Apollo Munich eyes 30 percent growth in FY18 premium collection

HYDERABAD: Apollo Munich Health Insurance said it expects 30 percent growth in the premium collection to Rs 1,700 crore by the end of the current fiscal against Rs 1,300 crore in FY17.

"We collected Rs 1,300-crore premium last year, including new premium. This year we expect it to be about Rs 1,700 crore. We will cross at 30 percent CAGR this year, whereas the industry (health insurance) is growing at 25 percent," Nandini Ali, Chief Marketing Officer, Apollo Munich, said at a press conference here.

The new premium business would be upwards of 45 percent, she said.

Apollo Munich recently introduced a new category, 'Winsure', with an insurance plan called 'Health Wallet' also roped in Bollywood movie maker Farhan Akhtar as brand ambassador.

Health Wallet is set to redefine the health insurance category by addressing pertinent questions such as value for money, Ali said.

Other features of the product include the creation of a reserve kitty for the customers that can be used for a variety of out-of-pocket expenses such as speech therapy, purchase of medicines, vaccinations, dental expenses, diagnostic tests, spectacles, contact lenses and medical devices, she said.

It also allows the user with the flexibility of paying for 'non-payable items' that are generally excluded from other health insurance plans, she added.