Apollo Munich Insurance to put in Rs. 50 crore for business expansion

New Delhi: Apollo Munich Health Insurance has announced its decision to put in another Rs.50 crore capital in the last quarter of the current fiscal year for business expansion.

The decision comes in the face of a requirement emerging towards the end of the year, though the insurance company is adequately financially furnished for the moment, said CEO Antony Jacob .

Having grown 27% last fiscal, Apollo Munich stands at a current paid up capital of Rs. 357 crore; expecting a 30% increase in new business for 2016-17. According to Jacob, Apollo Munich Health Insurance intends achieving a gross written premium (GWP) of Rs.1300 crore, ending March 2017.

The company’s ampower application, a paperless initiative to underwrite policy is another tool which is expected to boost the company's current financial growth by 65-75 percent, stated the CEO.

"Ampower app has enabled our sales force to issue a policy in 7 minutes from the traditional 14 days period," he added.

15000 agents are expected to be using the Ampower application by the end of the current financial year. With this Apollo Munich Health Insurance will have achieved the baseline required to measure productivity.

The Apollo Hospitals group has taken a stride further by selling 23.3 per cent shareholding in Apollo Munich Health Insurance Company to its German partner Munich Re for Rs 163.5 crore.