Apollo Munich Health Insurance Company Ltd. is a private sector health insurance company in India. Founded on August 8, 2007, it is a joint venture between the Apollo Hospital group and Munich Health, one of three business segments of Munich Re; a leading reinsurance company based in Germany.
Apollo Munich Health Insurance is an ISO-9001: 2008 certification for Design, Distribution and Service of health insurance products. It has 100 physical offices throughout India and more than 2,200 employees.
Video Apollo Munich Health Insurance
History
Apollo Munich Health Insurance Company Ltd. initially known as Apollo DKV Insurance Company Ltd.; a joint venture between Apollo Hospital and DKV AG, a subsidiary of the ERGO Group; a group of Munich Re insurance companies. The stake ownership of both companies was in the ratio of 74:26 (Group of Apollo Hospitals: DKV AG).
Apollo DKV was renamed Apollo Munich Health Insurance in December 2009. Munich Re purchased an additional 23.27% stake in Apollo Munich Health Insurance in January 2016, increasing its stake to 48.75%.
Maps Apollo Munich Health Insurance
Branding_.26_Marketing "> Branding & amp; Marketing
Apollo Munich's tagline, 'Let's Uncomplicate', should address its efforts to simplify and make it more transparent, the process of buying health insurance. Its brand logo, colorful 'colorful man', is meant to illustrate the company's efforts to help its customers stay healthy and happy.
Brand ambassador
In March 2012, the company appointed Sourav Ganguly, a former Indian cricketer and captain of India's national cricket team, as a brand ambassador. Sourav Ganguly is part of Apollo Munich media plan that combines marketing, strategic and social initiatives.
Antony Jacob, CEO, Apollo Health Insurance Munich, approved this decision for the quality and character of Sourav Ganguline that aligns with the quality of the company, including its leadership qualities, courage, continuous efforts to improve and clarity & transparency.
The company recently appointed Farhan Akhtar as its brand ambassador, coinciding with the launch of a new category of health insurance - 'WINSURE'. The Healthcare Wallet is the first product launched by Apollo Munich in this category.
Initial challenge and strategy
Domain health insurance in India was limited to public sector companies until 1999. Fixed rates, terms and conditions of insurance companies may offer are also strictly regulated.
Health Insurance Apollo Munich is one of the first independent health insurance companies to enter the market after the liberalization of the Indian insurance industry and the end of the tariff regime.
The company's initial strategy was to put pressure on innovation and target the group's insurance business. But it can not collect sufficient number of clients. Apollo Munich's products "marry health care finance with health care management", leading to higher premiums and fewer buyers for the product. The exposure of Apollo Munich to the group insurance business also results in a high claim or loss ratio.
In 2009, Antony Jacob, formerly finance director of RSA Insurance Group for Middle East and Asia, joined Apollo Munich as CEO and decided to shift the company's focus to retail insurance. He also introduced the concept of corporate health management, not self-financing. These measures successfully support Apollo Munich Health Insurance. Optima Restore, a policy that automatically returns the entire sum assured, at no additional cost, if used in policy periods, wins Apollo Munich, Asia Insurance Award for Innovation in 2012.
Award-winning products
Dengue Treatment
Awarded the Best Health Insurance Plan award at the FICCI Healthcare Excellence Awards 2016, Dengue Care is the only insurance plan in India that includes special infectious diseases.
Energy
Energy has won the Innovation Award of the Year by the Asia Insurance Awards and Fintelekt. This is a special health insurance plan for those suffering from type II diabetes, pre-diabetes or hypertension. There is no waiting period for hospitalization arising from this condition.
The plan includes a health management program and a reward system that rewards policyholders with discounts on premium renewals and reimbursement of additional medical expenses.
Optima Restore
After winning several innovation awards by Asia Insurance Review, Finnoviti, Digirati and Fintelekt, Optima Restore is a health insurance policy that returns the entire coverage if used in the policy period, at no additional cost. This product also offers 50% of the sum assured as a bonus in one year free of claims, up to 100% of the sum assured for two consecutive years free of claims.
Innovation Apollo Munich is standardized by IRDAI
Apollo Munich Health Insurance has brought some innovations that industry standards have created by the Indian Regulatory and Insurance Boost Board (IRDAI). This standardization is explained by IRDAI as follows.
Portability
The right of individual health insurance policyholders (including family protection), to transfer credits earned for pre-existing conditions and time-bound exceptions if they decide to switch from one insurance company to another or from one plan to another plan from the firm the same insurance, provided the previous policy is maintained without a break.
No loading based on claims
The insurer can not increase the premiums owed by the policyholder with the same insured value on the grounds that the insured filed a claim in the previous policy year for an illness or accident.
Lifetime updates
Policyholders can update their policies for the rest of their lives.
Important people in the organization
Awards & amp; Recognition
Apollo Munich Health Insurance has won the following awards, among others.
2016 : Winning the ET Best Brand Award in the BFSI Category, Recognized as the Great Place to Work for the sixth consecutive time, won the Global Brand Excellence Award by CMO Asia for sustainable marketing excellence and recognized as Claim Service Leader by The Indian Insurance Award, 2016, conducted by Fintelekt
2015 : The Best Money Insurance Provider by Money Today. Also gained recognition by The Indian Insurance Awards as Technology Leader of the Year
2014 : This year's Innovation Award by the Asia Insurance Awards and Fintelekt for Energy, insurance and health plans for people with diabetes. The Company also received the Health Insurance Award of the Year by Fintelekt and Hero Cycles' India Health & amp; Wellness Awards 2014
2013 : Apollo Munich was awarded the Best Companies to provide Health Insurance in India in the Indian Insurance Awards, 2013. He also had Abby's (Bronze) in the category of Best Film (Financial Products). At The Indian Insurance Awards, the company won two awards, namely, Health Insurance Company of the Year and Technology Maturity Award.
2012 : Achieve recognition as Best Health Insurance Company by Outlook Money. Winning innovation awards for its pioneering Optima Restore products by Asia Insurance Review, Finnoviti, Digirati, and Fintelekt.
2011 : Received 'Effie' for the effectiveness shown in its marketing campaign, "Making Time to Pause". Also won the E-Business Leader by India Insurance Review.
2009 : Win the CII Wellness Awards as the best corporate healthcare organization.
References
Source of the article : Wikipedia
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