The insurer is committed to increase penetration of health insurance in Andhra Pradesh & Telangana markets
FinTech BizNews Service
Mumbai, 26 October, 2023: ManipalCigna Health Insurance, one of India's fastest-growing standalone health insurance company, is taking concrete steps to strengthen its presence in Hyderabad and across India to address diverse healthcare financing requirements and extend its innovative health insurance solutions to new customer segments. In FY 22-23 the insurer has reported a gross written premium of Rs150+ Crore in Andhra Pradesh & Telangana and it has emerged as the second highest markets for business growth for the company in South India. The insurer is committed to increase penetration of health insurance in Andhra Pradesh & Telangana markets and provide its customers with easy and lifetime access to quality healthcare.
In the financial year 2022-23, the health insurance expert, ManipalCigna reported an estimated Rs500 crore in gross written premium (GWP), achieving a 37% growth in the entire southern market - Telangana, Andhra Pradesh, Karnataka, Kerala and Tamil Nadu. The standalone health insurer expects to double its business to Rs1000+ crore GWP in the next 2 years, and aims to launch new branch offices, increase employee strength and recruit over 10,000 agents in the south.
Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance, commented, “Andhra Pradesh and Telangana have high prevalence of non-communicable diseases as per various industry surveys. With this in mind, we at ManipalCigna remain committed to providing reliable health insurance solutions to safeguarding our customers health and well-being in the region. Our 'Lifetime Health' and 'Prime Senior' products offerings have been well-received by the residents of this region, reflecting our commitment to providing comprehensive health coverage for individuals at all stages of life to meet their diverse healthcare needs.
Desai further added, “Our robust multichannel distribution network and a multi-product offering help us reach uncharted territories of the southern region and helps combat the healthcare financing problems faced in the region. With the Andhra Pradesh and Telangana markets emerging as the second highest in terms of business growth for the company in South India, we at ManipalCigna aim to double our business in the coming year. To support this goal, we intend to recruit an additional 10,000 agents who will be instrumental in ensuring that our fully loaded health insurance products reach even more families and individuals across the state.”
ManipalCigna Lifetime Health plan provides comprehensive healthcare financing with Sum Insured options ranging from Rs50 lacs to Rs3 crores, covering both domestic and global healthcare needs. ManipalCigna also has a specialized solution for senior citizens, ‘ManipalCigna Prime Senior’ plan that offers innovative features specially designed for Senior Citizens. Prime Senior plan also offers flexibility to senior citizens with hassle free coverage for pre-existing disease conditions from the 91st day onwards without any medical check-ups. This empowers senior citizens to access quality healthcare during their golden years. Additionally,
The newly launched ManipalCigna Accident Shield Plan is also a highly customizable personal accident plan that offers range of sum insured up to Rs25 crores in case of Death, Disabilities, and Debt.
