Apollo Munich Health Insurance
Counted among the few standalone health insurance providers, Apollo Munich Health Insurance specializes in providing health insurance, personal accident and travel insurance plans to individuals. Formed as a venture between two healthcare stalwarts Apollo Hospitals Group and Munich Health, the company has launched various innovative health insurance plans in the market. The company’s vision is to be a trusted leader in the health insurance segment by offering innovative products to Indian citizens. To fulfill this vision, the company has truly raised the bar of health insurance products available in the market today. For its continuous endeavors in the health insurance industry, Apollo Munich has also been bestowed with various awards over the years since its formation. Some notable awards include the following:
- Health Insurance Provider Award in 2015 bestowed by Money Today and Financial Planning Corporation for the company’s efforts in ensuring the financial well-being of its customers.
- Innovation of the Year Award in 2014 by Asia Insurance Awards for developing and launching its diabetes-specific plan ‘Energy’.
- Best Health Insurer Award by Outlook Money in the year 2013.
The company also received its ISO 9001:2008 Certification for its design, distribution and the servicing of health insurance products. Again in 2014, another Quality Management System Certificate (ISO 9001:2008) PA1 was awarded for the same category.
Other financial statistics of the company are also noteworthy. Here is a quick look:
- The company’s Claim Settlement Ratio since inception and till 2016 is 95% with over Rs.2282 crores spent in claim settlement which is quite high.
- The company boasts of settling its claims within 30 days of intimation. In clear claim cases, the duration is further reduced to 15 days.
- Even in case of issuing new policies, more than 93% of the policies are issued within 7 days of being received.
- Even the policy renewal rate is over 80% which shows consumer satisfaction with the services and products of the company as a whole.
- As on February 2015, the company’s market share in the retail health insurance sector stood at a comfortable level of 10%. This level is expected to increase in the coming years.
- The company has a pan India presence at 40 locations with a staff of about 1100 and agency force of over 25, 000 catering to the requirements of the customers.
The list of health insurance plans offered by Apollo Munich includes:
- Optima Restore
- Easy Health in three different variants of Exclusive, Premium and Standard
- Dengue Care Plan
- Optima Cash
- Optima Plus
- Optima Super
- Optima Vital
- Optima Senior
With a range of health insurance plans available with the company, the company makes sure that any individual with any health insurance requirement can find a plan with the company.