The Company has grown exponentially since inception, with a 3.5x increase in Gross Written Premium (GWP) and a 2x rise in market share based on overall health insurance market over the last 5 years.
FinTech BizNews Service
Mumbai, 24 May 2024 – ManipalCigna Health Insurance, one of India's fastest-growing standalone health insurance company, today marks a significant milestone as it commemorates 10 years in business. Since its inception in 2014, ManipalCigna has demonstrated remarkable growth, cementing its position as a trusted Health Insurance Expert in safeguarding the health and well-being of millions across India.
The Company has grown exponentially since inception, with a 3.5x increase in Gross Written Premium (GWP) and a 2x rise in market share based on overall health insurance market over the last 5 years. In 2023-24 (FY24), the company reported a GWP of INR ~17 billion, growing at 28% CAGR over the last five years. With an unwavering commitment to customer-centricity, ManipalCigna has also witnessed a steady increase in its customer base, serving over 19 million active lives with comprehensive health insurance solutions tailored to their needs.
Commenting on this milestone occasion, Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance, said, "As we celebrate this momentous occasion, I am humbled and proud of what ManipalCigna has achieved over the past decade. Our journey has been defined by a steadfast commitment to our customers' health and financial well-being. Looking ahead, we remain dedicated to a culture of innovation and advancing quality healthcare accessibility to make a positive impact on the health and financial wellbeing of millions across India."
Sikdar, further added, “As we embark on the next phase of our journey, we at ManipalCigna remain steadfast in our mission to provide our customers with easy and lifetime access to quality healthcare. In the next 10 years we aspire to achieve 10x GWP through continuous distribution expansion and focus on multi-channel, multi-product, and multi segment approach. Additionally, we will continue to invest in our people, processes, and technology to ensure that we remain at the forefront of the health insurance industry”.
ManipalCigna Health Insurance has witnessed robust growth over the past decade. The company has expanded its employee base to 2,800 employees in FY24. Additionally, ManipalCigna has expanded its agent network, with the number of agents increasing from 12,000+ in FY19 to 70,000+ in FY24, representing a significant growth rate of 5x. The company has also increased its branch network in the last years, with the number of branches growing from 23 in FY19 to 79 in FY24.
Over the years, ManipalCigna has introduced several innovative products tailored to meet the diverse needs of its customers, including ProHealth Prime, Prime Senior, and LifeTime Health, which cater to different segments and provide comprehensive coverage for various healthcare needs. The company's rich expertise, along with differentiated product and technology led innovations with customer-centricity at the core has helped ManipalCigna expand its footprint across India, bringing its comprehensive health insurance solutions to every corner of the country. Over the past decade, ManipalCigna has also garnered widespread industry recognition for its pioneering initiatives and received numerous prestigious awards, for its innovative products and services.
Looking ahead, ManipalCigna Health Insurance is poised for continued growth and success. The company has outlined a strategic roadmap for the next decade, focusing on productivity, efficiency, product diversification, and digital transformation, to drive innovation and enhance customer experience across all touchpoints.
