Health insurance firm Apollo Munich Health Insurance is on the lookout for raising funds. And it plans to do so following the Tier II capital way. Apollo Munich’s CEO, Anthony Jacob said that depending on their growth plans, the fundraising might even consist of non-convertible debentures.
Apollo Hospitals and Munich Re, which is in the reinsurer business, had joined hands to form Apollo Munich Health Insurance. The firm was successful in collecting Rs. 1300 crores in the form of premiums. Mr. Jacob believes they will be able to push that number to Rs. 1700 crores by the end of this financial year.
Mr. Jacob acknowledged the fact that the landscape has changed a lot since they started. Health insurance industry no longer follows the ‘One size fits all’ mantra.
Apollo Munich is witnessing a surge in the tablet mode of health insurance applications. In fact, tablet mode accounts for more than 50% of the total policies sold. The company is also exploring products in the field of wellness.
Retail sales account for 75-80% of the total business, whereas corporate accounts fill up the remaining 20-25% sales. Mr. Jacob has raised concerns regarding pricing, which he feels is unsustainable.