Apollo Hospitals inks JV with German co for health insurance
New Delhi, Aug 8 (UNI) Leading healthcare firm Apollo Hospitals Group has entered into an agreement with a Germany-based DKV AG to foray into health insurance sector with a joint investment of Rs 108 crore.
DKV AG will have 26 per cent stake and Apollo 74 per cent in the newly-formed company Apollo DKV Insurance Company.
Speaking on the occasion Finance Minister P Chidambaram said, ''Public healthcare should be supplemented with private healhcare and this JV is a perfect example.'' Apollo DKV proposes to offer a range of products covering in patient hospitalisation cover, critical illness cover, overseas travel and health cover and personal accident cover.
The JV company initially proposes to build a network of over 500 people and speed the ramp-up in the subsequent years through agents, corporate agents, startegic partners, travel agent, sales associates and direct sales force.
Apollo DKV is also planning to has exclusive tie-ups with banks, NBFCs and brokers for distributing their products. The other channel that the JV company plans to employ are data-based marketing and internet.
The new company would start six regional offices covering major metros.
The products of the JV would be valid in all the hospitals across the country on reimbursement basis and in over 400 hospitals inclusing 42 Apollo Group hospitals.
The health insurance makrket is growing at 45 per cent for last three years.
UNI