Mr. Jacob shared that the company has grown at 148% in the year 2010-11, as compared to 2009-10. He felt proud to disclose that the company has insured more than 27 lakh lives in the country in the year 2010-11. Besides this, the company is regularly working in the direction of reducing claim rejection by introducing a strong IT platform and improving provider relationships.
He also agreed that health insurance distribution has been a challenge, but it would probably diminish as the health insurance premium is projected to grow at compound rates of more than 25 per cent over next few years. This increase in premium has also been taken as an enticing proposition for agents, who get a 15% commission, spanned throughout their life.
Moving further, he shared a few tips that an individual buying health insurance should keep in his/her mind. These are: filling the proposal form yourself, reading policy wordings carefully, and knowing the exclusions section before buying the policy. If a person knows about the conditions in which the claim would be paid, the company would be able to pay every single genuine claim and this is what the company has promised to its shareholders.
Talking on breakeven point of health insurance business, he told that the company would be able to reach its breakeven point in 5th to 7th year of operation. Working in this direction and maintaining transparency with its customers, he said that the company’s growth plan would be funded by its shareholders in line with IRDA regulations, if required.
Apollo Munich is also working towards the realization of rural sector obligations for insurance companies. As a result, it the company has taken part in various micro-insurance projects. The company has contributed to the RSBY Maharashtra and Meghalaya project, which will be helpful in gaining knowledge of the needs of the rural sector.