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Apollo Group floats health insurance co.

— PHOTO: V. V. KRISHNAN

HEALTH COVER: Jochen Messemer (left), Member, Executive Board of Management, DKV AG, and Director Apollo DKV along with Shobana Kamineni, Director, The Apollo Hospitals Group, at the launch of the health insurance company in New Delhi on Wednesday.

NEW DELHI: The Apollo Hospitals Group on Wednesday announced the launch of its health insurance company — Apollo DKV Insurance Company — set up in joint venture with the Germany-based DKV AG Deutsche Krankenversicherung AG. Apollo has a 74 per cent stake in the new entity, while DKV holds the balance.

The companies have jointly invested Rs. 108 crore to start the new venture. It would start its operation by mid-September and in the next two-three years, it plans to insure about 10-lakh persons in India.

Apollo DKV would start with six regional offices in major cities in the second year of its operation and would expand to 25 cities.

By 2010 it plans to cover over 100 cities across the country.

Addressing a press conference here, Apollo DKV Director Shobana Kamineni said: “Our entry into the health insurance sector is a logical extension of our continued contribution to healthcare delivery in India. Apollo DKV is uniquely placed to be the only health insurance company in India backed by an integrated healthcare group and a strong partnership with one of the leading international health insurance players.”

She further said the mission of the new venture was to constantly introduce innovative health insurance, wellness solutions and disease management that meet customer needs.

According to Apollo DKV Director Jochen Messemer, who is responsible for DKV’s global business, “Apollo perfectly fits into our strategy, to establish private health insurance in growth markets, bridging insurance, medical services and the delivery of healthcare.

“We are convinced that private health insurance with full-coverage and long-term products will enable significant increase in market penetration and enhance access to quality healthcare.”

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