Apollo eyes 25 per cent in health insurance

Apollo Group chairman Pratap C Reddy on Tuesday said the health insurance company that is likely to be launched by the end of this year in joint venture with DKV, Germany, would aim for a 25 per cent market share in one year from the launch.

Speaking here in connection with the launch of India's first 'MRI with Ambient Experience & 64-Slice cardiac CT' scan at Apollo, Reddy said the targets set before them were quite achievable because the company would adopt the approach of the patient in designing the insurance product.

He also said the present health insurance market would have to grow from just one per cent of the population to 10 per cent by the year 2010.

"Something is seriously wrong with either the products available in the market or the approach adopted by the health insurance players," he said adding that Apollo's health insurance would aim at 25 per cent of the projected 10 per cent coverage of population.

The collaboration with Europe's largest insurance company was aimed at pushing Apollo group's health insurance products aggressively into the masses.

The CT scan equipment, which cost around Rs 10 crore, is meant to overcome the patient-unfriendly aspects associated with MRI scanning.