Apollo-DKV to launch insurance products

The newly formed Apollo DKV Insurance Corporation, a joint venture between Apollo Group of Hospitals and DKV, a European insurance company, will launch its first bouquet of five health insurance products by the end of August 2007, Pratap C Reddy, chairman, Apollo Group, said.

Apollo will hold 74 per cent equity in the company while DKV, a subsidiary of reinsurer Munich Re, will hold the remaining 26 per cent, initially. As and when the existing norms are relaxed, Apollo would increase the DKV's equity participation in the company to 49 per cent by reducing its stake to 51 per cent, Reddy said.

Addressing the media in connection with the launch of Apollo Health City, a new concept that integrates Apollo's all the seven verticals covering healthcare, education and research among others into one healthcare system, Reddy said, the health insurance products would be tailor-made to suit the needs of the patients.

"I have told the directors of DKV that the insurance products to be launched by the new company must be patient-oriented and not just commercial products, for which they readily agreed," he said.

The new company will be headquartered in Gurgaon.

Among the other initiatives, the Apollo Group is creating a Health Super Highway in partnership with IBM, which connects all the doctors and other medical experts across the country to enable patients to access the length and breadth latest developments in the understanding and treatment of diseases besides offering a second opinion.