Aditya Birla Financial Services Group (ABFSG) yesterday launched its standalone health insurance arm under brand Aditya Birla Health Insurance (ABHICL) with a aim to catalyze expansion of Health Insurance market in India. ABHICL is joint venture between the Aditya Birla Group and diversified financial services in South Africa MMI Holdings (MMI).
“Our focus is on innovation, considering the fast changing life style diseases. In keeping with our vision of being a well-diversified financial services conglomerate that builds leadership through solving customer problems, ABHICL will seek to grow in a competitive market by making a positive impact on individuals and families,” said Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group.
Despite being a late entrant, ABHICL aims to expand the 27000 crore category, making it relevant to the young and health conscious, in addition to those dealing with chronic lifestyle conditions. The company aims to be the most preferred customer partner by 2020 with significant market share. Taking into consideration the growing life style diseases, ABHICL plans to incentivise consumers for staying healthy. The company plans to introduce comprehensive incentivized wellness to Indian consumers, which will motivate people to stay fit and healthy life.
ABHICL has invested considerable time and effort to understand existing correlations between good health and individual health choices. ABHICL’s product philosophy aims to combine understanding of this science with an assessment of unaddressed needs of large customer segments, which presently remain unfulfilled.
Nicolaas Kruger, Group CEO of MMI Holdings said, “We aim to continually work together with ABHICL, to better understand customer needs and enhance our product offerings in line with what they need the most at any given point of time in their life.”
On the distribution front, ABHICL will have a multi-channel distribution model across agency, broking, bancassurance, direct marketing, online channel and more.
“We want to focus as much on ‘Health’ as on ‘Insurance’. Through our full range of retail and group health insurance offerings, we will look to expand the category as it will find relevance among a wider set of customers, including the young, health conscious and others dealing with the most common chronic lifestyle diseases,” said Mayank Bathwal, CEO, ABHICL