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Aditya Birla Financial Services Group (ABFSG) on Wednesday launched its standalone health insurance arm - Aditya Birla Health Insurance (ABHICL).
ABHICL is a joint venture between the Aditya Birla Group and MMI Holdings Limited (MMI), a large and diversified financial services leader in South Africa.
Announcing the launch, Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group, said, “ABHICL is entering the Indian health market with a differentiated business model when compared to that of any existing health insurance player, offering health insurance to a wider set of customers by driving awareness and changing existing consumer attitudes in health insurance.”
“We are very bullish on this sector and our business model as health is a core necessity for the ambitious India. Our partner brings a vast amount of knowledge and IP in this area which we think will be invaluable to our customers,” he added.
While ABHICL will target an existing captive consumer base of several million ABFSG customers, it plans to grow rapidly given its product philosophy that expands health insurance to a newer category of fit and healthy customers.
The company has connected solutions to the role a customer thinks health plays in their own life – be it as an enabler of good things or as a barrier to achieving life goals, empowering and motivating families to prioritize “Health First”, in keeping with ABHICL’s core business philosophy.
Extensive network“Customers will be able to select their own healthcare providers from an extensive network, manage health care expenses through informed choices and will be given ample opportunities to improve their overall health,” explained Srinivasan.
ABHICL is also planning to introduce a chronic care management programme to cater to the unmet needs of a growing Indian population of those suffering from five chronic lifestyle conditions. Nicolaas Kruger, Group CEO of MMI Holdings said, “We look forward to extending our health insurance solutions to the Indian market and are excited about the growth potential in India. We aim to continually work together with ABHICL, to better understand customer needs and enhance our product offerings.”
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