planning to tie up with all types of banks (MNC, public, private and regional rural banks) for faster penetration of health insurance. The company, he said, hoped to be able to tie up with some banks.
