Apollo Munich Eyes 2-3 Bancassurance tie-ups This Fiscal

Enthused by the open architecture system announced by insurance regulator IRDAI, Apollo Munich Health Insurance said it is eyeing a couple of more bancassurance tie-ups in the current fiscal.

"We have got bancassurance partners which would see 2-3 additions by the end of the current fiscal," Apollo Munich Health Insurance CEO Antony Jacob told PTI.

Currently, the company has distribution tie-ups with Canara Bank, Indian Overseas Bank, Axis Bank and Citibank. Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with a maximum of nine insurers from three segments ?life, non?life and standalone health insurers ? as part of the new bancassurance guidelines. The company also plans to infuse Rs. 50 crore capital during the last quarter of the current fiscal to expand business.Currently, its paid-up capital stands at Rs. 357 crore.

Having witnessed a growth of 27% last fiscal, the company is expecting increase of 30% in the new business in 2016-17.

The company eyes Gross Written Premium (GWP) of Rs. 1,300 crore by the end of March 2017. Talking of paperless initiative of the company to underwrite policy, Jacob said: "Ampower app has enabled our sales force to issue a policy in 7 minutes from the traditional 14-day period."

The new business growth expected via the new app by the end of the current financial year is 65-75%, he said.