Antony Jacob (CEO, Apollo Munich Health Insurance) in Interview with the Indian Express

June 14, 2011 - PRLog -- In the recent interview with Ritu Kant Ojha of The Indian Express, Antony Jacob, CEO of Apollo Munich Health Insurance says, “We are in the business to pay claims”. He strongly believes that knowing customers details at the time of accepting proposal and robust IT platform have helped the company in reducing chances of claim rejection at later stages.

Mr. Jacob told that the company has garnered Rs. 283 crores of Gross Written Premium in the financial year 2010-11, as compared to Rs 114 crores in the year 2009-10. The growth of 148 percent this year, as compared to last financial year is excellent.  As shared by him, Apollo Munich feels proud to have insured more than 27 lakh lives in the country.

He also agreed that health insurance distribution has been a challenge, but it would probably wane as the health insurance premium is expected to grow at a compound rate of over 25 per cent for the period spanning from 2009-10 to 2013-14. This growth has also been taken as an attractive proposition for agents, who get 15% commission spanned throughout their lives.

With regard to settlement of claim, which has always been an issue with health insurance companies, Antony Jacob repeated the statement, “We are in the business to pay claims” and laid stress on paying off genuine claims. He said that the company has to fulfill an obligation made to its share holders that genuine claims will be paid and there would be enough limitations and cause to reject non-genuine claims. The company has a strong IT platform and provider relationships that are helpful in minimizing cases of claim rejection.

He focused on the fact that if clients are made aware of covered and uncovered perils, and in what situations the claims would be paid, the company would be able to pay every single genuine claim. According to him, an individual buying a health insurance policy should keep the following tips in mind:-

•   Fill up proposal form himself/herself
•   Know the exclusions
•   Read policy wordings carefully

Discussing the breakeven point of health insurance business, he said that Apollo Munich is also trying to break even between the 5th and 7th year of operation like other health insurers. The shareholders had committed to fund the growth plans of the company in line with IRDA regulations in order to raise long term capital through FDI, if the cap is raised.

When asked about rural sector obligation for the insurance companies, Mr. Jacob said that the company has taken part in a few micro insurance projects and is looking into various ways to understand the requirements and the challenges of the sector. The company has contributed in RSBY Maharashtra and Meghalaya project, which will be helpful in gaining knowledge of the needs of the rural folk.

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Apollo Munich, a pure Health Insurance Company, is a joint venture between the Apollo Group of Hospitals and Munich Health. Apollo Munich brings a comprehensive range of health insurance, travel and accidental plans to satisfy the health requirements of the people in India.