Aditya Birla Health Insurance expects the share of individual retail health to account for nearly 75 per cent of its total business by the end of March 2020. Retail health currently accounts for around 70 per cent of its total business.
As on March 2019, the company had gross written premium of around ₹315 crore, registering a growth of 78 per cent over previous year.
According to Mayank Bathwal, Chief Executive Officer, Aditya Birla Health, group insurance is not a focus area for the company, which is looking to break even by 2021-22.
“Retail health currently accounts for nearly 70 per cent of our total business, up from 67 per cent registered last year. We see this growing further to 75 per cent by March 2020,” Bathwal told newspersons after unveiling the research findings of their latest survey – Indian Parental Care Survey 2019 – on Tuesday.
New products
The company, which has launched three products since the beginning of this fiscal, is looking to roll out few more products. It has already filed a few products with the IRDAI for approval.
Some of these products will focus on specific segments or categories such as women, rural or even disease-specific offerings, he said.
Aditya Birla Health, which completed three years of operations in October 2019, will also explore the possibility of engaging with Ayushman Bharat Yojana, which is aimed at providing help to the economically vulnerable people in need of healthcare facilities.
“Having completed three years of operations, we are now eligible for the Ayushman Bharat scheme. We will explore the possibilities,” he said.
The health insurance company is expecting to clock 80 per cent growth in premium this year. The company has bancassurance tie up with as many as 10 banks. Sales through the bancassurance channel accounts for nearly 55 to 60 per cent of its retail health insurance business, he added.