Apollo Munich Health Insurance Co. Ltd. (Apollo Munich) is the new name for
Apollo DKV Insurance Co. Ltd. The new name was officially announced today as the
company embarks on the new rebranding exercise after receiving the required
shareholder and regulatory approvals to change its name. The announcement of the
'Apollo Munich' name is a significant milestone as the company is set to scale its
business to garner a sizable share of the growing market for health insurance.
Headquartered in Gurgaon with an expanding national presence, Apollo Munich is a
joint venture between Asia's largest integrated healthcare provider, The Apollo
Hospitals Group, and Germany based Munich Re's newest business segment,
Munich Health.
Sharing her thoughts on the rationale for the new brand name, Ms. Shobana
Kamineni, Whole Time Director, Apollo Munich, said "The new name is in line
with our brand strategy to communicate the deep rooted expertise of the company.
Apollo is a household name synonymous with the best quality healthcare and our
partner company Munich Health is a true pioneer in the field of global health risk
management. We felt it was necessary to have the brand reflect the strong
foundation and build greater familiarity with consumers as we grow our business."
Dr. Wolfgang Strassl, Director of Apollo Munich and Head of the Board of
Management of Munich Health added, "Munich Health is in fact the new brand
under which Munich Re is now offering its healthcare-sector services to clients and
partners throughout the world. Munich Re is thus bringing together under one banner
its global insurance and reinsurance know-how in health."
The company's name change comes at a time when the health industry sector in the
country is growing at an aggressive pace and Apollo Munich has set out to provide
innovative health insurance products to address "preventive" needs and not merely
focus on "curative" needs.
According to Antony Jacob, CEO, Apollo Munich,
"Our new name Apollo Munich Health Insurance embodies a promise to our customers of providing affordable and innovative health insurance solutions based on the combined expertise of both
partners, each a leader in their field. For our customers, employees and other
stakeholders, our new brand will come to stand for partnership, excellence and
clarity from a company that is the expert in both health and insurance."
Apollo Munich has robust plans to expand its branch network, double the number of
policy selling agents and increase the company headcount in its aim to achieve a
market penetration of 5% of the retail health insurance market by 2013-14.
Apollo Munich Health Insurance Co. Ltd. (previously Apollo DKV Insurance Co.
Ltd) is a joint venture between Apollo Hospitals Group and Munich Health, Munich
Re's newest business segment.
The company offers comprehensive health insurance plans for individuals and their
families as well as for corporate houses. The company also offers individual personal
accident plans and travel insurance for individuals, families and senior citizens.
Apollo Munich is a specialized health insurance company in India that has expertise
in both health and insurance and is able to leverage this understanding for the
benefit of its customers.
With over 8065 beds across 46 hospitals in India and overseas, neighbourhood
diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO as well as
health insurance services and clinical research divisions working on the cutting edge
of medical science, The Apollo Hospitals Group is Asia's largest integrated
healthcare provider.
Munich Health draws on Munich Re's insurance and reinsurance competence with
over 5,000 employees and clients in more than 40 countries. Munich Re stands for
exceptional solution-based expertise, consistent risk management, financial stability
and client proximity. This is how Munich Re creates value for clients, shareholders
and staff. In the financial year 2008, the Group - which pursues an integrated
business model consisting of insurance and reinsurance - achieved a profit of
€1.5bn on premium income of around €38bn. It operates in all lines of insurance,
with around 44,000 employees throughout the world.
Comments
Deepti says:
Apollo DKV had some very good insurance plans. As a user, I wanted the best cover for my family, which is why i selected a family health plan from them. When the name changed to Apollo Munich, i was a bit worried about the changes in the terms and conditions of the policy. but they were the same. There was no difference in the plans. Their services too were just as good as before.
February 23, 2010 at 4:09 PM | Permalink
kaushi says:
Apollo Munich is the new name of Apollo DKV. i bought their plan two years ago, just because apollo gorup is known for the better healthcare services and i think i end with a right choice as it offers good customer support, good services and good offerings.
February 23, 2010 at 4:51 PM | Permalink
Anu says:
Apollo Munich is growing with a good pace. it has brought best plans.
August 30, 2010 at 4:23 PM | Permalink
Arjun says:
I bought my health insurance policy when it was known as Apollo DKV, and was a bit apprehensive when the name change took place, but the service of Apollo Munich has only improved over the years.
November 29, 2010 at 12:03 PM | Permalink