How big is your company's health insurance vertical in terms of sum assured and premium collected every year? What is your market share in health insurance and how is it growing?
Unlike Life Insurance, in General Insurance the size of business is considered in terms of premium underwritten. Up to July end this year as a 100 year old Company, New India with total premium income of 3545.53 crs has retained Market Leadership for Health Insurance with a 21% market share in a market with 25 General Insurance Companies and 7 Stand Alone Health Insurance Companies having total Health premium of 16674.71 crs and growing at par with Industry growth of 20%
What are the product innovations brought in by your company to fortify its position as a market leader in health insurance space?
New India has in the recent times launched the Global Mediclaim policy covering treatment abroad for major 6 named illnesses. We also have launched the Top Up policy, which has very popular features. We have our Premier policy for HNI customers offering sum insured of upto 1 cr. Besides new products we have also revamped our regular mediclaim policies by incorporating newer features like reinstatement of Sum Insured, etc. Apart from new products we have also focused on Online Facility to bring in customer convenience. As the largest general insurance company with huge volumes, we are committed to better service and customer satisfaction.
Has the entry of standalone health insurance companies increased competition for general insurers? Isn't it good for customers that they have so many options and the competitive pressure acts as a trigger to bring out better products?
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