Global mediclaim await jet-setting executives

Globe trotting executives will no longer have to buy an overseas mediclaim policy every time they fly abroad. Apollo DKV Health Insurance will soon launch a mediclaim policy that will be valid anywhere in the world — the first of its kind in India.

Currently, heath insurance policies reimburse claims that are incurred in India. Those travelling abroad need to buy overseas mediclaim policies which are valid for a maximum of six months. Although, a worldwide policy would be very expensive, it is likely to find takers among CEOs where the premium is borne by the company.

Antony Jacob, CEO, Apollo DKV, said that the new offering targeted at senior executives is part of the company’s plan to be present in every segment of the health insurance business. “We are offering health insurance under the Rashtriya Swaran Bima Yojana which caters to those below the deficiency line.

Mr Jacob said. We also have an Rs 20 lakh health insurance policy — which is the only one of its kind in the country. In between, we have a host of plans,”

According to Shobana Kamineni, whole time director, Apollo Munich, and part of the Apollo Group which has promoted the company, Munich Re and Apollo will invest Rs 500 crore in the health insurance business over five years. The partners have already invested around Rs 200 crore in the business.

The health insurance company has recently renamed itself as Apollo Munich Health Insurance, following the decision of Munich Re, which owns the DKV brand, to centralise its health business within a new division under Munich Re.

“What we are looking at is the possible of this market. We expect that the market would be around Rs 35,000 crore by 2015. Even if there are 15 players, anyone with a significant share would need to invest a lot of money.”
She added that while this investment may not be visible in terms of physical assets, the company would be creating assets in the form of employees and a base of policyholders.

“Munich Re as partners will be a game changer as they have the best underwriting practices and the best knowledge in health insurance,” she said. Since Apollo DKV was launched last year, the company has appointed Mckinsey on board to rewrite its mission in terms of what essentially includes a study by AC Nielsen.