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Aditya Birla Health Insurance, a part of Aditya Birla Capital, is expecting 75 per cent of its business to come from retail in the next five to six years.
According to Mayank Bathwal, CEO, the health insurer forayed into the business in 2016 primarily with corporate health. It later added the retail segment in November 2016, which accounts for around 20 per cent of its business.
Growth in retail“We started last year primarily with corporate. But we see the retail segment growing in the next five to six years,” he said at a press conference here on Monday.
The health insurer has underwritten premium of ₹96 crore so far during this fiscal. “The retail business grew by 8 per cent in the first quarter and 32 per cent in the second quarter. It is growing fast. We expect 75 per cent of our business to come from retail segment in five to six years,” he said.
The insurer’s gross premium stands at ₹150 crore. In the corporate segment, the company plans to focus more on small and medium enterprises.
“We are not keen to get into the space of large corporate and fight the pricing battle. Our focus will be on the small and medium enterprises,” he said.
The company has 55-60 branches across 34 cities. This apart, it has tie-ups with five banks for bancassurance and a network of close to 12,000 agents.
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