Money & Banking

Aditya Birla Health Insurance eyes Kerala, opens full service branch in Kochi

Our Bureau Kochi | Updated on December 05, 2019 Published on December 05, 2019

A file photo of Mayank Bathwal, CEO, Aditya Birla Health Insurance. -Debasish Bhaduri   -  Debasish Bhaduri

Strengthening its foot print in Kerala, Aditya Birla Health Insurance Co Ltd (ABHICL) has opened its first full service branch in Kochi.

According to Mayank Bathwal, the company’s CEO, the private and public healthcare system in Kerala is strong, which helps in boosting the state’s healthcare condition. With its first branch in Kochi, ABHICL aims to reach out to individuals and provide schemes that will meet their financial protection needs.

The company is also looking at opening branches at Thiruvananthapuram and Kozhikode soon, he said.

Speaking to reporters, Mayank Bathwal said that the company was hoping to continue its 78 per cent growth posted in HI of FY20. The company, which was started three years ago, has earned Rs 316 crore in premium collections. “We expect to achieve a similar growth in the second half by penetrating into more regions,” he said.

Huge scope

The penetration, he said, is still low in individual health insurance. About 50 crore people have been covered by health insurance in which 36 crore by the government’s Ayushman Bharat scheme, while around 9 crore are covered by corporate health insurance.

The number of people who have taken individual insurance in the country is only about 4 crore. Hence, there is scope for new offerings in the health insurance sector.

“The total healthcare cost is around Rs 6 lakh crore. But the total health insurance premium is just Rs 50,000 crore out of which that paid comes to Rs 45,000 crore,” he added.

ABHICL has adopted a unique engaging framework that empowers individuals to opt for integrated solutions, covering both health insurance with embedded wellness programmes to remain healthy, he said.

Published on December 05, 2019
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