Apollo Munich Health Insurance, the new Name in Healthcare
Gurgaon – 30 Dezember 2009
Apollo DKV is rechristened Apollo Munich
Renews its commitment to customers as specialists
Sets out to leverage expertise of both partners to redefine the rapidly growing health insurance market
Apollo Munich Health Insurance Co. Ltd. (Apollo Munich) is the new name for Apollo DKV Insurance Co. Ltd. The new name was officially announced today as the company embarks on the new rebranding exercise after receiving the required shareholder and regulatory approvals to change its name. The announcement of the 'Apollo Munich' name is a significant milestone as the company is set to scale its business to garner a sizable share of the growing market for health insurance. Headquartered in Gurgaon with an expanding national presence, Apollo Munich is a joint venture between Asia’s largest integrated healthcare provider, The Apollo Hospitals Group, and Germany based Munich Re’s newest business segment, Munich Health.
Sharing her thoughts on the rationale for the new brand name, Ms. Shobana Kamineni, Whole Time Director, Apollo Munich, said “The new name is in line with our brand strategy to communicate the deep rooted expertise of the company. Apollo is a household name synonymous with the best quality healthcare and our partner company Munich Health is a true pioneer in the field of global health risk management. We felt it was necessary to have the brand reflect the strong foundation and build greater familiarity with consumers as we grow our business.”
Dr. Wolfgang Strassl, Director of Apollo Munich and Head of the Board of Management of Munich Health added, “Munich Health is in fact the new brand under which Munich Re is now offering its healthcare-sector services to clients and partners throughout the world. Munich Re is thus bringing together under one banner its global insurance and reinsurance know-how in health.”
The company’s name change comes at a time when the health industry sector in the country is growing at an aggressive pace and Apollo Munich has set out to provide innovative health insurance products to address "preventive" needs and not merely focus on "curative" needs.
According to Antony Jacob, CEO, Apollo Munich, “Our new name Apollo Munich Health Insurance embodies a promise to our customers of providing affordable and innovative health insurance solutions based on the combined expertise of both partners, each a leader in their field. For our customers, employees and other stakeholders, our new brand will come to stand for partnership, excellence and clarity from a company that is the expert in both health and insurance.”
Apollo Munich has robust plans to expand its branch network, double the number of policy selling agents and increase the company headcount in its aim to achieve a market penetration of 5% of the retail health insurance market by 2013-14.
Note for the editorial staff
Apollo Munich Health Insurance Co. Ltd. (previously Apollo DKV Insurance Co. Ltd) is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re’s newest business segment.
The company offers comprehensive health insurance plans for individuals and their families as well as for corporate houses. The company also offers individual personal accident plans and travel insurance for individuals, families and senior citizens. Apollo Munich is a specialized health insurance company in India that has expertise in both health and insurance and is able to leverage this understanding for the benefit of its customers.
With over 8065 beds across 46 hospitals in India and overseas, neighbourhood diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO as well as health insurance services and clinical research divisions working on the cutting edge of medical science, The Apollo Hospitals Group is Asia’s largest integrated healthcare provider.
Munich Health draws on Munich Re’s insurance and reinsurance competence with over 5,000 employees and clients in more than 40 countries. Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2008, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €1.5bn on premium income of around €38bn. It operates in all lines of insurance, with around 44,000 employees throughout the world.
For further questions please contact:
Media Relations Munich, Regine Kaiser
Tel.: +49 (89) 38 91-27 70
Media Relations USA, Terese Rosenthal
Tel.: +1 609 234 4339