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Standalone health insurer ManipalCigna Health Insurance continues to remain bullish about growth prospects and believes that the demand for health insurance will not dim with the easing of the Covid-19 pandemic.
“The consumer mindset has changed. Health insurance is moving from a priority to a necessity,” said Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance. “The hope is that given the backdrop of the Covid-19 pandemic and regulatory and government measures, the health insurance industry will continue to grow over the next couple of years,” he said.
The insurer hopes to continue its growth momentum and believes it can grow at 30 per cent to 31 per cent in the current fiscal as well.
The insurer reported a growth of 30.53 per cent in gross premium underwritten in 2021-22 to ₹986.18 crore from ₹755.49 crore in 2020-21. Its gross premium underwritten for the first two months of the current fiscal year grew by 34.26 per cent on a year-on-year basis.
Sikdar noted that the insurer has a multi-product and a multi-channel distribution model.
“We have created our processes and products to suit digital distribution. Some of the products that we have are flexible enough to ensure that it can provide a sachet kind of insurance for only eyes or dental,” he said, adding that the company is working on product and technology innovation in order to partner with digital players for distribution.
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