Apollo Munich Health Insurance to infuse Rs 50 crore capital for business expansion

Apollo Munich Health Insurance today said it plans to infuse Rs. 50 Crore capital during the last quarter of the current fiscal to expand business. As of now it is adequately capitalised but the company will require an additional capital closer to the end of this fiscal of about Rs. 50 Crore, Apollo Munich Health Insurance CEO Antony Jacob told PTI.

Currently, its paid-up capital stands at Rs. 357 Crore. Having witnessed a growth of 27% last fiscal, Jacob said, the company is expecting increase in new business of 30% in 2016-17. The company aims at the 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 days period." The new business growth expected via the new app, Ampower by the end of the current financial year is 65-75%, he said.

"We expect to have approximately 15,000 agents using the Ampower app by the end of current financial year. In terms of agent productivity figures, our focus this year has been year to drive adoption and usage," he said. Once this is achieved, the company will have a baseline in place to measure productivity. Recently, Apollo Hospitals Group announced selling 23.3% shareholding in Apollo Munich Health Insurance Company to its German partner Munich Re for Rs. 163.5 Crore.